When deciding to lease a self storage unit, many factors come into play. Yet, one aspect that is frequently underestimated is the significance of insurance. It’s essential to recognise that insurance for storage units provides an added safety net for your possessions. However, it’s worth noting that not all insurance plans offer the same protection level, and comprehending the specifics of your policy can be a daunting task. This blog post aims to shed light on the complex world of self storage insurance, helping you to understand your coverage and make informed decisions.
What is Storage Insurance?
Storage insurance is a specific type of insurance policy designed to cover property stored in a rented unit at a self storage facility. Just as with homeowners or renters insurance, it offers protection against potential losses due to incidents such as fire, theft, or natural disaster.
However, the coverage level and specifics can vary from policy to policy. For users of self storage facilities, storage insurance serves as a crucial line of defence, safeguarding their stored property’s value. It becomes particularly important when storing valuable or sentimental items which could be irreplaceable or costly to repair or replace, making the cost of the insurance policy a worthy investment.
Why Do You Need Self Storage Insurance?
Storage insurance is essential when renting a self storage unit for three main reasons. Firstly, despite the best security measures, self storage facilities are not immune to unexpected. These events include fires, floods, or theft. In such instances, you can rely on your storage insurance to cover the monetary value of your stored belongings.
Secondly, some homeowner’s or renter’s insurance policies may extend coverage to items stored off-premises. But beware, the coverage may not be comprehensive enough, especially for high-value items. This is where a robust storage insurance policy steps in, offering more tailored coverage.
Lastly, many self storage facilities require tenants to have some form of insurance as part of their rental agreement to protect themselves from potential liability. By having storage insurance, you ensure compliance with this requirement while simultaneously securing your possessions.
Understanding Your Self Storage Coverage
A standard storage insurance policy provides a variety of protections. It commonly safeguards against numerous risks such as fire, lightning, blasts, earthquakes, storms, floods, water (or oil) leaks. Other risks include theft, strikes, public disorder, riots, intentional harm, and collisions by aircraft or vehicles.
Coverage limits can vary greatly from one policy to the next and are generally based on the total value of the items being stored. Some policies offer a defined limit, for instance, up to £10,000, whereas others may offer unlimited coverage. It’s important to note that most policies will have a single-item limit. This restricts the amount payable for any one item within the storage unit.
Many policies also include additional benefits such as removal of debris, professional fees and emergency storage costs in their coverage. Some may provide cover for items in transit between your home and the storage facility. But we recommend this is not standard across all policies.
Always remember, the specifics of what is and isn’t covered will depend on the individual policy, so it’s essential to read the policy documents thoroughly and discuss any queries with your insurance provider.
Common Exclusions in Storage Insurance
Self-storage insurance, like other insurance policies, comes with its own set of limitations and exclusions. Recognising these is key to preventing unforeseen outcomes if an incident were to happen. Here is a list of items your insurance may not cover:
- Item-Specific Exclusions: Cash, securities, furs, jewellery, watches, precious stones, works of art, antiques, stamps or valuable collections.
- Vehicle Coverage: Some policies might not offer coverage for motor vehicles, watercraft, or aircraft stored in your storage unit.
- Exclusions Based on Damage Type: The policy usually excludes general wear and tear, gradual deterioration, or damage caused by pests or vermin. Loss or damage due to mould, mildew, rust, or corrosion may also not be covered.
- Situation-Specific Exclusions: Certain policies may exclude losses resulting from war or similar operations, nuclear risks, actions by government or local authorities, or terrorism.
- Exclusions Based on Policyholder’s Actions: Losses stemming from illegal activities or any intentional act or negligence by the policyholder are often excluded.
We recommend checking with your insurance provider if you plan to store any of the above items. Understanding the details of your storage insurance policy can help you make well-informed decisions about what you store in your storage unit.
Other Considerations for Self Storage Insurance
Cheap self storage doesn’t always equate to a good deal, and often, companies can mislead customers. This usually involves not disclosing the true cost of self storage insurance or the expenses associated with switching units. However, at Space Centre Self Storage, you won’t incur any charges if you decide to change your unit size.
When it comes to self storage insurance, it’s essential to inquire whether it’s incorporated in the rental fee and, if so, the extent of the coverage. At Space Centre Self Storage, we offer complimentary insurance up to a value of £3,000 for every storage unit. If you require additional coverage, you have the option of using our designated self-storage insurance provider or securing your own.
If you’re storing furniture from an entire house or a valuable individual item, the basic £3,000 coverage may not suffice. In such cases, you’ll likely need to secure specific insurance by consulting with your chosen independent self storage insurance provider.
Self Storage At Space Centre
Once you’ve made the decision to lease a storage unit, consider reaching out to Space Centre Self Storage. Our facilities, located in Stroud, Bristol, Stonehouse and Gloucester, boast a diverse array of storage units, accommodating different sizes and budgets. We provide complimentary insurance and flexible terms, allowing you to utilise our services for as long as you need them. We believe in a straightforward approach, with no hidden charges, long contracts or unnecessary complications.
If you have any questions or queries, please feel free to contact our friendly team via our website or visit one of our facilities.