Blog/News

What Insurance Do You Need for Self Storage?

Categories

When it comes to storing your belongings in a self-storage unit, ensuring proper insurance coverage is crucial. While facilities like Incredible Bulk prioritise security and safety, unforeseen events can still occur. 

This comprehensive guide will walk you through everything you need to know about self-storage insurance in the UK.

Why Do You Need Self Storage Insurance?

Self-storage insurance provides financial protection for your stored items against various risks, including theft, damage, and natural disasters. Many storage facilities require customers to have insurance coverage as part of their rental agreement.

What Does Self Storage Insurance Typically Cover?

Standard self-storage insurance policies usually cover:

  • Theft (with evidence of forced entry)
  • Fire damage
  • Flooding
  • Accidental damage
  • Natural disasters (e.g., storms, earthquakes)

It’s important to note that coverage can vary between providers, so always read the policy details carefully.

How Much Coverage Do You Need?

The amount of coverage you require depends on the value of your stored items. To determine this, create an inventory of all items in storage,  estimate the replacement value of each item, and sum up the total value. 

It’s advisable to slightly overestimate to account for potential oversights or fluctuations in item values.

What Are the Different Types of Self Storage Insurance?

There are primarily two types of self-storage insurance:

  1. Facility-provided insurance: Often offered by the storage company itself
  2. Third-party insurance: Obtained from external insurance providers

Each option has its pros and cons, which we’ll explore in the following sections.

Is Facility-Provided Insurance Sufficient?

Many storage facilities, including Incredible Bulk, offer their own insurance policies. These can be convenient but may have limitations:

Pros:

  • Easy to set up alongside your storage rental
  • Often tailored to the specific risks of the facility

Cons:

  • May have lower coverage limits
  • Could be more expensive than third-party options
  • Might not cover certain high-value items

Should You Consider Third-Party Insurance?

Third-party insurance can offer more comprehensive coverage:

Pros:

  • Often more affordable
  • Higher coverage limits available
  • More flexibility in policy terms

Cons:

  • Requires separate arrangement
  • May need to provide more detailed information about stored items

What Items Might Not Be Covered by Standard Policies?

Standard self-storage insurance policies often exclude:

  • Cash and securities
  • Jewellery and precious stones
  • Furs
  • Fine art and antiques
  • Important documents

For these items, you may need to seek specialised coverage or store them in more secure locations.

What Questions Should You Ask When Choosing Self Storage Insurance?

When selecting a policy, consider asking:

  1. What specific perils are covered?
  2. Are there any notable exclusions?
  3. What is the claims process like?
  4. How quickly are claims typically processed?
  5. Are there any deductibles?
  6. Can the coverage be adjusted if you add or remove items from storage?

How Can You Reduce Your Insurance Costs?

To potentially lower your insurance premiums, choose a highly secure storage facility, opt for climate-controlled units for sensitive items, and use high-quality locks. What’s more, it’s a good idea to store valuable items elsewhere if possible and to compare quotes from multiple providers. 

What Documentation Do You Need for Self Storage Insurance?

To ensure smooth coverage and claims processes, keep a detailed inventory of stored items, take photographs or videos of valuable possessions, and retain receipts for high-value items. It’s also a good idea to store a copy of your inventory and insurance policy outside of the storage unit. 

Incredible Bulk: Prioritising Your Peace of Mind

At Incredible Bulk, we understand the importance of protecting your belongings. While we offer excellent security features including CCTV monitoring, secure access systems, and well-lit premises, we also recognise the value of comprehensive insurance coverage for your stored items.

Our flexible storage solutions cater to personal, business, and student needs. We’re committed to offering affordable, secure storage paired with friendly, customer-focused service.

For more information about our storage options and recommended insurance practices, don’t hesitate to contact our team at 01274 975678. We’re here to help you find the perfect storage solution and ensure your belongings are well-protected throughout their stay with us.

Time to start packing!

Envelope Icon

Contact us

If you any other questions, please feel free to call us or drop in for a chat.

Get in touch!
Calculator Icon

Get a quote

Get an instant quote by using our calculator.

Get a quote now!
Shares