Are your things insured while they are in storage?

By Karen Schwartz on March 16th, 2012

Are you thinking about renting a storage space to store some of your belongings? It's important to properly insure your items, whether you are moving back home with your parents or downsizing to a smaller residence, or simply need to store some artwork, jewelry or other valuables.

Here are some tips:

Shop around for insurance

When insuring items, it's important to visit a number of insurance agents and get different insurance quotes to make certain that your specific needs are being met.

In addition, ask the storage facility where you are planning on storing your items if they offer any insurance coverage of their own. If you pay an extra charge, some facilities might insure your belongings.

Double-check your renters or homeowners insurance policy

Before storing any of your belongings in a storage facility, it's important to double-check your renters or homeowners insurance policy. You may already have some excellent home insurance protection that may cover what you store in a storage unit. Check with your insurer to make sure your coverage extends to items kept in s storage facility.

If you don't have renters or homeowners insurance, you might be able to purchase a special insurance policy that covers the items that you put in your storage unit. Check with a number of insurance agents to see if this is possible. If so, make certain that this coverage protects you against theft and various weather-related events.

Homeowner policies may have internal caps of $1,000 on jewelry, for example, or $200 on comic books. This is something you should think about if you will be storing items of any value.

Are your belongings insured outside of a storage facility?

What if you decide to store your belongings in Mom and Dad's house while you crash with them for six months…or maybe longer? What about if your stuff is in a storage "pod" in the driveway of your Dad's house? Is your stuff fully insured?

Some carriers will cover your belongings if they're at your parents' house or in a storage pod. It's important to check with various insurance companies to see if this is the case with your personal belongings.

Inventory your belongings before you store them

No matter where you decide to store your items, it's a good idea to make a detailed list of what you place in your storage unit in the event that you have a loss. For one thing, you won't have to rely on your memory. Secondly, having a list will help you when you have to add up the value of all the items that are in your storage unit. Finally, having a detailed inventory of everything in your storage unit will ensure that you purchase enough insurance for all of your belongings.


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