Self Storage Insurance from ABC

When you rent self storage space it will be a rental condition that you have insurance to cover the value of the things you are storing. This is standard industry practice and you will find it is a requirement at all reputable self storage companies. It ensures that if something happens beyond the company's control (a fire spreading from a neighbouring building for example) all customers are covered for any loss.

As the total value of the things you will be storing is unique to you - and insurance is calculated against replacement value - we can't include the cost of insurance in our quotes for unit rental. At ABC Selfstore we're committed to making sure you get the very best all round value - both on your unit rental and your insurance.

That's why we have a policy designed specifically for self storage. We've gone to great lengths to make sure it is the cheapest and most comprehensive storage cover you will find. We're so confident it's the most competitive in our industry that the ABC Selfstore Price Promise covers our insurance too.

On this page you'll find answers to the questions our new customers ask most frequently about insurance. Read on and you'll be a self storage insurance guru in no time...

Self Storage Insurance FAQ

Why do I have to have insurance?

Just like any business Self storage facilities can be subject to incidents and events outside of our control. Things like a fire spreading from an adjacent building or damage through environmental events such as flash flooding, even riots. Fortunately those situations are very rare, but if something happened 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?

Everyone is different and so is what they store. Insurance is calculated on the value of what you are going to keep in your unit, so it has to be added to your rental cost.

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. Our Price Promise applies - which is your guarantee that our prices are extremely competitive (often less than half of many of our competitors for the same cover!).

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

Underestimating the value of what you are storing means you will be under-insured. That means for example that if something did happen it could be costly so it should definitely be avoided.

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!

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 ask one of our team at reception and they can help you 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 resale value if you are storing goods to resell with a mark-up. 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 re-creating 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

Friendly helpful staff at ABC Selfstore

If you have further questions relating to insurance please contact our helpful team for assistance.