Insurance for storage

Do I need to insure my things?

Many people feel they don't need insurance as the value of the items is not so expensive that it's worth the extra cost.  At £1 per week per £1,000 of value you are paying about 5% per year.  If you are storing long-term this is definitely an expensive option.  Under-insuring is not wise because, in the event of a claim, a loss adjuster or assessor will reduce your claim in proportion to the extent to which you were under-insured.  If you are insuring your property because your family heirlooms are so valuable to you remember that any pay-out will only be cash and you still won't get the items back.  You are probably better off putting an extra padlock on your unit and hiding items with a high "street value".

Home insurance cover

You may find that your home contents insurance policy covers you for storing items in a storage centre.  It is as well to check especially as being twice covered is a waste of money.  Alternatively your home insurer may say that you are not covered but that you can extend your home insurance to cover items in storage - this is likely to be the cheapest option.

What is covered? 

Probably you are concerned about the usual risks such as fire, flood and theft.   These are pretty remote risks in a well-managed storage centre and in some cases you may have a claim against the centre.  However if from a financial perspective you couldn't contemplate the loss of your possessions you may feel you need to take out some sort of insurance.

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