Moving can be bittersweet.
It’s saying goodbye.
Your first apartment. Your first home. Your first Christmas dinner together. The first place you brought your child home too.
It’s also a joyful time. Look at George and Louise Jefferson. They were moving on up.
Moving can be the fresh start you need.
A new beginning.
The question is, will you have room for all of your stuff in your new place?
I’ve never quite figured out how, but stuff seems to accumulate.
There are a number of reasons why people put stuff in storage. According to SpareFoot.com, 8.96% of U.S. households rented self-storage units in 2013.
How do you protect your property in storage? Aside from vetting the owner/manager of the storage units, below are some takeaways you can use.
READ MORE: Renters Insurance – It Covers MORE Than Your Stuff
Are your personal belongings covered?
The storage unit roof leaks.
Mice decide to congregate in your unit.
Strange stuff happens.
Both renters insurance and homeowners insurance allow you to protect your property in storage by extending coverage away from your home or apartment.
Let’s say you have a renters policy with $20,000 of coverage for contents (also known as your personal belongings). 10% of that coverage will extend to your belongings in storage. So $2,000 will cover your items in storage.
Or maybe you own a home. Your homeowners policy has $200,000 of protection for contents. You automatically receive 10% of $200,000 extending to items in storage. Giving you $20,000 for those belongings in storage.
Coverage is typically limited to theft, fire, and wind. Know that earthquake, flood, and mold are generally not covered.
What are you storing?
Antiques, Collectibles, Art
What are you storing? A washer and dryer, an old baseball glove, a treadmill, a poster of Run DMC?
Or are you storing your Grandmothers antique curio cabinet, a few butter churns from the early 1900’s and a Thomas Hart Benton painting?
When it comes to items of value; antiques for instance, whether it is at your house or in storage, you may need a separate policy. Personal effects like this usually have limited coverage.
Does it have an engine?
Living in town with a 2 car garage can limit where you put your 1967 Camaro. Sometimes renting a storage unit is what you have to do to keep your wife happy.
Automobiles, motorcycles, and ATV’s are not going to be covered under your home or renters policy.
However, a lawn mower does fall under contents when it comes to your home/renters insurance. As long as you’re using it to maintain your home. Now if you’re using your mower for business use, that’s another story.
I had no idea
On the flip side – there are items you shouldn’t be storing. Chemicals, paint, cleaners, gasoline, etc…combustibles. Double check with your lease agreement for things prohibited from storing.
The fear is you happen to store your riding mower (still full of gas). It happens to ignite. The entire storage buildings burns, along with the other tenants belongings. You may be held liable for the damage to the structure and everyone’s belongings.
Both a renters and homeowners policy provide Personal Liability. This protects you and your family members if you happen to cause injury or property damage to others. Coverage limits typically start at $100,000.
If you were found responsible in the scenario above, then your Personal Liability would extend. But $100,000 may not be enough. Raising your Personal Liability or adding a Personal Liability Umbrella should be a serious consideration. Talk with your Independent Agent about your Personal Liability limits.
Don’t Break Your Back
Moving can be a pain. Having the proper coverage to protect your property in storage shouldn’t.
Do an inventory of your belongings at home and at your storage unit. Do you have enough coverage?
If you think you will be renting for a long period of time, you may consider adding the location of the storage unit to your policy as an additional location rented to avoid the possiblity of confusion in the event of a loss.
Have an open conversation with your Independent Insurance Agent. That’s what we’re here for.
