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Home insurance policies can apply to belongings as well

Posted On Thu, August 6, 2009

At various times, many consumers may find themselves in need of some extra storage space. And if that's the case, it makes sense to find out if one's home insurance policy covers personal belongings under such circumstances.

According to the Insurance Information Institute, some homeowners and renters insurance policies will cover personal belongings even if they are in storage outside of the home.

"If an item is valuable enough to merit paying for storage, it should be financially protected with the proper amount and type of insurance. Even in the best managed storage facilities, theft, fire and other disasters can and do occur," said Jeanne Salvatore, Insurance Information Institute spokesperson.

The institute says that policies that do cover stored belongings will generally apply to incidents like fire, theft and natural disaster. However, policies will generally not cover damage from mold, vermin, poor maintenance or flooding.

The institute also notes that belongings can be covered on an actual cash value basis, or on the cost of replacing the items.

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