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 self storage
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.