If you’re going to be placing your much-loved items into self-storage, you might be curious as to if you’ll need insurance.
In short, although it is not always a requirement, it is always recommended you have insurance covering your belongings when you’re placing them in self-storage. Most self-storage companies will have insurance, but this only covers you if they’re liable for any damages.
Self-storage insurance will protect and prevent any damages to your belongings and ensures you will be compensated in the unlikely event of something happening to your items whilst they’re in storage.
What is Self-Storage Insurance and What Does it Cover?
Self-storage insurance is insurance that you take out to cover your items whilst they’re in self-storage. Pretty self-explanatory, right?
These insurance policies are provided by specialists, and they cover your personal or business items from damage, theft, and loss. Some storage facilities may provide their customers’ own insurance, but if in doubt, you should contact Insurastore, which specialises in insurance for self-storage.
Some self-storage businesses’ insurance policies will also cover your goods during transit. Meaning your goods are protected from harm the moment they depart to the storage facility.
Typically, self-storage insurance companies will insure all items in self storage facilities, including single items up to £1,000 if they’re independently declared in the policy. However, this can vary depending on the provider.
Here’s what you can expect your self-storage insurance policy to cover:
- Water damage
- Fire
- Loss
- Theft
- Collapse of premise
- Vandalism
- Storms, lightning, or flooding
- Subsidence
- Insert damage (moths, vermin, etc.)
What Doesn’t Self-Storage Insurance Cover?
As with all insurance policies, there will be items and situations which are not covered by the other storage provider itself. Each self-storage insurance policy will be different, but you can expect a number of items to be excluded.
- Cars, motorbikes, and other vehicles. Only household or business goods are insured.
- Combustible or flammable substances
- Living creatures
- Any type of currency
- Food or perishable items
- Illegal items
- Hazardous materials
Bear in mind, these items are not allowed to be stored in storage units or facilities. So, there’s a reason they’re excluded.
Always read over your policy to make sure it covers everything you need it to. If not, there are other specialist options you can consider ensuring your goods and equipment are protected.
Fine Print to Watch Out for
One piece of information individuals can miss when getting self-storage insurance is the ‘how to store your items’ fine print. This dictates how you’re allowed to store the items if you want them to be covered business storage insurance.
If the policy says you can only use a storage locker to store your items, and you use a container, you might be rejected for a claim if anything were to happen.
Additionally, some insurance providers require the storage facility to have minimum security requirements, such as CCTV.
Always read the storage stipulation on your policy and make sure you’re using the right self storage unit type and facility.
How Much Does Self-Storage Insurance Cost?
The price of self-storage insurance varies depending on what you need insuring and what provider you choose. Shopping around is generally a good idea when it comes to insurance. Websites like Compare the Market can scan the market and let you know what insurance is best for you.
Does Home Insurance Cover Items in a Storage Facility?
If you have home insurance and it covers the items you’re placing in self-storage, you may already be covered. However, exact coverage can be confusing and depends on the policy and provider.
The place you’ll need to look in your home insurance policy is where it mentions ‘items away from home’. This may include coverage for removals, so your items are covered during transit, and might include seven-day coverage for items you’ll need to place in storage
There are sometimes sections included for items temporarily away from the home. This is usually for furniture you can’t put in a house yet. Be aware you may be charged for doing this and the policy might not cover high-risk items, such as jewellery.
Always read the policy in detail and, if in doubt, contact your provider and ask. Typically, however, you’re better off going to a serious insurance broker or specialist self-storage insurance provider for more comprehensive cover.
Business Storage Insurance Explained
Business storage insurance is a type of insurance policy designed to protect a business’s stored items against different risks.
Without this type of insurance, a business may be liable for any damages or losses that occur while the items are in storage. Business storage insurance can provide peace of mind to business owners, knowing that their stored items are protected against various risks.
It is important to note that business storage insurance policies may have exclusions depending on the type of item being stored. For example, some policies may not cover high-value items such as jewellery or fine art. It is important to discuss any exclusions with the insurance provider before purchasing the policy.
What Does Business Storage Insurance Cover?
Business storage insurance policies typically cover the following:
- Fire, flood, and lightning damage
- Theft and vandalism
- Water damage
- Vermin and pest damage
- Natural disasters
- Civil commotion and riots
It is important to note that business storage insurance policies may have exclusions depending on the type of item being stored. For example, some policies may not cover high-value items such as jewellery or fine art. It is important to discuss any exclusions with the insurance provider before purchasing the policy.
Conclusion
If you’re looking to ensure your items, whether personal or business, are safe when they’re in self-storage, getting insurance is an excellent choice.
Although it isn’t compulsory, some facilities may require you to have insurance. So, always check before you store your items.
If you’re looking to store any items and want a cost-effective facility that will keep your items safe, get in touch with us now.