Renting a self-storage unit is a simple, easy and cost effective way to make more room for yourself. It’s an extension of your personal space, somewhere to keep all the stuff that you just don’t have room for at home. But just for a second we’re going to help you think about what happens if the unthinkable happens. Come to think of it – it isn’t that unthinkable… because we’re thinking about it… deep. Anyway, we’re talking about insurance for your possessions whilst they are in storage.
Even self storage centres can be subject to the forces of nature. Whilst responsible operators (like ourselves) take every form of precaution and try to plan for everything there’s always a chance (albeit a tiny one) that the unexpected and overwhelming can happen. To quote Bruce Hornsby in his 1987 chart hit, ‘that’s just the way it is’.
Take the London riots, even the Police didn’t anticipate them. Or other forces of nature such as flash flooding in parts of the city in the wake of torrential rain. Some things are impossible to anticipate or design against and it’s events like them that are the reason all self storage operators will insist you to have insurance to cover what you’re keeping in your unit.
So here’s our quick guide to self storage insurance – the why, what and how of insuring the stuff in your unit. But there’s so much to cover that we’ll make this a two part post…
In this – part 1 – we’ll look at the Why’s and What’s and in Part 2 we’ll move onto the How’s. So let’s get cracking:
Why is storage not included in my rental charge?
In short – everyone is different and so is what they are storing. Insurance premiums are calculated to the value of what’s in your unit and the amount you pay will depend on that.
Home contents insurance won’t cut it…
It’s a myth that stuff in storage is always protected on household contents insurance. The reality is that these days almost all insurers exclude items in self storage in their small print. That means you might need separate cover.
My possessions are old and have no significant value – why do I have to pay?
Insurance for Self Storage is calculated on a cost to replace basis – or ‘new for old’ to put it another way.
Why is ABC insurance better?
Customers may have the opportunity to organise their own insurance. In reality the level of cover and extra time spent scrutinising small print (by both the customer and our store representatives) was always disproportionate to any saving being made. The policies we offer are purpose built for our industry and amongst the most competitive and best on the market. So you can be assured that (as long as you’ve valued what’s in your unit accurately) there’ll be no problems should something happen.
That’s it for Why and What… next week in part 2 the all important how. We’ll tell you the ins-and-outs of how to organise your self storage insurance.