Whether you are storing your personal possessions due to a house move or are looking to securely store antiques, perhaps you just want to declutter or own a business and need additional space for stock - whatever your reason is for requiring self storage, it is essential that you get the correct storage insurance for your possessions. If the unexpected happens, failure to take out the correct insurance policy could result in not only losing your beloved items but also being out of pocket with no way to replace them.
Many self storage facilities in the UK have now made it compulsory for customers to have storage insurance and will offer it as part of their lease. However, unfortunately much of the insurance offered by these storage providers is poor value for money in comparison to a specialist provider like Store Insure.
So, in order to help you navigate the world of storage insurance we created a quick guide fetauring helpful advice and tips to ensure that you are not only getting the best deal, but more importantly, your items in self storage are correctly covered.
Working out the basics
Firstly, you need to decide on what it is you want to store, be realistic when working out how much space you will need (9 times out of 10 you will need more than you think!). Once you have an idea of what you are looking for then it is time to find a reputable storage provider to accommodate you. Our online UK Storage Facilities Directory lets you search by town or county and lists over 2,400 UK based facilities with more being added weekly.
Itemising and valuing your items
You have found your storage provider, signed an agreement and are now ready to start loading up that unit. Wait! Before you do any of this it is good practice to make an inventory of all items to be stored. Not only will this help in keeping track of what is stored where, but more importantly itemising them in this way helps you to work out a realistic approximate value which will make your storage insurance quote more accurate.
Replacement costs
Remember, the insurance quote will be based on the cost of replacing the items at the current market value so make sure your approximations are realistic and that you are not under or over valuing your items.
Consider whether the item has appreciated or depreciated in value since you acquired it. Also, check with us that the item is covered and whether there is a maximum limit on what can be claimed. A full list and definitions are detailed in our online policy wording booklet.
Some items can be relatively low in monetary value but priceless in other ways. If you are considering storing information it may be worth taking copies, the same goes for sentimental items such as photos or letters. If you are unsure of what you are covered for in these instances, please get in touch with us for advice. If you are claiming for a specific item it is likely that you will need to present proof of value, this could be in the form of photos, instruction manuals, valuations or receipts/proof of purchase.
Accurate information
When it comes to storage insurance, both the buyer and the provider have responsibilities regarding information. As an insurance provider, Store Insure can only base the policy on what information you have provided, so it is imperative that you notify us of any changes.
Don’t assume if you change storage provider or move premises that you are still covered. Likewise, if you add items to your storage that increase the value beyond what was originally covered you may end up with an invalid policy and unable to claim in the event of any loss or damage. At Store Insure we are always happy to discuss changing policies and will work with you to reassess your original policy if required.
Cover provided
It sounds obvious, but please read your storage insurance policy carefully and find out what is and is not covered, failure to go through and understand your cover could result in you losing out.
Our policy defines what will be covered when there is loss or damage to your items at your chosen storage facility. We also provide cover for some instances of loss or damage to your items when in transit to and from your chosen storage facility, provided they are being transported by you!
Make sure to advise us on whether you are looking to insure business goods or personal items as the policies may differ.
Also, make sure you are happy with the length of the policy cover – there would be nothing worse in the event of a disaster to find that your policy has lapsed.
Responsibilities of the policy holder
One of the main things to consider when storing your items, is whether they are being stored correctly as this will most likely affect your cover in the event of a claim.
When storing fabrics or furniture, for example, ensure that you have taken the proper precautions prior to storage. If you put damp items into storage it is likely you will end up with a fungus problem which would not be covered by your storage insurance. Making sure you have done everything you can to correctly pack and protect items will not only mean that they will stay in the same condition you stored them in, but also that in the event of a claim you will be covered.
Your policy will also identify how to make a claim and includes any contact details you might need. We request that you notify us as soon as reasonably possible in the event of any loss or damage, you may also be required to notify the police in the event of a theft. Again, if you have any doubt as to what is and is not covered by the policy please contact us via our online chat for instant advice.
Finding out more
Whether you are looking for self storage insurance for personal possessions or business goods, the Store Insure website is a great resource for finding out information about the cover we provide.
In particular our blog has some great articles that cover the following topics (amongst other things!)
Still can’t find what you need? Feel free to contact us for advice or check out our Quote and Buy Online tool for a comprehensive quote and instant cover.