That would work, if its all concrete and dry. I was thinking of a dirt floor cellar. As far as bugs are concerned, by the time the wood is seasoned, the bark should fall off if it already hasn't. Bugs wouldnt be a problem. We have stored 3 cords of wood in this basement before, without any critters overtaking the house. The only thing is, if you have any returns for a furnace taking air from that space, you have a possibility of air contamination, or possibly mold. If not dont worry about it, and store away!