Storage insurance, protects your possessions from damage or theft while they are in a storage facility.
Insurance varies depending on the type of storage unit you book. So, before we get into insurance, you first need to decide which type of storage is best for you.
So now that you’ve decided on which option is best for you. Let’s talk storage insurance.
What is storage insurance?
Storage Insurance is a specialist insurance designed to cover your personal and business items against the specific risks associated with storing them away from home or office. It covers your belongings, and should also cover them while in transit from your home or business.
Why do I need storage insurance?
There are two main reasons why storage insurance should be a priority.
First, it provides cover against loss or damage to your goods. Without insurance, and in the unfortunate event of damage or theft, you could be left with the bill. If the items you are putting away have considerable value, either financial or sentimental, it is worth insuring them.
Second, most companies actually require proof of storage insurance. Self-storage facilities do have insurance covering their building, but this does not cover your belongings. This means that while the company is protected, if they’re negligent with your goods and they get damaged, you are not protected against things like fire, earthquakes, water damage, moths and vermin, and even vandalism and theft.
While there is no legal requirement to take out insurance unless stated in your contract, the SSA UK does advise that customers insure their belongings. Not only that, the provider does have the right to refuse your business if you don’t.
Insider tip: Your insurer might have some rules about how you store your belongings. For example, they might require you to keep your storage unit secured with a padlock, or that you keep your belongings in waterproof containers. It’s important to follow these rules since if you don’t, your insurance could be invalidated.
Does my home or business insurance cover items in warehouse?
Generally speaking, home contents and business contents insurance does not normally cover items that are not located at the home or business. That said, policies differ, so it’s worth it to call your insurance provider.
If you’re relying on home or business insurance to protect your belongings, make sure you read your policy document carefully. It is important that you are clear on how much cover your belongings have, and for how long, while they are outside of your home or office.
How much does storage insurance cost?
The costs of insurance varies and is based on factors like:
- the contents of your unit
- the type of storage unit (self or container storage)
- the rental length of your storage unit
It is always a good idea to compare prices of different providers before making a decision. On average, a storage insurance starts as low as £8.50 per month for £2,000 cover.
What will storage insurance cover?
Storage insurance protects against loss of the contents of your storage unit under certain circumstances. The types of damage covered depends on your specific policy and carrier, but it will usually cover events that are out of your control like:
- Theft or attempted theft
- Vandalism
- Fire
- Explosion
- Lightening
- Flood
- Smoke
- Wind
- Tornadoes
- Water or oil
- Subsidence, collapse or partial collapse of the premises
It’s important to note that some damage (vermin, moths, mould) may not be covered by your insurance policy. Make sure you have a good understanding of what type of damage is covered, and what’s not under your policy.
How do I get storage insurance?
You have a few different options for getting insurance:
- Look into your current homeowners, renters or business insurance policy. Find out if you have any existing coverage.
- Talk to your provider to find out what kind of coverage they offer. A one-stop shop can save you a lot of money. Look for a storage company that offers a full service package (e.g. collection, packing, storage and insurance).
- Research different insurance options so you can rest assured that you are getting the best cover at the best cost.
Choosing a storage insurance can be stressful, but this isn’t always the case! Store in London can help you choose the right storage option, and provide you with insurance coverage so you can rest assured your precious belongings are safe and secure.
Store In London offers the cheapest rate on storage throughout North, East, South, West and Central London. We offer FREE professional packing, pick-up and safe and secure delivery into our storage facility, and will return your items to you when you want them. Contact us today for more information or get a quote directly on our website.
