Can You Insure Items in a Storage Unit? Coverage Explained

Self storage is mostly pretty safe, but, occasionally, unforeseen events can strike. The last thing you want is for your business goods or items to be lost or damaged. That's why understanding storage insurance is crucial. In this article, we'll dive into all you need to know about self storage insurance—what costs you can expect, different types of coverage, and the steps to insure the contents of a storage unit.



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Can You Insure Items in a Storage Unit? Coverage Explained

Self storage is mostly pretty safe, but, occasionally, unforeseen events can strike. The last thing you want is for your business goods or items to be lost or damaged. That's why understanding storage insurance is crucial. In this article, we'll dive into all you need to know about self storage insurance—what costs you can expect, different types of coverage, and the steps to insure the contents of a storage unit.

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Your ultimate guide to self storage insurance

What is storage insurance?

Storage insurance is designed to protect personal or business items stored away from your primary residence or business location. This form of insurance safeguards your belongings in storage facilities, ranging from surplus furniture and apparel to valuable collectables.

The Self Storage Association reports that the average cost of renting storage space in the UK is approximately £27.19 for every square foot annually, reflecting a growth of 4% from the prior year. Adding insurance on top of this may seem pricey, but the peace of mind outweighs the cost.

Typically, items stored for prolonged durations outside the home or business premises might not be covered under standard home insurance policies. This means you may have to acquire specialised storage insurance for adequate protection.

Comparing self storage insurance—UK vs. others

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The landscape of self storage insurance varies across the globe, with the UK market offering unique features and benefits. In the UK, self storage insurance policies are tailored to meet the specific needs of storage unit renters. Some key aspects include:

Coverage specifics

In the UK, storage insurance typically covers loss or damage to stored items due to a wide range of risks. This is in contrast to some other countries, where policies might offer more limited coverage or higher deductibles.

Regulatory environment

The UK benefits from a robust regulatory framework for insurance providers, ensuring that policies are transparent and fair. Customers can easily compare storage insurance quotes and policy details, helping them find great value without hidden fees.

Market diversity

Another distinction is the presence of specialist storage insurance providers in the UK. These specialists offer policies that can include benefits like instant cover, transit cover, and even coverage for items stored in purpose-built storage facilities with adequate security measures.

Cost of self storage insurance—What to expect

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The cost of self storage insurance depends on various factors that influence premiums, from the value of stored items to the specific features of the storage facility. Here’s what you should consider:

What is the cost of storage unit insurance in the UK?

The average cost of self-storage insurance in the UK varies, but the starting point hovers around £10 to £15 per month (depending on items).

Value of stored items

Insurance providers base premiums on the total sum insured, which reflects the value of your personal possessions, business assets, or household furnishings stored within the unit. Higher-value items may lead to higher premiums, but they also ensure adequate coverage.

Self storage facility features

Facilities with advanced security measures, like surveillance cameras and individual unit alarms, can often negotiate lower insurance premiums for their customers. Purpose-built storage facilities offering climate control and enhanced protection against environmental damage also play a crucial role in determining insurance costs.

Insurance provider options

While many storage companies offer their own insurance policies, exploring options with independent insurance providers can reveal more competitive rates and coverage. Storage insurance providers specialize in policies designed for the unique needs of storage unit renters, potentially offering better terms and coverage.

Policy specifics

Deductibles, the scope of cover, and exclusions significantly impact the final cost. Policies offering instant cover for a wide range of perils, including theft, water damage, and natural disasters, might come at a premium but offer comprehensive protection.

What does storage insurance typically cover?

Storage insurance in the UK typically covers loss or damage to stored goods due to incidents like fire, storms, flooding, theft, vandalism, and vermin infestation. It's designed for both personal and business items stored away from home or business premises. Most UK storage facilities require having a storage insurance policy in place​

Insuring contents in a self storage unit—A step-by-step guide

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To ensure your belongings are protected while stored in a UK self-storage unit, follow this step-by-step guide based on insights from UK-based insurance providers:

Assess your coverage needs

Determine the total value of the items you plan to store. This will help you understand the amount of coverage you need. It's essential to insure for the new replacement cost of all items.

Understand what's covered

Typical storage insurance policies cover a range of risks, including fire, theft, vandalism, water damage, and more. Specific items covered range from household furnishings and electronics to business equipment and personal possessions. However, be aware of exclusions such as radioactive contamination and existing damage.

Choose the right storage insurance provider

Look for providers that offer coverage for a variety of storage types, such as internal storage units or externally stored metal containers. We recommend choosing a provider with a dedicated claims handler, and offers zero excess on standard policies.

Compare costs

Research and compare the differences between self-storage and specialist storage insurance providers. Specialist providers often offer more competitive rates and comprehensive coverage. For example, customers could be charged significantly less when choosing specialist providers over storage provider insurance.

