FRIDAY, JANUARY 29, 2021
Does Home Insurance Cover Items Stored In The Garage
When you bought your home, you probably had a very specific idea about how you would use your garage. Some people not only use it to park the car in, but also store various belongings inside it, too. Though you might use these items infrequently, they still have value to you, and you of course don’t want anything to happen to them. You might wonder, however, if your homeowners insurance will cover these items if they ever get damaged or lost.
The good news is homeowners coverage protects items stored within your garage, but there will be limits attached. Therefore, always review your policy to ensure that anything you do plan to put in storage will retain the coverage it deserves.
Possessions Coverage for Items Stored In Your Garage
If your house is attached to your garage, then both structures will be insured by your dwelling coverage. If the garage is detached from your home, then it will be covered by your other structures coverage. However, your homeowners insurance makes very little distinction between the possessions stored in your home and those stored in a garage or other building within the property. They will all be insured under your personal property insurance.
Therefore, when you store possessions in the garage, either temporarily or as their regular place, then they will still have coverage under your personal property coverage. Should they get lost or damaged from theft, vandalism, severe weather or any number of more specific incidents, then the policy can pay to help you repair or replace them.
The Limits of Your Possessions Insurance
When it comes to possessions stored in your garage, there will be limitations on how far your homeowners insurance will go when providing coverage.
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Your car will not be insured under this policy. It will continue to have coverage under your auto insurance regardless of where it is stored.
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If you store a boat in your garage, then your possessions coverage might limit coverage on the vessel. For example, your plan will usually only cover non-motorized or low-horsepower, low-weight boats. More valuable and expensive vessels will need boat insurance.
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Coverage might be limited for high-value possessions like lawnmowers, jet skis or other sporting devices. Many policies will pay a per-item limit on these expensive items.
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On all possessions, coverage will be limited to items’ actual cash values, which are their used values at the time the accident occurred. Therefore, a claim for damage might not compensate you for the full value of lost items unless you schedule them on the policy or increase your possessions coverage to replacement cost value insurance.
Keep in mind, various other limits and deductibles might apply to items stored in the garage, and your plan won’t insure them against loss, normal wear & tear or otherwise preventable losses. Therefore, always take proper care to keep these items secure in all cases.
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