Many Americans choose to keep their property in a storage unit of some type. In fact, self-storage has become one of the fastest-growing segments in the real estate industry, at least in the past decade. According to the figures, 1 out of every 10 Americans rent off-site storage.
Today, storage sheds and storage space are a billion-dollar industry. The storage shed is often home to everything from garden tools to old family albums, jewelry, etc. Much of this can be near impossible to replace. That’s why many people ask if their storage sheds should be insured.
Technically Defining A Storage Shed
Technically speaking, a storage shed is seen as a secondary storage facility located on the property. It can be something used a lot or maybe a few times a year. Though it is a structure that houses a few of your valuables, which is why it should be insured. In most cases, the home insurance policy will cover the shed. However, you will want to let the insurer know about the shed and the value of items in the shed.
Is Your Shed A Permanent Structure?
At present, many types of sheds vary in design, types, and sizes. Some new models can be very small but offer enough room for a few essentials like yard tools. We’ve seen our fair share of portable sheds too. While it is possible to insure the items within them, a non-permanent shed or just having a storage container does not merit insurance. You’ll only need insurance if the structure is permanent, like having a footing within the ground. Your homeowner’s policy covers most permanent structures like sheds, but you’ll need to mention that this building exists on your property.
Your Large Shed Needs Coverage
If your shed is large enough to maybe store your car or a tractor-trailer lawnmower, in addition to a few other items, you will want to make sure it is covered. Consider what may happen if there is a fire within the shed? Would the total loss of all the items in the shed be expensive to replace? Also, could fire inside that structure spread to your home? If there are some risks associated with that shed, then seriously consider insuring it.
Finally, What You Store Is Important
Tell the insurance agent what is stored in the shed. If you’re only using it to store a few tools and gardening equipment, there is no point in maintaining a high-value policy that covers it. The home insurance policy should match the value of your property.
If you store expensive yard equipment that is worth over $5k, then let the insurance agent know about it. This will help the insurance agent recommend more coverage for your home. Also, let the agent know if there is anything flammable stored in the shed.
Protecting your shed from damage shouldn’t have to be expensive. However, it would help if you were proactive about getting the right coverage for it.
Call us today with questions about your insurance!