Self-storage is a safe and convenient way to expand your storage without breaking the bank. Storing excess stock or belongings in self-storage gives you the peace of mind that comes from knowing your valuables are secure in a clean and dry environment.
However, for total peace of mind, we always recommend that you take out insurance to cover your stored items in the unlikely event of unforeseen circumstances or accidents.
In this guide, we look at everything you need to know about insurance for self-storage.
Why Insurance is Essential for Self-Storage
All self-storage companies will recommend that you take out insurance that covers the worth of your stored goods. Whilst the storage facility will have insurance, it’s essential to be aware of common exclusions in many insurance policies. While specific coverage can vary, here are some general categories of events that many insurance policies might not cover:
- Natural Disasters: Events such as lightning, earthquakes, storms, and floods.
- Man-Made Events: This category can include explosions, impacts from aircraft, riots, strikes, civil commotions, malicious damages, and impacts by vehicles.
- Infrastructure Issues: Problems like bursting and/or leaking pipes.
- Security Breaches: Incidents like theft without evidence of forcible and/or violent entry or exit.
It’s crucial to thoroughly review your insurance policy and discuss any concerns with your insurance provider to ensure you have the coverage you need.
Understanding the Types of Coverage Available
When considering insurance for your stored items, it’s essential to understand the different types of coverage available. Not all insurance policies are created equal, and the coverage you need might differ based on the value and nature of the items you’re storing.
Here are some common types of coverage you might come across:
- Replacement Cost Coverage: This type of coverage will pay the cost to replace your belongings up to the policy’s euro limit. It’s ideal for items that can be replaced with new ones at current market prices.
- Actual Cash Value Coverage: This coverage considers the depreciation of your items. It will pay the cost to replace your belongings minus a depreciation deduction, up to the policy’s euro limit.
- Specific Item Coverage: For particularly valuable or unique items, you might consider specific item coverage. This ensures that special items, like antiques or artwork, are covered up to their appraised value.
- Natural Disaster Add-Ons: While many policies might exclude certain natural disasters, you can often add additional coverage for events like floods or earthquakes for an extra fee.
It is always good practice to make sure the insurance coverage you select is adequate to cover the value of the stored goods and covers all the potential risks. In the next section, we cover this in more detail.
Factors to Consider When Choosing Insurance
Selecting the right insurance is important. Cost is an obvious factor, but it shouldn’t be the only one if you want to make sure your belongings are adequately protected.
Some of the key factors to consider when choosing an insurance policy for your self-storage needs include:
- Value of Stored Items: Determine the total value of the items you’re storing. This will help you decide the amount of coverage you need. It’s always a good idea to overestimate slightly to ensure full protection.
- Duration of Storage: If you’re storing items for an extended period, consider the potential for depreciation. Some policies might offer better terms for long-term storage.
- Type of Items: Are you storing electronics, furniture, documents, or antiques? The nature of your stored items can influence the type of coverage you need. For instance, delicate or perishable items might require special considerations.
- Security of the Storage Facility: While most modern storage facilities offer robust security measures, it’s essential to know what’s in place. U Store It has comprehensive security in all its facilities. Our security precautions include unique pin code access for each storage room, 24-hour alarm monitoring and CCTV. We also have manned onsite security 7 days a week.
- Excess/Deductible: This is the amount you’ll need to pay out of pocket before the insurance kicks in. A policy with a lower premium might have a higher excess, so weigh the pros and cons.
- Claims Process: In the unfortunate event that you need to make a claim, you’ll want the process to be as smooth as possible. Check reviews or ask the insurance provider about their claims process and average response time.
Armed with this information, it is easy to shop around and find an insurance package that is tailored to your needs.
Self-Storage and Insurance: For Complete Peace of Mind
Insurance is one of those costs that can sometimes seem like an unnecessary expense, until you need it. The good news is that if you opt for a reputable company like U Store It, then it is unlikely you will need to call on it. However, for complete peace of mind, we would always recommend it. Accidents do occasionally happen, and it is always sound planning to allow for this.
If you need any further assistance or information about insuring your belongings in self-storage, please contact us. Our friendly team of experts will be delighted to help.