When I'm storing my fabric in totes, I also include a cotton ball with a few drops of lavender essential oil which I renew ever now and again when I'm in the tote looking for the next project. Been doing this for years and so far never had an insect problem. We live in the Delta which is full of bugs, so there is the potential.
I used to keep my material in a book case. I had problems of fading on the edges and dust collecting really bad.