Getting storage? Insurance explained – part 2

In part 1 we looked at why reputable storage companies advise their customers to take out insurance for the things they’ll be keeping in their storage unit. In part 2 we’re going to talk about the How…  the nitty gritty of what you’ll be asked for, and how to be sure you’re getting the level of cover you need.

Buying insurance for your storage unit is a pretty straight-forward really – the key to it is valuing your stuff. Here’s a few more of the questions we get asked a lot…

How much will it cost?
The cost is calculated based on the value of replacing the goods in your unit.  You’ll only know that once you’ve worked that out – no storage or insurance company will be able to provide you with a cost until you’e done that.

How do I value my goods then?
Look at what it would cost to replace each of then and add it up  – the ‘Full Replacement Value’. Make a list of everything you want to store (if you’re storing with us we can provide a form to help you do just that).  For example:  if you’ve got a Sofa that you think is worth £100, but would cost £800 to replace – then that’s £800 to add to your tally.

Keep going until you have a value for all the things you’ll be putting in your unit. The total is the amount you need to be insured for.

What about stuff that is sentimental, unique, art or antique?
Antiques and art need to be valued professionally.  You may have an insurance value already, but if it has been a while since they were looked at we recommend getting them valued prior to storage. You can pretend you are on Antiques Roadshow for that ‘valuation moment’ if you like…

Unique and sentimental items are much harder to call and there’s a never a straightforward answer – whether your insurance is at home, in store or for another use.

Can’t I just underestimate the total value and pay less?
It’s deceptively costly to be underinsured because, first off you won’t be covered for the full replacement cost of your things. Secondly Insurance companies (not us!) operate a clause formula called ‘Condition of average‘. That clause means – for a partial loss – it is not as straightforward as just getting the amount you were insured for. It’ll be a proportion of the value.

What about business stock?
Commercial business goods and stock needs to be valued at the cost price. That means (as long as you’re not underinsured) you’ll get back what you paid for it.

Archives and records are covered too… for the costs involved in recreating, rewriting and reconstructing them.  Making sure you are not underinsuring here is really important – because many records are legal requirement and you’ll have to foot the bill for any difference. The time and cost involved can be significant.

And finally…

What if I change what’s in my storage unit so the value goes up or down?
You need to tell our store staff (in person or in writing) and they’ll adjust your premium accordingly. That way you won’t be paying too much, or too little.

So there you have it. Our snapshot guide to demystify the world of Self Storage Insurance. If you don’t consider yourself a Self-storage-insuri-Master after that – and want to know – more you can always contact our store teams, or have a look at the insurance page on the ABC Selfstore website.