Like traffic, dirty dishes, and good old taxes, having enough space is a human struggle we can’t avoid. Fortunately for us, a clever group of space gurus created self storage units to solve this pestering problem. These ultra-secure and modern units offer convenience, accessibility, and more importantly, security for your valuable belongings, giving you peace of mind and much more room for life!
While the perfect solution, these nifty space savers aren’t immune to natural disasters, theft, or fire. That’s where insurance for storage units comes in. It provides coverage for your stored items in case of unforeseen events, and ensures all your belongings are protected come rain, shine, or hurricane.
In this blog, we’ll walk you through self storage insurance in the UK, what it includes, why it’s beneficial, and some factors to consider when choosing a policy. Let’s get started!
What Is Self Storage Insurance?
Self storage insurance is a type of insurance that provides coverage for the items you store in a self storage unit. Think of it like a safety net for your belongings should anything unexpected happen, like a theft or fire.
Most storage facilities offer insurance policies with different levels of coverage and deductibles, and they may also have exclusions or limitations on what items are covered.
For example, jewellery, collectable art, and antiques are more likely to get damaged and can be extremely costly to replace, so they might not be covered by your policy.
Types of Insurance for Storage Units
Tenant Insurance
Tenant insurance is a type of insurance that is designed specifically for self storage tenants. Most storage companies require tenants to take out an insurance policy when they move in. This type of coverage provides protection for your belongings while they are stored in the self storage unit and usually covers damage caused by theft, fire, and water.
Third-Party Insurance
Third-party insurance is another option for self storage tenants who want to protect their belongings. Insurance companies usually offer it and are not affiliated with the self storage facility.
Personal Insurance
In some cases, you can add your storage unit contents to your home insurance policy. However, it’s important to note that personal home insurance policies aren’t designed for all the potential risks of storing in a self storage facility.
Tenant insurance policies, on the other hand, have been created by industry experts to cover the gaps that household insurance policies don’t. This policy means that they provide full coverage for your belongings from when you place them in storage to the day they are removed.
Do You Need Insurance for Storage Units?
Yes, insurance for storage units is a requirement at most storage facilities, including Storage World. Whilst storage facilities are secure and compliant with safety standards and fire regulations, there is always a risk with any stored item. Here’s why it’s so important to get self storage insurance:
Protects Your Belongings from Damage
Self storage insurance provides protection for your belongings in case of damage or theft. While most storage facilities have security measures in place, including surveillance cameras, gated access, and alarms, accidents still happen. Without proper insurance coverage, you could end up paying out of your own pocket to replace or repair your damaged or stolen items.
Coverage for Natural Disasters
Natural disasters such as floods, fires, and earthquakes can cause significant damage to your belongings. Most self storage facilities do not provide coverage for damages caused by natural disasters, which is why it’s crucial to get insurance for storage unit contents. With proper coverage, you can have peace of mind knowing that your belongings are protected in case of an unforeseen event.
Comply with Facility Requirements
As mentioned above, self storage facilities require tenants to have insurance coverage as part of their rental agreement. This procedure ensures all tenants have the necessary protection for their belongings in case of accidents or disasters. Without a comprehensive policy, there is no guarantee your goods will be safe in an unforeseen event.
What Does Self Storage Insurance Cover You Against?
Most self storage unit’s insurance policies, including Storage World, cover you against third-party liability and pretty much anything else associated with storing your items in one of their facilities. This policy includes coverage against:
- Fire
- Explosions
- Water damage through flooding, burst pipes, etc
- Theft by forcible entry into a unit
If you’re unsure about what your policy covers, we suggest that you request the full policy terms and conditions document and read through it carefully to avoid any confusion or mishaps down the line.
What Level of Cover Do I Need and What Is the Cost?
We provide the policy based on the replacement value of the contents in your storage unit. This means that the insurance cost is kept separate from the storage unit cost, as every customer has a different requirement for insurance depending on the value of their items.
To find out the cost of self storage insurance, you’ll first need to calculate the total value of all the items you wish to store. Once you have this value, your storage provider can provide you with a personalised quote for the level of cover you need.
If you change the goods you store, it’s essential that you notify the storage facility so that they can correct the insurance values and keep your policy up to date.
What Else Should You Know About Storage Unit Insurance?
Self Storage is all about providing a safe space people can count on. For this reason, storage companies have key regulations in place to minimise damage, which include prohibiting the storing of potentially hazardous or illegal items, such as:
- Any foods, plants or animals
- Paint thinners, petrol or oil
- Any explosive substance (including fireworks)
- Flammable or hazardous items
- Any chemicals especially oxidising agents
- LPG Cylinders or compressed gases
- Any firearms or ammunition
Should you be found with any of these items in your storage unit when making an insurance claim for damage or theft, the policy could be made void. So, be sure to clear up any uncertainties with your storage provider before moving your items in.
How Does Insurance For Storage Units Work?
Storage insurance in the UK might seem like a lot to wrap your head around, but with the right facility, it can be surprisingly simple. At Storage World, for example, we provide a separate content insurance policy that we match to each customer’s value of goods. Here’s how the process works:
Step 1: Provide an outline inventory of the items you want to store with your Storage Advisor.
Step 2: A policy is drawn based on the level of coverage you require. It is then underwritten by the Royal & SunAlliance.
Step 3: Your Storage Adviser will liaise with you periodically in the event the items you are storing change.
Insuring contents with Storage World offers an affordable solution to an unfortunate situation. There are no additional rental charges, however, you must fully insure your goods. We work with you to establish the new worth for the old replacement value of your goods, ensuring you have adequate protection.
If you’re looking for a safe and secure space to store your belongings, then our Storage World stores are only a call (or click online) away. Contact our storage specialists today to learn more about our storage options and insurance policies and get the perfect solution for your belongings.