Get coverage

Once you've selected a provider, you can typically arrange cover instantly online. Ensure the policy covers your goods in transit to and from the storage location if necessary.

Understand policy details

Familiarize yourself with the the rules of storage specifics of your policy, including any deductibles, the claims process, and how to renew your policy if needed.

Maintain documentation

Keep a detailed inventory of all items stored, along with their estimated value and any proof of ownership. This documentation will be crucial in the event of a claim.

Is storage insurance cover worth it?

So, do you need storage insurance? We think it's worth it. For a relatively small price, you protect your personal and business items from theft, damage, or loss due to unforeseen events like fires or floods. This is crucial for items of both financial and sentimental value. Moreover, with the flexibility to cover various durations and item types, from household goods to electronic gear and business inventory, the insurance adapts to your specific needs.

Given the range of items it can protect—including personal documents and valuable business assets—the question isn't just about whether storage insurance is worth it, but rather if you can afford to be without it.

How to Safeguard Your Storage Unit—Insurance Tips

To keep your storage unit safe and your items in good condition, follow these steps:

Choose a secure storage facility – Pick a place with strong security, like cameras and controlled access.

Use a strong lock – Invest in a high-quality lock that the facility recommends.

Inventory your items – List everything you store, with photos and details.

Hide valuables – Put expensive things out of plain sight inside the unit.

Organise with care – Use sturdy, labeled boxes to keep things neat and safer.

Check insurance – Make sure your insurance policy covers all possible risks for peace of mind.

Choosing the best self storage insurance—Key Factors

When choosing the best self-storage insurance, consider the following key factors to ensure comprehensive protection for your belongings:

Scope of coverage – Verify that the insurance policy includes protection against common risks such as theft, fire, water damage, and other potential hazards.

Cost-effectiveness – Assess whether the policy offers value for the level of coverage provided, especially in relation to the total value of the items you're storing.

Reputation of the provider – Choose a provider known for reliable customer service and efficient claims processing.

Flexibility of terms – Look for policies that offer both short-term and long-term coverage options to suit your needs.

Special requirements – Ensure the policy meets any specific needs, such as climate control for sensitive items or transit cover for items being moved to and from the storage unit.

Exclusions – Understand what is not covered by the policy to avoid any surprises in the event of a claim.

Selecting personal storage insurance involves careful consideration of these factors. Do your due diligence to match them with your storage requirements and risk exposure.

Insuring a storage unit: What you need to know

Let's recap. When insuring your self storage units, it's vital to assess the value of your stored items. This will help you choose adequate coverage. Ensure the policy covers risks like theft, damage, and natural disasters. Review the insurer's reputation and the policy's specifics, such as deductibles and exclusions.

Consider if you need special coverage for items requiring climate control or transit insurance for moving items to and from the storage facility. Always read the fine print to understand your obligations and the claims process.

HOLD—Your trusted storage partner

Located in the heart of Kings Cross, London. Your possessions are safe and secure with HOLD, a self-storage company that prioritizes customer satisfaction. With a focus on providing top-notch security and flexible storage solutions, HOLD ensures your items are protected against all risks. Whether you're storing personal belongings, business assets, or need temporary storage, HOLD's advanced security features will keep your items protected.

Reach out to us today to get an exclusive offer.

Frequently Asked Questions

Do storage locations require insurance?

Yes, most storage facilities, including Extra Space Storage, require insurance for renting a storage unit to cover potential damages to your belongings​.

What insurance do I need for self-storage?

You need storage insurance that specifically covers items stored in self-storage units against risks like fire, flood, theft, and other accidental damages. This can be a separate policy or part of your existing homeowners or renters insurance​​​.

Does content insurance cover storage?

Homeowners and renters insurance policies often include coverage for personal property stored off-premises, which can extend to storage units. However, the coverage may be limited, so it's important to check your policy or consider additional storage insurance for full protection​​.

What is contents protection?

Contents protection refers to insurance coverage for your personal or business belongings against loss or damage while stored in a self-storage facility. It typically includes a range of risks, such as theft, fire, and water damage​​.

What does business contents insurance cover?

Business contents insurance for storage units covers commercial items such as office equipment, stock, and tools against risks like theft, fire, and flood damage while stored away from the primary business location​​.

Is insurance mandatory for self-storage?

While not compulsory by law, most self-storage facilities will require you to have some form of insurance in place as a condition of renting a unit, to ensure your goods are protected​​​​.

Can I insure a storage container?

Yes, storage containers can be insured under self-storage insurance policies. These policies can cover goods stored in various types of units, including external container units and internal lock-ups, ensuring protection against a range of risks​

Can I get storage insurance for my business?

Absolutely, many storage insurance providers offer cover for business goods.

Can I cover multiple storage units under one policy?

The possibility of covering multiple storage units under a single policy varies by insurer. Some insurance plans may permit coverage for the contents across various units, while others restrict coverage to a single unit per policy.

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