Insurance for Items in Storage: 12 Things NO ONE Will Tell You

People sitting on a table with their notepads, discussing about something while some of them take notes.

Are you looking for information about insurance for items in storage?

What to pay attention to, what to ask when searching to rent a storage unit, and what is the storage insurance coverage. You’ll find it ALL here.

So, if you want to feel confident with the storage company you are going to choose, you need to read this guide.

Let’s get started.

Things NO ONE Will Tell You:

1) If you are storing items of significant financial value, you need increased insurance coverage

2) If the insurance is not included in the agreement, then your items will have no coverage

3) Storage insurance doesn’t always cover both loss, burglary, and damage

4) You can ask for increased insurance coverage if you are storing items that have sentimental value for you

5) You should be aware of what happens in the case of extreme weather conditions (i.e., a flood)

6) Security measures at storage facilities are not always enough to protect your items

7) You can ask the storage company for storage insurance provider recommendations

8) You have to be aware of all the different coverage options

9) Storage companies are allowed to require insurance by law

10) Storage companies must have an insurance policy that you can access and read

11) The company’s insurance policy may not cover certain items

12) The storage insurance cost can vary depending on what you are storing, and the price policy of the storage company

1) If you are storing items of significant financial value, you need increased insurance coverage

In most cases, items you store in your storage unit have sentimental or financial value. (Is a few occasions they have both emotional and monetary value.)

Even though most storage companies provide insurance for your stored items, there can be certain high-value items that are not covered by the standard liability insurance.

Such items can be:

    • Expensive furniture
    • Electronic devices
  • Expensive clothes

This is why you have to know the company’s insurance policy and request extra coverage before you reserve a storage unit.

Make sure to be specific as to what are the items you want to store so that you are fully covered when storing.

2) If the insurance is not included in the agreement, then your items will have no coverage

Even though most storage companies offer storage insurance coverage by default, it’s always good to double-check the terms and the cost of that insurance.

It is highly recommended that:

    • You ask for proof of insurance,
    • You know what the coverage includes,
  • You are fully aware of the cost of insurance.

If the storage company is unable to provide proof of insurance or is not specific about its insurance policy, then you should consider hiring another storage solution.

Keep in mind that if the insurance is not included in the agreement, your stored items will not be covered—regardless of the time you are storing for, or the value of the items.

3) Storage insurance doesn’t always cover both loss, burglary and damage

Most storage facilities are secure and have 24/7 surveillance system.

Of course, this doesn’t mean that unlucky events—such as a burglary or a flood—can’t happen.

When reserving a storage unit, it’s always important to know what kind of unlucky events the insurance covers.

Does the storage company provide insurance for your stored items in the case of a flood?

These are questions that you need to make if you want to feel confident about your stored items.

4) You can ask for increased insurance coverage if you are storing items that have sentimental value for you

Most of the time increased insurance coverage is asked for items with high financial value.

If something has a sentimental value for you (or your family), I highly recommend that you ask for increased insurance coverage.

Let me illustrate this with a simple example.

Let’s assume that a family member that passed away recently left you some furniture you can’t keep right now because there isn’t enough space at your 2-bed apartment.

And, you are looking for a reliable storage solution in London.

Even though the actual value of this furniture may be low—because, for example, they are old—the sentimental value they have is high.

Thus, you request increased insurance coverage for your furniture.

This is a typical example of why you should ask for increased insurance coverage when something is unique and important to you.

5) You should be aware of what happens in the case of extreme weather conditions (i.e., a flood)

“Yes,” in most cases, storage units are safe, since they are indoors.

What happens in the case of a flood in the storage facility though?

When storing, you need to know what the current insurance policy by the storage company includes.

For example, is damage in one of your stored items covered in the unlikely event of a flood?

When reserving a storage unit, it’s always good to be aware of what happens in such rare events.

6) Security measures at storage facilities are not always enough to protect your items

Most storage companies take enough safety and security measures.

However, this doesn’t mean that you can’t do your research or ask questions.

