Self Storage

Insuring Goods Whilst at ABC Selfstore

Here is our guide to customers' Goods Insurance at ABC Selfstore. You will need to provide insurance cover for your goods whilst they are in store with us.

The following information is provided by way of a guide to the Customer Goods Insurance that is offered at ABC Selfstore. You should read the Insurance Policy Summary carefully before taking out the insurance, as it includes important information such as exclusions and the implications of under-insuring.

Why do I need Insurance?

We have been trading for over 18 years now and have a fantastic reputation for providing safe and secure storage, however there is of course always the possibility of an incident that is completely outside of our control. A fire that spreads from a neighbouring property for example, or a flash flood.

If such a situation arose, you would need to claim for the cost of replacing your damaged or lost goods, and without insurance to claim on you would have no protection.

Why is insurance not included in the storage charge?

It is not possible to include cover in the storage charge because every customer stores different goods, and of very different values. Customers must therefore have their own individual policy.

Does my existing home insurance policy cover me?

Not in the majority of cases. Items are often only covered in the home and not in third party storage. In the past we have found that other policies didn’t properly cover the goods, that the values covered were inadequate or that the policy had lapsed or been cancelled. We must be able to ensure that everyone storing with us is suitably insured, so for this reason we cannot accept other policies.

Do I have to take your Insurance?

Yes - as an industry, self storage operators must ensure every customer has adequate protection (it is part of our Storage Agreement and the industry’s Customer Charter). As explained above, the only way to do this is to make sure each customer has one of our specialised self storage policies.

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How much is your Insurance?

It depends on the value of goods you will be storing. Of course this is different for each customer, so once we know what the value of your goods is, we can give you a quote. Our aim is to ensure that all customers have adequate cover and don’t under-insure, so we guarantee that our prices are extremely competitive (often less than half of many of our competitors for the same cover!). Like all prices at ABC, they are backed by our Price Promise.

Can you help me establish the value of my goods?

We are afraid we cannot advise on the specific replacement value of your goods. You will appreciate that the cost of even a simple item like a sofa can vary enormously and only you can say what it would cost to replace your particular items in store.

You need to establish the full replacement value (i.e. “new for old”) for all your goods. Our Replacement Value Form will help you with this. It’s very important that you reach a value based on replacing your goods from new – see the next question for an explanation of why.

What happens if I under-estimate the replacement value of my goods and then need to make a claim?

This should definitely be avoided. It could prove to be very costly. This is because, like all contents insurance policies, the policy has an “averaging” clause. This means for example, if goods are insured for £2,000, when the correct new for old replacement value is £10,000, then the adjusted settlement would be just £400. i.e. the goods are insured for 20% of the correct value and therefore the settlement would be just 20% of the (under-stated) insured value. This is a standard clause in insurance, not something we have added!

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But my goods are not worth very much!

Our policy covers new for old values and you will be surprised how quickly the value adds up when assessing each item on this basis. You must not value your goods on their current or second hand value, but what they would cost to replace new today. Please use our Replacement Value Form to assist you in arriving at the correct figure.

Do I need to declare “new for old” replacement values for everything?

Yes, except for fine art, antiques and collectables etc, when you should rely on a specialist valuation.

Will all my goods be covered?

Like all insurance policies there are exclusions – please check the Policy Summary for details.

How should I value stock for my business and what about my business records/archives?

Commercial goods should be insured for their cost price and not their re-sale value if you are storing goods for re-sale. Any equipment you are storing for your business should be valued at true replacement value.

Business records are covered but only in respect of the costs involved in recreating, rewriting or reconstituting any damaged or lost records. It’s surprising how much time and cost can go into recreating records so please think carefully and avoid under-insuring.

What happens if I take things in or out of my unit whilst I’m in store?

If the value of your goods in store changes at any time, you will need to notify us either in person at the store or in writing. We will amend your records immediately, adjust the premium accordingly and issue you with a revised insurance agreement.

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Further Assistance

If you have further questions relating to insurance please contact us for assistance.