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Love it or hate it, insurance is an essential part of life, financially safeguarding during worst-case scenarios. It covers our vehicles, homes, general belongings and even our lives. However, when it comes to protecting our valuables tucked away in self-storage units, many people and businesses overlook insurance for these items, thinking it’s not worth it or needed. Let’s not forget the high premiums, confusing contracts, and unscrupulous companies overcharging that add to the discouragement.
Masons Self Storage is here to help if you want to understand insurance for self-storage units better.
What is self-storage insurance?
Self-storage insurance covers personal and business belongings while in storage. The monthly premiums you pay will depend on the policy option you choose, just like any other type of insurance. You can choose to be covered for the full value or opt for cover for singular items up to a certain value. These policy options will differ with each provider, but in general, the main purpose is to cover you for a few or all of the following:
- Theft
- Vandalism
- Fire damage
- Water damage (storms, floods etc.)
- Subsidence damage (sinking of the ground)
- Insect or vermin damage
What doesn’t self-storage insurance cover?
When it comes to limitations, self-storage insurance policies will have slightly differing policy conditions, depending on the provider. But there are some universal exclusions, such as
- No cover for storage units containing dangerous contents (toxic chemicals or flammable liquids etc.
- No cover for any form of currency stored in the units, such as cash, coins, cheques, lottery tickets etc.)
Do I have to be insured before using self-storage?
Most storage facilities don’t require you to be insured before storing your items, but they do highly recommend insurance either through them or another insurance provider. However, there are a few facilities that only permit their own insurance cover. Be wary of these companies, as it’s a major red flag when you don’t have a choice and can be a sign that the provider will charge you exorbitant fees over and above the market-related prices.
That’s why it’s essential to choose a facility that’s flexible, where you can select a policy from a provider you’re already dealing with or have the freedom to shop around for an option that suits you.
Do I really need insurance for self-storage?
The answer is a resounding yes. Although the majority of self-storage facilities, especially the trusted and reputable ones, implement strict safety practices, fire regulations and security measures, there will always be a level of risk, no matter how minuscule – as with everything in life. If you don’t have insurance protecting you even in the rarest situations, you can lose thousands. After all, if your personal possessions or business goods are important enough to place in storage, they should be important to insure too.
At Masons Self Storage, we encourage our customers to cover their stored items through their preferred insurance provider. For those who have household insurance, check the terms of your contract to see if your items in self-storage are already covered. This is not always the case, but it’s important to double-check before signing up for additional insurance.
Masons Self Storage Insurance
The insurance cover available from Masons Self Storage starts from £1.12 per month for every £1,000 worth of items. The exact premium will depend on the cost of the full replacement value of your goods and is inclusive of IPT (Insurance Premium Tax) at 12%. Insuring through us covers you for theft, fire or flood damage.
Self-storage and insurance should always go hand-in-hand. Although the chances of theft or damage to your valuables are rare, especially at premium facilities, it’s always smart to be prepared.
We service the Vale of Glamorgan and to the west of Cardiff. To find out more about our insurance or self-storage units, email our team at: [email protected] or give us a call on 0800 533 5708.
