The Complete Guide To Storage Insurance

You might be putting items into storage for any one of a number of reasons. Perhaps you want to free up some space in your home or office. Or maybe it’s a temporary stop-gap during a house move or to declutter your home to sell it. Whatever the reason, you need to make sure you’ve got the storage insurance you need to protect everything you pack away in case something unexpected happens.

In this article, we answer your common questions on storage insurance to help you find the best cover for your needs:

Why do I need storage insurance?

You might think that your items are perfectly safe whilst they are stored. In most cases, they will be. But unfortunately, sometimes things can go wrong. Flooding can cause water damage. Fire can destroy contents. Or thefts can occur even in secure sites. Whether you’re using self-storage for personal or business use, in the long-term or short-term, insurance gives you added peace of mind that your belongings are protected.

What will storage insurance cover?

Your property will be replaced if it is damaged or lost from fire, earthquake, water damage, and burglary when you take out standard storage insurance. You might also want to consider taking out extra insurance to protect it from other types of problems, such as damage caused by vermin like rats or mice or from damp and mildew.

Does my home insurance cover any items being stored away from my home?

It’s worth checking with your insurance company first to see if you’re already covered for items being securely stored away from your home. Many policies exclude items in storage facilities or may set limits on how much can be claimed. But it’s better to check than pay out twice. If your insurance company confirms that you are covered, make sure you get this in writing, just in case.

What about business insurance?

Just like with your home, it’s fairly unlikely that your business insurance will cover items stored away from your premises. However, it’s always worth a quick call to check first.

Does the company I rent my lock-up cover my possessions?

Some storage facilities may tell you that they have insurance that will cover your possessions during storage or they may offer to sell it to you. If that’s the case, always make sure you check what is offered thoroughly first. Ask questions like “Is there a limit to value covered?” “Are there any exceptions to what can be claimed?” And “will it cover items for a stated replacement value?”

You might discover that the standard insurance offered by some facilities will not cover your needs. If you do have to make a claim, you could find yourself out of pocket.

How can I get the best price on my storage insurance?

Even if the insurance offered by your storage company looks good, don’t just automatically take it until you’ve shopped around. Like any insurance, it’s worth taking the time to get several quotes to make sure you’re getting the best price you can. If you don’t know where to start looking for a quote, call our friendly team at Park Insurance on 0117 9556835 or get in touch today.

Park Insurance is an independent insurance broker with 30 years experience helping customers to find great value prices on insurance you can rely on. We’ll scour the market looking for the best price. And because our specialist storage insurance team understand the business, they’ll make sure that nothing gets left out of your cover that could leave you with a nasty shock if you do need to make a claim.

Your essential storage insurance checklist

When you’re looking around for storage insurance you might want to consider:

  • Policy length. If you’re using storage temporarily between moving house it’s handy to find a short-term policy. Policies usually start from one-month. Also look for flexible cover that will let you extend your policy in case you don’t move as swiftly as you’d expected.
  • Agreed value. If you’re storing antiques or collectables make sure your insurance company agree on the value. Also, take photos and get professional valuations to back up any claim.
  • Limits. Make sure you thoroughly run through the value of the items you are storing. You should take the time tot up the replacement costs for everything you’re storing.  If you under insure the contents of your lock-up, you’ll be out of pocket of you do need to make a claim. It’s also worth looking for a policy that can be tailored to your specific needs. That way you won’t pay for cover you don’t need but will have the cover level you require.
  • In-transit cover. Finally, if you’re moving items to and from your storage facility, consider adding in-transit cover to your policy.