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Storage and Insurance – What You Need to Know

Storage and Insurance – What You Need to Know
Over the last decade, there has been a big increase in the number of people utilizing storage units as a place to keep their possessions. Whether for short or long-term purposes, there are a few important things to keep in mind regarding insurance coverage.

Where are you storing your items?

Storage facility

If you are storing your items at a recognized storage facility, you may be required to purchase additional insurance coverage for the contents to be covered.

On your property

If you are renting a storage container which will remain on your property, then your existing house insurance usually covers your possessions in the event of a claim. If you are storing items in a shed or barn on your property, known as a “detached private structure”, again your possessions would normally be covered under your house insurance policy.

It is important to know that your contents coverage is a percentage of the insured value of the home. So, if you need to store your mink furs, gold bars and Van Gogh paintings, you might want to rethink their location!

Behind your friend’s cousin’s sister-in-law’s barn…

Let’s say you're storing your items in a container that is not at your home or within a structure which is not an accredited storage facility… in this case, your stored items are most likely not insured, nor are able to be insured in many cases, as this is a very high-risk situation.

If you are putting your items in storage, please make sure you discuss your situation with your insurance broker to find out if you require additional insurance based on either the location or the value, we’d be happy to help you. Please reach out to us: 519-736-8228