With self storage Insurance now being compulsory at all reputable storage providers, it is another item to take into consideration when renting a self storage unit. More often than not, storage insurance will be included as part of your self storage agreement from the storage providers. However, it is not the most economic option compared to specialist self storage insurance providers like Store Insure, you may also find out too late that it does not provide the appropriate cover for your stored items.
By choosing Store Insure to cover your treasured goods and belongings whilst in self storage, we will ensure you are getting the correct cover and the best deal, after all this is what we specialise in! Despite being experts in the storage insurance sector, we do realise that not everyone shares our enthusiasm, so we have put together a list of things to consider when purchasing storage insurance, to make the process slightly easier!
Aren’t all Storage Insurance policies the same?
This is a very good question and one we get asked all the time. For potential purchasers, being offered storage insurance ‘included’ in a self storage lease agreement can be very tempting. There would be no need to look elsewhere or contact another insurance provider and everything could be kept in one place. However, not all storage insurance policies are the same - you wouldn’t dream of purchasing your car insurance on the spot from the garage without doing some shopping around, so why should storage insurance be any different? When looking to purchase any storage insurance which is included (in particular), we would advise caution for a number of reasons.
Included does not mean free...
We all know the well-worn phrase, ‘There’s no such thing as a free lunch’ and this is particularly relevant here. If a storage provider is including the cost of insurance in the storage price, you will still be paying for it – you just don’t know how much it is costing! You are within your rights to ask for a breakdown of the quote, to see what the cost of the self storage unit would be with and without the included insurance. Although it is compulsory to have storage insurance, remember it is not compulsory to purchase storage insurance from the self storage provider. In our experience, this kind of included cover is rarely competitively priced and is often basic in what is covered, you should always get a quote from a specialist insurer, like Store Insure, for comparison.
Make sure cover is sufficient for your needs
Be prepared and take some time to work out level of storage insurance cover you need vs the cover you are looking to purchase.
- Is the storage insurance policy sufficient to cover the goods you are storing? We always recommend you calculate the sum insured based on the replacement value of what you are storing.
- Are you paying for more cover than you need? Storage Insurance through Store Insure will provide cover to goods estimated at as little as £2,000 increasing to as much as £100,000 if required. Based on customer reviews we are often better value for money than the ‘included’ storage insurance from storage providers.
Like any other insurance you purchase, it is unlikely that the ‘one-size fits all’ included policy from the storage provider, is going to reflect your specific cover requirements.
- Is the single item limit cost enough for your specific needs?
- Is the insurance cover for a set period of time?
- Is the cost of the included insurance calculated monthly, based on the total storage time you have indicated?
Storage insurance from Store Insure can be purchased for as little as one month through to eighteen months and when your cover expires, you can easily get a quote and purchase another policy online at any time – see our FAQ’s for more information.
Is the excess excessive?
Another area of difference between policies is the amount of excess to be paid in the event of a claim. The policy excess on a Store Insure storage insurance policy starts at just £50 (this could increase if you are storing your goods in a container which is kept outside). Your insurance excess should not be so high as to put you off claiming.
Consider the risks...
Finally, with any insurance policy, check what risks you are actually covered for and ensure that they are comparable to our specialist policy. For example, a Store Insure storage insurance policy will cover you for the following risks, both whilst in storage, and, while in transit to and from the storage facility:
- Fire, Lightning, Explosion and Earthquake
- Smoke
- Theft or Attempted Theft
- Riot, Civil Commotion, labour disputes or political disturbance
- Storm or Flood
- Vandalism or Malicious Acts
- Collision – Aircraft, Vehicles or Animals
- Escape of Water or Oil.
- Moth, Insect or Vermin from a source outside of the Storage Unit (certain locations only – please check our summary of cover for exclusions).
We would always recommend that you get your storage insurance from a specialist provider like Store Insure. Store Insure has been a leading supplier of storage insurance since 2015, during this time we have provided insurance cover for tens of thousands of customers. We are one of the highest rated Storage Insurance providers on Trustpilot and pride ourselves on making sure that the storage insurance cover you are buying suits your needs.
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