Are all Storage Insurance policies the same?
This is a question we are sometimes asked. Particularly by potential purchasers who have been offered insurance as ‘included’ in the cost of self storage, or as a separate product, sold by a storage provider. The answer is no, not all policies are created equal. Particularly when looking at insurance which is included, we would advise caution for a number of reasons.
Included does not mean free...
Firstly, to quote a well-worn phrase, ‘There’s no such thing as a free lunch’. If a storage provider is including the cost of insurance in the storage cost, you are still paying for it – you just don’t really know how much it is costing! It is worth asking what the storage cost without the included insurance is so you can get an idea of how much the insurance is actually costing. In our experience, this kind of included cover is rarely competitively priced and you should certainly get a quote from a specialist insurer as well.
Make sure cover is sufficient for your needs
Another thing to consider is the cover level you are buying. Is it 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). The flip side to that is whether you are paying for more cover than you need. Storage Insurance through Store Insure has a starting sum insured from as little as £2,000 and can be increased to as much as £100,000. It is unlikely that a one size fits all, included policy, is going to reflect your specific requirements in terms of cover limits. Single item limits are also important to understand, make sure that the limit on single items is not too low for your specific needs. Also, 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 is from as little as one month and up to twelve months and when your cover expires, you can purchase another policy online at any time – see our FAQ’s for more information.
Is the excess excessive?
The excess applicable to claims is another area where there are likely to be differences between policies – the policy excess on our storage insurance policy starts at just £50.00. If you are storing in a container which is kept outside, the policy excess under our policy may increase. Your insurance excess should not be so high as to put you off claiming.
Consider the risks...
Finally, check what risks you are actually covered for and ensure that they are comparable to our specialist policy. For example, our 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
- 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 if possible, but, whatever route you choose, do look carefully to make sure that the cover you are buying suits your needs.