Contents in Storage
Did you know that you can purchase an insurance policy for your personal items in storage?
During transitional times such as moving to a new home or city, the need may arise to put some of your personal belongings in off-site storage. Or perhaps you have excess household goods or commercial stock that you need to store off-site long-term? The storage facility’s own insurance policy would provide protection for the building that houses the units, but not for the contents of the individual units themselves. Your homeowner’s insurance policy may cover your personal belongings for a certain period of time, but the duration and limit of coverage depends on your policy’s wordings and exclusions.
Contents in Storage insurance policies are available and provide Replacement Cost coverage on your household or commercial goods while they are stored in an approved storage facility. The premium for these policies varies depending on the length of the policy term and the value of contents being covered. Contents in Storage policies can typically be purchased for terms of one (1) to six (6) months, nine (9) months, or twelve (12) months, and extensions are available. The contents insured can range in value from a minimum of $5,000 to a maximum of $800,000, increasing in $5,000 increments. For some policies, Personal Legal Liability coverage of $1,000,000 – $5,000,000 can be added on for an additional fee, including $500,000 of Tenant’s Legal Liability.
If you have contents in storage off-site or are planning on using a storage facility in the near future, we would be more than happy to provide you with a quote on your Contents in Storage to ensure your belongings are adequately protected.
The Costen & Associates Team