Having a homeowners insurance policy is an excellent way to protect your home and belongings. It offers comprehensive protection that can also cover your storage unit and items inside.
A homeowners insurance policy provides coverage for a range of losses that may occur to your house and its attached structures, such as your garage, and items stored. It may also offer other structures coverage, protecting your outside properties, such as barns, sheds, gazebos, and pools.
Homeowners Insurance Coverage for Items in Storage
With any insurance policy, there are a few considerations to keep in mind. These include:
- Coverage Limits on Off-Premises Contents
If your possessions are stored off-site, your home insurance policy may also offer the same coverage as it does for the belongings inside your home. However, the coverage limit may be significantly lower, possibly restricted to 10% of the standard personal property coverage.
- Theft-Only Limitations
Homeowners insurance coverage limits the amount you are reimbursed in case of theft or burglary. Money, jewelry, watches, collectibles, trampolines, and firearms usually have a coverage limit of around $2,000, even if the item is worth more than that. If you’re keeping high-value items in storage, you’ll likely want to purchase a scheduled personal property for add-on protection. - Special Limitations for High-Value Items
High-value items like jewelry should always be kept in the home whenever possible to guarantee their safekeeping, as control is relinquished when you take them to a storage unit. They are often limited to around $2,500 to $3,000 in coverage.
However, if you decide to store them off-site, it is important to know that high-value items may require additional coverage beyond the standard policy. This is to help you ensure that you have sufficient coverage limits for expensive items.
What Perils Does the Policy Protect Against?
To receive reimbursement for loss or damage, the incident must typically be caused by the risks listed in your policy. These perils may include:
- Wind and hail
- Fire, smoke, and lightning
- Theft and vandalism
- Explosions and falling objects
- Weight of snow and ice
However, it’s crucial to remember that some insurance, like the HO-3 policy, has some exclusions and limitations and might not provide coverage for all the hazards. It is best to carefully review your certificate of insurance or speak with an insurance professional in your area to determine the losses or damages which your property is being protected from.
Talk to an Insurance Agent Today!
When protecting your home, having the right homeowners’ insurance coverage is essential. If you are considering purchasing a policy for your items in storage, Farmers Union Insurance in North Dakota can assist you. Our experienced insurance agents are knowledgeable about the different coverage options available to homeowners and can help you choose the right policy for you. Contact us today!