Here are some things to consider or ask:

    • What kind of security measures do you take exactly?
    • Do you have a surveillance system and for how long do you keep the surveillance data?
    • How safe are your storage units?
  • Has anything ever happened to one of your storage facilities happened, and how did you handle it?

A reliable storage company will have no trouble answering these questions.

Make sure to include them in your process of searching for a storage unit.

7) You can ask the storage company for storage insurance provider recommendations

Most storage companies have partnered up with trusted insurance providers.

Sometimes though, the insurance provider of the company may not be the best option.

Not only because of the high cost, but also because of what the coverage includes.

If you believe you can find a better insurance solution, you can—and should—look for another insurance provider.

You can always ask the storage company for storage insurance provider recommendations, but you can also do your research.

8) You have to be aware of all the different coverage options

When storing items in a storage facility, you have different coverage options.

Roughly speaking, here are your three options:

    • Use the existing insurance policy,
    • Get coverage through an affiliated insurance company,
  • Get coverage from a company that is not suggested by the storage company.

Most people go with the first option because—let’s face it—it’s easier and requires you to do nothing.

But, especially when you are storing high-value items or when you already have a trusted insurance provider, you want extra coverage.

Something that is tailored to your needs.

This is why you always have to be aware of the different coverage options.

9) Storage companies are allowed to require insurance by law

One of the most common misconceptions about insurance for items in storage is the fact that storage companies can offer a service that DOESN’T include insurance coverage.

However, storage companies are allowed to require insurance by law.

This means that if—for example—you are storing clothes for eight months and you don’t want insurance coverage, the storage company is allowed to require it.

The importance here is twofold:

    1. The storage company really cares for your stored items,
  1. The storage company knows what they are doing, and thus it is a trusted partner.

So, next time you are looking to rent a storage unit, be aware that the storage company has the right to ask insurance for your items.

It’s for your good and the good of your stored items.

10) Storage companies must have a Declaration Page that you can both have access to and read

A storage company has to have a page (either online or offline) with its policy rules when it comes to storing your items.

    • What is the coverage limits?
    • What does the coverage include?
  • Are there are any inventory restrictions?

These are all questions that need to be covered in the Declaration page, and that you need to request access to before hiring the company.

11) The company’s insurance policy may not cover certain items

By default, there are certain items that you are not allowed to store.

Such items can be:

    • Cash and the likes,
    • Precious items,
    • Living or dead animals,
    • Items of pleasure, AND
  • More.

Note: You can read our Storage Rules, to know exactly what to pay attention to when storing.

Make sure to ask 1) what kind of items you can’t store, and 2) what kind of items the insurance policy doesn’t cover.

This way, you’ll feel more safe with your decision.

12) The storage insurance can vary depending on what you are storing, and the price policy of the storage company

Every storage company has different pricing and insurance policy.

For example, here at bySTORED, we offer a $500 standard liability insurance for all people storing with us, without any extra cost.

Of course, you have the right to ask increased insurance coverage if:

    • You are willing to pay for it,
  • You believe you need it.

But, that will probably affect the overall cost of your storage.

Make sure to know exactly what you are storing, why you are storing it, and if the existing insurance coverage is enough for you.

Always feel free to ask questions, so that everything is crystal clear before you rent your storage unit or storage pod.

Before you Go!

So, there you have it.

Now you know how to choose the best insurance for items in storage.

You also know what to pay attention to and what to expect when storing.

Just a quick recap:

    • Be aware of the coverage exceptions,
    • Make sure to know what the coverage includes,
    • Ask about the security measures of the storage facility,
    • Make sure to read and understand the company’s insurance policy,
  • Choose the insurance option that both covers your needs and costs less.

If you have any other questions regarding insurance storage, make sure to leave a comment below, or contact us at 020 3637 1234.

Chris Ellsmore Head of Digital at STORED.

Author: Chris Ellsmore

Chris looks after anything to do with digital marketing, analytics & keeping you abreast of the goings on in the storage business!

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