Self Storage Insurance

Whilst your goods are in self storage it is important and highly recommended that adequate storage contents insurance is taken out for the duration of the hire.

One way of insuring your goods is to notify your current household insurance company that items will be placed in storage for a period of time, they may charge a small additional premium if removal/transit and storage cover is not already included in your current policy.

However, as most self storage companies offer adequate specialised storage insurance cover this proves to be a more popular and convenient method of self storage insurance. 

Storage companies can offer one of two choices for storage contents insurance:

• Certain companies may choose to charge extra for storage unit insurance as well as the initial unit hire rental.  This may be charged weekly or monthly depending on your period of hire, and may start from as little as £1 per £1000 value per week for example; you value your goods at £10,000 the additional cost to your hire rental for storage unit insurance would therefore be £10 per week extra.  These companies may also insist on a minimum valuation of £1,000 or proof that you have arranged your own insurance to avoid the extra charge.  It is important that you remember to value your goods correctly.  You may think that your sofa, etc is only worth £100 because it is has “seen better days”, but the replacement cost could be more like £1,000.
• Other companies may opt for an all inclusive option whereby the storage unit insurance cost is included with the unit hire charge, whether it be weekly, monthly, six monthly etc.  This proves to be a more customer friendly option as it removes any confusion on the final rental costs (no hidden extras).  However, as mentioned above it is still important to correctly value your items as they will be insured on a new for old basis.  Your valuation will have to be written into the license agreement taken out at your point of hire.

Top Tip:   When obtaining quotes for storage, always ask if the storage price quoted includes or excludes insurance cover, as this may have a bearing on which company you select to store with.  Thus avoiding any unexpected surprises when settling your first bill.
Below is an illustration of a typical self storage contents insurance summary for customer goods whilst in storage.

XXXXX? SELF STORE LIMITED

SUMMARY OF INSURANCE OF CUSTOMER’S GOODS STORED IN SELF STORAGE UNITS
 AT UNIT XXXXXXXX, XXXXXXXX, XXXXXXXX, post code XXXX

This is not an Insurance Policy but a Summary of the salient details.
Full Details of the Terms & Conditions are included in the actual Policy Document held by XXXXX Self Store Limited.

Policy No. xxxxxxxxxxxxxx

Insurer    XXXXXXX Insurance

Policy Type Commercial Combined

Cover    Material Damage (All Risks Cover)
Main perils being: Fire, Lightning, Explosion, Earthquake, Aircraft, Storm, Flood, Bursting and/or Leaking Pipes.
Theft accompanied by forcible and violent entry or exit, Riot, Strike, Civil Commotion, Malicious damage and Impact by Vehicle, Accidental Damage and Subsidence (EXCLUDING Terrorism Cover).

Basis of  Settlement  :  New for Old

Excess £XX excess each and every claim increasing to  £XXXX in respect of subsidence

Limits  £ XXXXXX in respect of any one customer’s goods whilst in store.

General Conditions –

Subject to Average (Customers therefore need to ensure that the amount covered represents a fair assessment of the total value of the goods held in store).

Cover commences when the goods have been unloaded into a storage cubicle and the cubicle has been locked. Cover terminates on uplifting the goods from the storage cubicle.

Cover does not apply to unloading/loading from/onto delivery vehicle (the Policy Does Not cover Goods in Transit). Cover cannot commence until Licence Agreement signed by customer and storage charges paid.

All claims must be notified to insurers at the time of discovery of the loss or damage or at the time of removal from store whichever is the soonest.

No claims entertained unless damaged goods held available for inspection by insurers and proof of purchase and ownership presented at time of claim.

Exclusions

No Cover is provided for the following:

1. Money, coins, bullion, deeds, bonds, securities and the like.
2. Jewellery, watches, precious stones and stamps of all kinds exceeding £XXXX combined total.
3. Furs, fine arts, mobile phones, perfumery, tobacco, cigars, cigarettes, beers, wines, spirits and the like, exceeding £XXXXX combined total.
4. Electronic items exceeding £XXXXXXX in total.
5. Livestock, explosives and flammables.
6. Loss of data records other than cost of blank data carrying materials.
7. Consequential loss of any kind or description.
Subject otherwise to all terms exclusions and conditions of the Insurance Policy Wording as issued by XXX  Insurance Limited
The above example of a storage unit insurance summary is for illustration purposes only; it is not an actual insurance policy but only a summary of an original policy.

Most storage companies will display or offer a copy of the storage insurance summary at point of hire.  The full policy will be held on file within the storage facility and may be shown upon request.  The summary/policy should also be read in conjunction with the terms and conditions of the license agreement to store.

For more information on our self storage insurance please follow the link. For secure self storage in Lichfield or self storage Walsall