Protection For Stored Possessions


Is your accumulation of stuff part of a master plan to one day host the mother of all garage sales?

Or have you just not gotten around to disposing of your extra possessions?

Many people now use commercial storage facilities for extra furniture, things they’ve recently inherited, or items they plan on using later or in a different season. If this is you and those items are damaged while kept in storage, will your homeowners policy pay to repair or replace them?

In general, possessions stored in commercial facilities are covered, provided damage is caused by something that is a “named peril” in your homeowners insurance policy. For example, fire, windstorm, vandalism and theft are commonly covered. In contrast, if the items are damaged by flood or earthquake—two causes that are normally excluded on policies—your loss would not be paid for.

Additionally, some impose a limitation on theft coverage for stored items. Companies that do this will pay for items stolen from storage up to a specified dollar amount, typically a percentage of your policy’s personal property (sometimes called “contents”) limit. Keep in mind that you will need to offer some kind of evidence that you owned the property, especially if it is of great value.

Now is a good time to review your homeowners insurance to check on named perils and limits of coverage. If you have any questions, please give us a call.

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