What is storage insurance?
Storage insurance – or self-storage insurance – protects your personal or business belongings from theft or damage whilst they are contained within a storage facility. Some storage insurance also covers your possessions whilst they are in transit to and from the storage facility with automatic goods in transit cover included.
Do I need storage insurance?
In short – yes. We all know the situation – if we have insurance we never use it, and if we don’t have it we wish we did!
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.
Does my home contents insurance cover include items in storage?
It’s possible that your contents insurance will protect your belongings even if they’re not kept in your home. For example, if you’re moving house, your home contents insurance might continue to include your belongings while they’re in transit.
If the move takes longer than expected and you need to put some items in storage, in some cases, your home insurance will still cover them. However, there’s usually a seven-day time limit after which they’re no longer insured. So if you have items in long-term storage, chances are they won’t be covered by your contents insurance.
It’s also worth noting that home contents insurance will usually only cover items outside the home for up to a certain amount, which might not be enough if you’re keeping expensive belongings in a self-storage unit.
So, is it really necessary?
With climate change/global warming comes more extreme weather. Whilst self-storage operators try to provide a secure environment for your belonging, fires and burglaries can happen despite the CCTV/fire alarms/access control, etc.
How much does insurance for self-storage cost?
The cost of storage insurance depends on a variety of factors including storage location, size and the items you’re storing. It’s difficult to give an average cost for self-storage insurance because there are so many variables.
The good news:
We provide free insurance with our self-storage options!
At Metro Storage we believe in two things:
- That our prices should be clear and fair
- That our prices should INCLUDE insurance!
Our storage unit prices include insurance. If you’re renting a 20sq ft storage room – that comes 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 more than that, we can help – at a rate of just £3 per £1000 for 4 weeks.
If we can be of further assistance or you have some further questions – we are here to help.