Self-storage insurance – is it necessary?
What is storage insurance?
Storage, or self-storage insurance, protect your personal or business belongings from theft or damage whilst they are contained within a facility. Some storage insurance also covers your possessions whilst they are in transit to and from the storage location with automatic goods in transit cover included.
Do I need it?
We all know the situation – if we have insurance we never use it and if we don’t have it we need to use it!
The Self Storage Association (SSA) – the UK professional body for the industry – states that all goods must be fully insured (that means for the full value of the goods in storage) whilst in storage. In the world of self-storage, this can be a sensitive topic as some operators charge A LOT for their storage insurance and you have no other option but to use theirs! We don’t think this is fair because it rarely appears in the price they advertise the storage unit for and it only comes along right at the end of the process as a nasty surprise. We have heard horror stories of this being as much as £15 per £1000 of cover for 4 weeks, so be warned!
What does self-storage insurance cover?
As well as protecting your possessions from theft whilst in storage, most self-storage insurance policies will also provide cover for the following:
- Fire damage and smoke
- Water damage, e.g. from storms, floods or sprinklers
- Vandalism or malicious acts
- Theft or attempted theft
- Subsidence damage
- Insect or vermin damage
What doesn’t self-storage insurance cover?
As with all types of insurance, there will be certain limitations that you need to be fully aware of. While each insurance provider will have slightly different policy conditions, there are some exceptions that are pretty much universal in self-storage insurance:
- No coverage for storage units containing dangerous contents e.g. flammable liquids or toxic chemicals
- No coverage for storage units containing any form of currency e.g. cash, coins, credit cards, cheques, bank drafts, vouchers, lottery tickets, etc.
We can’t stress enough how important it is to check the policy wording carefully before you sign on the dotted line.
So, is it really necessary?
Whilst the vast majority of storage stores are professional and in good condition, you never quite know what’s around the corner.
With climate change/global warming comes more extreme weather. Whilst self-storage operators try to provide a very secure environment for your belonging, fires and burglaries can happen despite the CCTV/fire alarms/access control, etc.
The good news:
We provide free insurance with our self-storage options!
At 3D Space we believe in two things:
- That our prices should be clear and fair
- That our prices should INCLUDE insurance!
All our storage units include some insurance – if you are taking a small storage room – say a 20 sq.ft. – then it will come with £2,000 of cover included in our already great prices. If you take a bigger room, we will include more insurance up to a maximum of £10,000 worth of cover. If you need any more than that then we can help with that as well – at a rate of just £3 per £1000 for 4 weeks.
We hope this has helped you understand more about insurance for self-storage and how we at 3D Space deal with it.
If we can be of further assistance or you just have some further questions – we are here to help.