It is becoming increasingly common to use self storage facilities to store both personal and business goods away from your home, office or shop. Once you’ve found the right storage unit for your needs, it’s important to arrange appropriate self storage insurance to protect your possessions. With a range of insurance options available to you, finding the right cover for your individual requirements can be overwhelming. Understanding the purpose of taking out insurance, and the various policies available, is key to finding the right policy for you.
What is Storage Insurance?
Storage insurance specifically covers household or business items whilst they are held within a storage unit, shipping container or storage crate within a warehouse. Every policy is different, but in general your items are protected against theft or damage whilst in storage. Some policies may include additional extras, and it is a good idea to shop around for the best deal before accepting insurance offered by the storage facility, where larger mark-ups may be applied.
Level of Cover Required
Key to finding the right insurance provider is being clear about what type of cover you require based on your individual needs. Whilst some insurers might provide policies that cover a range of self storage options, others might limit cover to items held within an internal storage room only. If you intend to store items within an external shipping container, garage, or storage unit that is directly accessed via an external door, it is important to check the small print.
Some insurers will also cover high value goods, or allow you to add individual items to your policy that are particularly valuable. If you are storing jewellery, artwork, electricals or expensive furniture, you may need to consider this. Many people choose to insure with a company that offers cover for the time when your items are in transit. Moving your items in and out of a car or van and transporting them to your storage unit can result in accidental damage, knocks and scrapes. Protecting items, including bulky furniture, at this time can be beneficial.
If you are using your unit for business items, it is important to ensure the policy you select is not purely for personal storage purposes.
Personal Storage Insurance
There are many reasons people choose household storage for items that can no longer be stored within the home, garage or loft. De-cluttering, storing for future use and seasonal storage of summer or winter items are all common reasons to rent budget storage. Some of the items you choose to store might have sentimental or financial value, and you want to be sure that they will be safe and protected whilst away from the home. Even if you choose a highly rated storag e facility, it is important to have insurance to protect your items in case of an unforeseen or unavoidable event.
Business Storage Insurance
With overheads rising on business premises, it is no surprise that many business owners are downsizing their office or shop premises. Moving office equipment and furniture that is rarely used into storage can offer much needed space within your working environment. These items can have significant value, and so it is important to protect your business by purchasing adequate storage insurance cover.
What Risks Should I Consider?
Although none of us like to think about future misfortune, insurance is one detail you shouldn’t be without. Even the most secure storage unit is at risk of ‘acts of God’. Most insurance policies cover the basics including theft of items, or damage due to fire or water escape.
Depending on your individual circumstances, the storage facility you have chosen and its location, you may also need to check the small print for additional cover. This might include flood damage, damage due to storms, sprinkler system damage and damage by moths or vermin. Using an external storage room such as a shipping container or garage may put your items at slightly higher risk of moth or vermin damage, for example. Think carefully about exactly what cover you might require at your chosen facility to ensure you are covered for all eventualities.
Where Can I Get Insurance?
The storage facility you choose may offer their own self storage insurance via a third party insurer. Whilst in some cases this is a great option, it is worth shopping around to see what else is available. Some in-house insurance can be pricier than the quote you might receive from independent insurers.
Specialist self storage insurers are experts in their field. With individual policies available dependent on the type of storage unit you rent, the size of the unit and its location, you may find you can get a good deal. If you get a bespoke quote, be sure to check the policy carefully to ensure all of your needs will be met.
Some home and business insurance providers also offer insurance for items held in a storage room. It is worth ringing your existing provider to see if your items will be covered at no additional cost, or if you can pay an addition
al supplement to cover them whilst they are being stored away from your home or business.
Do Your Research
Although it can be tempting to accept the first insurance policy quote you receive, doing some research or taking the time to shop around can offer you a fully comprehensive policy at a more affordable price. A simple online search can give you a good idea of the average amount you might expect to pay depending on your individual circumstances. This average can be helpful in recognising how much you can reasonably expect to spend on insurance, giving you the confidence to discount any quotes that significantly deviate from this without good reason.
When getting quotes, check that the insurer is taking into consideration the items you wish to store or the size of your storage unit. Using an internal storage room may lead to cheaper insurance than using an external shipping container, for example.
If a storage company offers you their own insurance, take the time to see how this compares to insurance that you could obtain independently. If the storage company’s insurance is too expensive, check if they will allow you to use your own third-party insurance. If not, you may wish to save money by finding an alternative storage facility that accepts customers using external insurance providers. Many people are looking for cheap storage facilities, and being handed an expensive insurance premium can lead to unexpected costs, frustration and resentment.
Finally, although a cheap policy may be tempting, make sure you feel confident that your goods are insured for all eventualities that could occur. No-one wants to lose an item to theft or damage, but knowing that your items are insured can give peace of mind that you have done all you can to financially protect yourself.
At Stop and Store in Fareham, we are proud to offer 24 hour monitored CCTV and intruder alarm to our customers in the local area. Our storage rooms are clean, dry and maintained to a high standard. Despite all of our security systems in place, it is still important to fully insure your possessions in case of an unforeseen event, just as you would at home.
Call us today to discuss your personal or business storage needs, or for more information about storage insurance.