If you are planning on putting some items into self storage for a while, in preparation for a move, or simply to free up space in your home, then you should think about insuring those items. If you have done your homework when shipping around for a self-storage company, you won’t have to worry about the company running off with your items, but things can occasionally go wrong even with the most reputable of companies.
The Importance of Insurance
Insurance is something that most of us hate paying for, after all, you can pay it for years and never have any need to make a claim. However, all it takes is one claim for the policy to pay for itself, and if you’re putting a lot of stuff into storage it makes sense to cover those items. If there is a fire, extreme weather or some other natural disaster, then the insurance policy will help you replace the items that you lose. Self storage companies make every effort to protect their storage areas from break-ins and vandalism, and have strict safety policies to prevent fires, but the UK has seen some extreme weather over the last few years, and the power of nature is not something to be underestimated.
What Does Insurance Cover?
Insurance policies cover your property against natural disasters, fire, vandalism and burglary. Not all policies cover you against flooding, so that is something you should check before you choose a storage provider and an insurance policy. Most household items are covered, however there are some things that are excluded from standard policies, such as:
- Financial records and legal documents
- Precious jewelry
- Fur clothing
If you need to store items of such high value, talk to your insurance provider and your storage company to find the most suitable security (and storage) arrangements.
Before selecting an insurance policy, make a complete list of each item that you want to put into storage, and take photographs of them to show the condition that they are in. You can use these photographs to support a claim, should you ever need to make one.
Domestic vs Business Insurance
Businesses tend to have far more demanding self storage needs than home users, and this is reflected in their insurance policies. If you are using storage to keep stock, furniture or plant and machinery items for a business, you will need to disclose this to your insurance company. Domestic insurance policies do not cover items used for business purposes.
Business users should make specific arrangements for access, security and surveillance, especially if you will be taking items out of storage or delivering new items on a regular basis. The insurance premium you pay will depend on the amount of items you are storing, the value of those items, the location of the self storage unit and the kind of security that you use. Do not skimp on choosing an insurance policy. Make sure that the cover you have is more than adequate for the items you are storing.