Insurance for stuff in storage

[Capdave360]

We're going to give up our rented house and put all our stuff in storage for a few years while we go cruising. We have found decent prices on packing and climate-controlled storage, but the insurance prices are ridiculous. More than double the %% we pay to insure our boat!! We checked with our renter's insurance carrier, and they won't write it. We checked with our boat insurance agent/carrier, and they won't write it. Any ideas or experiences?

[Paul L]

I assume you are in the US.
Try USAA. You might be able to get a 'renters' storage policy in combo with a non-owner auto policy for pretty cheap.

[zboss]

Originally Posted by Capdave360

We're going to give up our rented house and put all our stuff in storage for a few years while we go cruising. We have found decent prices on packing and climate-controlled storage, but the insurance prices are ridiculous. More than double the %% we pay to insure our boat!! We checked with our renter's insurance carrier, and they won't write it. We checked with our boat insurance agent/carrier, and they won't write it. Any ideas or experiences?

Our insurance through the Jackline policy using Markel as the underwriter has coverage for items in storage anywhere in the world.

Im. It sure of the total coverage but I’m sure you could up it.

[Capdave360]

Originally Posted by zboss

Our insurance through the Jackline policy using Markel as the underwriter has coverage for items in storage anywhere in the world.

Im. It sure of the total coverage but I’m sure you could up it.

Thanks for this. Unfortunately Jackline/Markel wouldn't even quote my boat because we have Kevlar in our layup schedule, and a carbon spar. They refused three times to quote. Apparently nobody has told them that "Twaron" in all the Catanas they insure is actually Kevlar.....

[MJH]

Originally Posted by Capdave360

We're going to give up our rented house and put all our stuff in storage for a few years while we go cruising. We have found decent prices on packing and climate-controlled storage, but the insurance prices are ridiculous. More than double the %% we pay to insure our boat!! We checked with our renter's insurance carrier, and they won't write it. We checked with our boat insurance agent/carrier, and they won't write it. Any ideas or experiences?

After a long military career encompassing many moves I would suggest strong second thoughts about putting household goods in storage or at least WHAT you put in storage. Years after you return you will be asking yourself "Why did we bother putting this stuff in storage and paying for it?" Styles change, tastes change, priorities change, you change, etc. Best to just sell what you have and start over after you return.

~ ~ _/) ~ ~ MJH

[rmlarson1098]

Originally Posted by Capdave360

We're going to give up our rented house and put all our stuff in storage for a few years while we go cruising. We have found decent prices on packing and climate-controlled storage, but the insurance prices are ridiculous. More than double the %% we pay to insure our boat!! We checked with our renter's insurance carrier, and they won't write it. We checked with our boat insurance agent/carrier, and they won't write it. Any ideas or experiences?

We had a tough time too, as we have no 'land' home. We kept minimal insurance on our car (which is stored at a friends) and our car insurance guy, who we know quite well, agreed to write storage insurance by attaching it to our mailing service address. Dirt cheap, if a little shady. Our storage place is VERY secure, so fire would be the threat.

[hellosailor]

"Try USAA."
Why do people keep saying that?
USAA loudly advertises that they ONLY SERVICE MILITARY PERSONNEL AND THEIR IMMEDIATE FAMILIES.
That's something like 10% of the general population, plus the immediate families. Unless the OP is current/former military, or has a parent who is, THEY CAN'T BUY FROM USAA.

The storage locker companies are mainly vultures, so they sell insurance at steep prices. The same way that car dealers try to make more money (often 10x more) on "aftersales" than they do on the vehicles alone.

Since no one really knows if the storage unit next door is full of gasoline and pipe bombs...and no one really watches the flimsy locks...One can perhaps appreciate why many insurers wouldn't want to touch that market.

[Capdave360]

Thanks everybody for your input.

In regard to "why store anything" - I get it, but: we don't have generic stuff, much of it is family heirlooms (which we actually like), and things custom made or custom ordered, and other difficult to replace/source things. And we will likely buy a house or apartment in the next 2-4 years somewhere, and we want to just ship in "the kit" and have instant home.

In regard to USAA my father did serve in WW2, so we're in! They're partnered with Liberty Mutual for this kind of insurance, who did not have a product for this requirement, so it was a bust.

We're not going into a self-storage unit, we're going into a professionally operated climate-controlled warehouse with our stuff stored in banded vaults with a firm that's been in operation nearly 100 years.

State Farm does have a product, but since we have a claim in the prior 36 months, they won't write us. They don't sell insurance to people who use insurance for what insurance is supposed to be used for. That said, the State Farm agent was incredibly helpful and sent me to another agent that brokers more specialty things like this - let's see what he finds.

I think if we can't get under 100bps, we'll just self insure. The warehouse folks (we quoted three) all want from 230-270bps, which is insane. My renters policy is 60bps.

[zboss]

Originally Posted by Capdave360

Thanks for this. Unfortunately Jackline/Markel wouldn't even quote my boat because we have Kevlar in our layup schedule, and a carbon spar. They refused three times to quote. Apparently nobody has told them that "Twaron" in all the Catanas they insure is actually Kevlar.....

That’s happening a lot with fast catamarans. We tried to get them to quote a few fast cats and they just wouldn’t either. Insurance companies lost their shirts on them in the last hurricanes. Too bad.

[Paul L]

Originally Posted by Capdave360

......

In regard to USAA my father did serve in WW2, so we're in! They're partnered with Liberty Mutual for this kind of insurance, who did not have a product for this requirement, so it was a bust.

......

USAA gave us a renters policy on the address of the commercial storage unit. We still have it.

[Rising Tide]

Originally Posted by Capdave360

Thanks everybody for your input.

In regard to "why store anything" - I get it, but: we don't have generic stuff, much of it is family heirlooms (which we actually like), and things custom made or custom ordered, and other difficult to replace/source things. And we will likely buy a house or apartment in the next 2-4 years somewhere, and we want to just ship in "the kit" and have instant home.

In regard to USAA my father did serve in WW2, so we're in! They're partnered with Liberty Mutual for this kind of insurance, who did not have a product for this requirement, so it was a bust.

We're not going into a self-storage unit, we're going into a professionally operated climate-controlled warehouse with our stuff stored in banded vaults with a firm that's been in operation nearly 100 years.

State Farm does have a product, but since we have a claim in the prior 36 months, they won't write us. They don't sell insurance to people who use insurance for what insurance is supposed to be used for. That said, the State Farm agent was incredibly helpful and sent me to another agent that brokers more specialty things like this - let's see what he finds.

I think if we can't get under 100bps, we'll just self insure. The warehouse folks (we quoted three) all want from 230-270bps, which is insane. My renters policy is 60bps.

Skip the insurance. If the warehouse is safe and money won't replace the heirlooms anyway.