Homeowners insurance policies typically include personal property coverage under Coverage C. Personal property coverage helps protect your personal belongings which may include clothes, electronics, furniture, etc. from certain perils up to the coverage limit in your policy. This type of protection may help cover your personal belongings even while not physically located at your home.
However, below are some important things to keep in mind.
Insurance coverage for personal property in a storage unit is typically provided by the "off-premises" personal property coverage in a homeowners policy which provides lessor limits, see below. Covered perils typically include fire, lightning, theft and vandalism. Check your policy to determine what types of risks may be covered.
Personal property usually located at an "insured's" residence, other than the "residence premises," is 10% of Coverage C, on your homeowners insurance policy, or $1000, whichever is greater.
If an insured is storing things that are worth more than the off-premises coverage limit, more protection could be worthwhile. If an insured is storing something particularly valuable, they may need to take out an insurance policy for that specific item - the other general policies may not meet the item’s value.
Please contact our personal consultants at Park & Associates at (561) 994-0880 to discuss these matters in further detail.