Posted By: Fox Den Store-It on Wednesday, June 13, 2018
Insurance and your storage unit
Fox Den Store-It is fenced, gated and the area is monitored six days a week by on site management. We put 100% of our efforts into making sure all of our customers’ items are safe and secure. But, it is important for you to remember that these are YOUR possessions and guaranteeing you are compensated by insurance if something goes wrong is your responsibility. If you find yourself in need of a storage unit, we can help you with determining the size you’ll need, but there are some things you need to take care of on your own.
Let’s talk insurance
Motorized vehicles, that includes boats, as well as all of the accessories you use with them, need to be covered by your insurance. Under most insurance policies, items with motors have to be insured separately, they are not covered under homeowners or renter’s insurance. Talk to your agent before storing these items and remember, ATVs, scooters, motorcycles, personal watercraft, snowmobiles all should be insured before they are stored.
Your agent can help you out with a policy that would cover damage – but you may not need collision insurance. Sometimes if there is a loan on the item, a bank or credit union will have a requirement for exactly what insurance you have to carry no matter where the item is.
Renter’s or homeowners insurance policies will cover items that they consider “off-site” of the main premises. But policies vary widely and it would be wise to consult an insurance agent and even get a variety of quotes.
Depending on the policy, there is usually a limit to the amount of coverage for off-site items. Often it is capped at 10% of the policy. For instance, if your policy limit is $100,000 your off-site limit would be $10,000.
Renter’s and homeowners policies cover what they consider personal items like clothes, appliances, furniture and electronics. If you are storing some high-end items, depending on your policy’s caps, you might have to increase your homeowner’s or renter’s policy to get your stored items covered to your satisfaction.
Your policy might not cover collectibles or what are sometimes called “luxury” items (like jewelry) if they are stored off-site. It is always worth a phone call to double check.
What is covered
Generally, fire, including from a lightning strike, vandalism, theft, as well as earthquake damage, is covered. Water damage is a gray area – sometimes it is, but extensive damage from flooding might not be. Most policies won’t cover pest damage or damage to an item that is being “restored.”
You should always document what you have in storage and keep inventory lists with a value and pictures or videos. Remember, you may think grandma’s china plate is worth $5,000 but the insurance company may think its worth $50. Getting certified appraisals on items is worth the cost if you want to make sure you get full replacement values.
We understand there might be a little bit of anxiety when you need to store your possessions and that’s why we are very conscious about take security at Fox Den Store-It. If you would like to discuss security and getting a storage unit, give us a call today.