Storing Your Belongings? Don't Assume They're Fully Insured
Self-storage has become an everyday solution for Canadians who are moving, renovating, downsizing, travelling, or simply running out of room at home. While storage units offer convenience and security, they can also create unexpected insurance questions. Many people assume everything they own remains fully covered once it's placed in storage, but depending on the circumstances, that may not be the case. Before storing valuable possessions, it's worth understanding how insurance may respond if something unexpected happens.
Why More Canadians Are Using Storage
Storage units are no longer used only during a move. Today, Canadians rely on them for many reasons, including:
- Home renovations
- Downsizing to a smaller home or condo
- Temporary work relocations
- Storing seasonal recreational equipment
- Estate settlements
- Students leaving for the summer
- Military deployments
- Keeping business inventory or equipment off-site
As storage facilities become more popular, protecting what's inside becomes even more important.
Doesn't My Home Insurance Cover Everything?
Sometimes, but not always.
Many home and tenant insurance policies provide limited coverage for belongings temporarily stored away from your home. Coverage amounts may be restricted, certain causes of loss may be excluded, and some policies offer little or no protection once items are stored for an extended period.
Every insurance policy is different, which is why it's important to review your coverage before moving your possessions into storage.
A dedicated contents in storage insurance policy can help protect your belongings against risks such as:
- Fire
- Theft
- Vandalism
- Water damage
- Accidental damage that is covered under the policy
- Many other unexpected events that incur loss
Whether you're storing items in a traditional self-storage facility or a portable storage container, specialised insurance can provide valuable peace of mind.
When Contents in Storage Insurance Saved the Day
While every claim is unique, situations like these happen more often than many people realise.
Help During a Renovation
A family stored nearly their entire household while completing a major kitchen and main floor renovation. Halfway through the project, a neighbouring storage unit caught fire, filling several surrounding units with smoke. Although many items appeared untouched, furniture, mattresses, clothing, and children's toys required professional cleaning or replacement. Their storage insurance helped cover the loss and their renovation to continue.
The College Student's Summer Storage
After finishing university for the year, a student stored furniture, electronics, textbooks, and personal belongings before returning home for the summer. A break-in at the storage facility resulted in several units being burglarized. Thanks to storage insurance, replacing a laptop, television, bicycle, and other belongings was far less financially stressful.
The Downsizing Couple
After selling their longtime family home, a retired couple placed antique furniture, artwork, and family keepsakes into storage while waiting for their new condominium to be completed. Months later, a burst pipe caused water damage throughout part of the building. Their contents in storage policy helped cover restoration and replacement costs that could otherwise have reached tens of thousands of dollars.
Tips Before You Store Your Belongings
To make easier in the event of a claim, take these actions before your store your items.
- Photograph everything before it goes into storage.
- Create a detailed inventory, including serial numbers for valuable electronics.
- Keep receipts or appraisals for expensive items whenever possible.
- Elevate boxes off the floor using pallets or shelving.
- Choose climate-controlled storage for antiques, musical instruments, artwork, and electronics.
- Use quality locks designed specifically for storage units.
- Update your insurance if you add valuable items after moving into storage.
Store with Confidence
Storage facilities offer convenience and flexibility, but unexpected events can still happen. A single fire, theft, or water leak could result in thousands of dollars in losses if your belongings aren't properly insured.
If you're planning to store your possessions, take a few minutes to review your insurance before moving everything in. Specialised contents in storage insurance is often affordable and can provide valuable protection when you need it most.
To learn more or compare coverage options, visit VIU by HUB's Contents in Storage Insurance webpage.