If you are like millions of others, you have too much stuff for your house or apartment. There are simply too many things and not enough storage room. So you turn to one of the many storage facilities there are in practically every community. You rent an appropriately-sized unit and move those baby clothes and old exercise equipment right in. Of course, some things have a real value past sentimentality. Have you thought about whether you need additional (or any) insurance protection for your stored keepsakes?
The Insurance Information Institute has these suggestions:
Some standard homeowners and renters insurance policies include coverage for personal possessions kept off-premises including a storage facility. Off-premises coverage includes theft and damage from fires, tornadoes and other perils listed in the policy. However, it does not cover for damage caused by flooding, earthquakes, mold and mildew, vermin or poor maintenance. And check the coverage limits, as these vary by company.
Find out what type of financial protection is provided by the storage facility. Most facilities provide reimbursement based on the square footage of the unit. Check both the coverage limits and whether it is provided on an actual cash value or replacement cost basis. Most storage facilities will also offer a variety of supplemental insurance packages; ask your insurance professional if it would make sense to buy this additional coverage.
Consider special insurance or storage for expensive items. If you intend to store valuable property, such as art, antiques, jewelry or furs, there may be dollar restrictions under your standard homeowners or renter’s insurance policy for theft. Think about adding a floater or endorsement to your policy in order to fully cover these items.
There are also specialized storage facilities available for these types of items, as they often need to be kept at specific temperature and humidity levels. Small items such as jewelry will cost less to insure if they are kept in a bank safe-deposit box. Keep in mind contents in a safe-deposit box are not insured by the bank.
As with any coverage decisions, you should consult with your insurance professional to be sure everything that needs protection has it.