Does your Homeowners or Renters Insurance Cover Offsite Storage?

Whether you are in the process of moving from one location to another, or if you simply need some temporary offsite storage access, whatever possessions you store in an offsite location are still important to you.  In this post, we will discuss the do’s and the don’ts of keeping your offsite possessions safe, even if the worst should happen.

Does your Homeowners or Renters Insurance Cover Offsite Storage?

Transitioning to a New Location

Many times homeowners have sold their previous home, but are either waiting for their new home to be built or they are simply still in the process of searching for the perfect new home.  It’s difficult if not impossible, for families to fit an entire household of possessions in a cramped, temporary living space such as an apartment or trailer.  Initially, it might be tempting to try to save a few dollars by going without insurance for a short period of time.  However, in scenarios such as these it is always a good idea to take out a renters insurance policy.  Look around for a renters insurance policy that not only covers the possessions you currently have with you, but will also cover the contents of any offsite storage units you rent.  If the worst should happen and any of your possessions are destroyed by fire, flooding or theft, you can rest easy knowing you have a backup plan.

Long Term Storage

Sometimes homeowners and renters need offsite storage for the foreseeable future.  Check your homeowners or renters insurance policy to see if the policy covers offsite storage units.  As with any insurance policy, don’t forget to look at the details of the policy.  If you are storing expensive items offsite for a long period of time, it’s a good idea to periodically check the limits of coverage for these items to ensure you will be adequately compensated in the event you need to make an insurance claim.  Also, be sure to check whether your storage contents are covered by a cash-value policy or a replacement cost policy.  A cash-value policy will only reimburse the depreciated value of your damaged items, whereas a replacement-cost policy will reimburse the cost of the items using today’s prices.

If you would like to know more about how to protect your offsite storage contents, please contact us!