For whatever reason your contents are being stored in a rental storage unit, you should know if your property is even covered under your homeowners policy.
Never just assume, it is covered.
Some homeowners policies cover your personal property off premises up to the full amount of your contents Coverage C limit.
Other home insurance policies will either limit the amount covered off premises or exclude coverage away from the “residence premises”
All homeowners policies are different and in Louisiana you should always find a “Louisiana-special section” or “special provisions- Louisiana” that can alter the standard Homeowners Special Form HO-3.
If we use the un-endorsed or unchanged HO-3 Special Form policy, here is the policy language
“Our limit of liability for personal property usually located at an insured’s residence, other than the “residence premises”, is 10% of the limit of liability for Coverage C, or $1000, whichever is greater”
So if you have
$100,000 of contents coverage
10% of Coverage C – contents coverage
$10,000 of your property is covered away from the residence premises.
What is my property covered against?
The usual covered perils include theft, fire, wind, vandalism to name a few.
Damage or losses caused by Flooding are not covered.
Some things to consider when choosing a storage facility
1. Choose a quality facility
Select a facility not based on convenience or close proximity to your house but on quality.
Does the facility have a secure fenced area?
2. Read the fine print on the contract
Are you waiving all rights against their insurance policy for theft, fire, vandalism or roof leaks?
If you can find a storage facility that offers a sub-limit of coverage on your property, it is always better to make a claim against the owner of the facility instead of your homeowners policy because the claim will remain on your claim record for 3-5 years.
3. Document everything
Take photos or video of everything you are storing in your storage unit. This makes the claim process so much easier and it only takes a few minutes.
Not all Louisiana homeowners insurance policies are the same.
Do not assume you have coverage under your current homeowners policy if you decide to rent a storage unit.
You need to contact your insurance agent or take a look at your current home insurance policy.
If your current homeowners insurance company does not want to cover your property in a storage facility,
you can give me a call and we can quote a homeowners insurance company that will extend coverage for you.
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