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Employment and business ownership in the UK has changed in recent years, with more and more people opting to work as self employed small business owners rather than in more traditional, paid employment.  This change has prompted an increase in the amount of businesses using self storage facilities.  

The Self Storage Industry is going from strength to strength, and with estimates of the value of the industry in 2016 being £540 million, it is inevitable that there will be some providers who are better than others.  

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.

Insuring your possessions whilst they are in self storage is essential and mitigates against the major risks to those goods whilst they are stored such as, fire, flood, theft, vandalism, sprinkler damage and damage from moth and vermin.  However, there are a number of steps you can take yourself when packing to ensure that you minimise the risks to your possessions whilst in storage.

From the 1st June 2017 there will be an increase to the Insurance Premium Tax (IPT).  IPT is currently set at 10%, paid on the total value of the premium payable.  The increased rate, which will apply to all transactions which take place after 1st June 2017, will be 12% of the premium value, excluding any fees.

This is a question we are often asked – people often assume that any contents you store in a dedicated storage facility is covered under their insurance – “I am paying them to store my goods, so I am covered by them – right?”

Extended Policy Wording

If you are going to store your belongings in a self-storage unit, you are probably wondering whether or not they are insured. After all, there could be a fire, it could be broken into, or be otherwise damaged, leaving your valuable property at risk. The good news is that most self-storage companies offer insurance, but before you purchase it, make sure you really need it.

Along with our cover for goods in storage, cover for self storage operators is now available through GM Insurance.

Approved sites for Self Storage Insurance grows daily ....