It used to be that if you asked us if your homeowners insurance policy covered your property anywhere in the world, we could reply: “Yes. However, if your property is in another one of your residences, then coverage is limited to 10% of the limit shown in your primary homeowners policy.” Then, we would ask which property you were discussing, so we could make sure it wasn’t listed in the homeowners insurance policy’s exclusions or limitations, and needed an umbrella policy.
Now we need to ask you an additional question: “Is your property stored in a self-storage facility?”
According to a recent edition of a homeowners form, there is a paragraph that addresses limitations for “self storage facilities” for new homeowners insurance policies. This change only provides 10% of the personal property limit for items in selfstorage facilities—before the change, the 10% limitation was only on items stored at a secondary residence. Since people don’t live in storage units, this limitation did not apply.
There is an exception to this 10% limitation. If the property has been removed to a self-storage facility because your premise is being repaired or renovated because it is unfit to be lived in at the time, then there should be full coverage.
So, if you have property in self-storage units, give our agency a call. We’ll be able to tell you if this change affects your homeowners policy and if you need additional coverage to protect your property. We’d rather you find out now, before you need to file a claim.