Insuring your personal property while travelling
3rd article of a series called Insurance for Adventurers, dedicated to the intrepid Wild Raven Team that is canoeing across Canada.
What won’t fit in your bags
You’re set on leaving your home and hitting the road and you don’t know when you’ll be back. That’s great, but it also means you won’t be able to take all your wordly possessions with you. What are you going to do with all that stuff? Time to get rid of as much as you can: give it to the needy and lend stuff you want to get back one day. You’ll still have a lot left, so now the question is, where to store it?
Store it at a friend’s house
You can store your personal property in your own basement if you are leasing it out, or you could store it at a trusted friend’s house in their basement, attic, barn, garage or garden shed. That’s practical and cheap but is your property covered? Not by your insurance, but your firend can cover it. To be sure, talk to your insurance representative.
You see, most standard home insurance policies will include in the Personal Property section of the policy coverage for uninsured property not belonging to the insured person, but only if the insured person wishes it so. Your friend will probably need to adjust the amount of coverage he has to include the added value of your belongings. Keep in mind your property will be subject to the same limitations and exclusions as are your friend’s.
Renting a secure storage space
If you’ve opted for the secure storage option, you’ll need to get insurance, even if you still have home insurance. There is generally a provision stating that personal property is only covered for 30 days in such a location. In Ontario, theft coverage remains after this time. The owner of the warehouse usually absolves himself of any damages caused to your property even though you are paying rent so that nothing happens to them. He might however refer you to a broker that offers insurance, but it might not cover jewellery, furs, antiquities, artwork and collections.
Top-notch coverage at a price you can afford
For coverage that goes the extra mile, try ClickInsurance’s online quotes. We zero in on your needs and match you with some of our insurance partners.