Self-Storage Insurance: Understanding Your Coverage Options 

When looking for self-storage, choosing a facility to keep your items safe and secure is vital. Even the safest storage facilities would advise (or sometimes require) that you take out some insurance coverage to make sure you’re protected in the unlikely event of theft, fire or loss.

In this blog, we’ll explain everything you need to know about choosing the right coverage for you, including the coverage options that self-storage companies typically provide and the factors that influence insurance costs,.

Why do I need self-storage insurance? 

1. Protection against damage or loss 

Although self-storage facilities are generally safe and have good safety and security measures in place (like 24-hour CCTV surveillance and PIN or key fob entry systems), there is always some risk of theft, loss, fires, leakages, and natural disasters. If any of these events were to happen, self-storage insurance will ensure that you are compensated for the value of your items.

2. Peace of mind 

The likelihood is that your items will be completely safe and secure during storage, but it’s always best to be protected, just in case. Just like home insurance, self-storage insurance gives you the peace of mind that if the worst were to happen, you’d be able to replace your items.

3. Compliance with storage facility requirements 

Some self-storage companies make insurance coverage a mandatory requirement when renting out their storage units to customers. If you’re not sure, it’s always worth checking with your provider. 

How much does self-storage insurance typically cost?  

Some storage companies already include a certain level of coverage in your monthly storage price, whereas others will need you to pay extra, or arrange this yourself with an external insurance provider. In some cases, you may already be covered by your home insurance policy.

Standard self-storage insurance typically covers fires, theft, smoke, lightning and water damage (excluding natural disasters such as earthquakes and floods). The price of this varies across providers but typically costs £2 to £5 per £1000 of coverage per month per box or item. For example, if you want an item worth £3000 to be insured, you may need to pay £6 to £15 per month.  

If you want a more advanced policy that offers higher limits and additional protection against risks that the standard policies may exclude, such as flooding, earthquakes or accidental damage – you may need to pay a higher price for your coverage. Here are some other factors that may affect your insurance costs: 

• The value of your stored items: the more expensive the value of your items, the higher the cost of your insurance premium.  
• Location of the storage facility: facilities located in more central areas or in areas prone to specific risks such as earthquakes, may have higher insurance costs.  
• Security levels of the facility: storage facilities equipped with advanced security systems may offer a lower price for insurance premiums due to the reduced risks of damage or loss to your items.  
• Duration of storage: similar to monthly storage prices, your insurance rates become cheaper the longer you store with the storage facility.  

How to choose the right coverage 

• Understand your needs: calculate the total value of the items that you want to store and decide on the appropriate coverage amount.  
• Read through your home insurance: check if your existing policy covers items stored outside your property, to ensure that you are not spending on coverage you already have.  
• Research your options: compare coverage options provided across different insurance providers and select one that suits your needs best based on limits, premiums, deductibles, exclusions and special terms.  
• Read your policy carefully: understand the terms and conditions of your policy and the documents you may require when raising a claim. 

Insurance plays a vital role in storing your items in a self-storage facility. By researching the available options and selecting a policy that covers the value of the items you want to store, you will be able to use self-storage with confidence that your items are protected against any unexpected circumstances.