91% of Indoor Self Storage customers take advantage of our convenient storage protection service, giving them peace of mind throughout their stay. We explain what self storage insurance is, and why it’s a must for any personal or business self storage customer.
What is self storage insurance – and how does it differ from protection services?
Self storage insurance policies are designed specifically to cover personal or business items that have been placed in a self storage facility. It protects those items from various risks which usually include fire, flood, theft and malicious or accidental damage.
Some self storage providers, including Indoor Self Storage, offer a protection service. This is because changes in financial services legislation has restricted the selling and recommending of insurance products to organisations authorised by the Financial Conduct Authority (FCA).
The difference between a protection service and an insurance policy is mainly in the terminology and how it’s all set up. Ultimately, the overall goal is the same: safeguarding your stored items against a variety of risks for your peace of mind.
Is insurance or protection really necessary?
In most cases, yes. We follow the policies of the SSA UK in insisting that all customers have sufficient protection in place, although this does not mean you have to use our StoreProtect service.
It is important to understand that many home and business insurance policies do not cover items kept in a self storage facility. Those that do may offer limited cover. If you are relying on your existing insurance to cover your goods, you must check the details thoroughly, and we will need to see the paperwork.
On a more personal level, when you’re dealing with major life transitions or projects, such as moving house or running a business, you need a robust insurance or protection policy to protect yourself against significant loss.
While most self storage facilities, including ours, are securely enclosed, monitored day and night by CCTV and protected by fire and smoke alarms, these can only reduce risk, never eliminate it. The unexpected can happen.
Having an insurance or protection policy in place is a safety net that you’ll probably never need, but will give you valuable peace of mind.
What does a self storage insurance or protection policy cover?
No two policies are identical, but most self storage and insurance policies will protect your items against fire, flood, storm damage, theft, malicious damage and accidental damage. Some may include damage from vermin such as rats.
What are the benefits of taking out a self storage provider’s own protection policy?
We can only speak for ourselves, but our protection service is designed to provide you with sufficient cover while minimising hassle. For example:
- We can arrange everything on sign in. You won’t have to spend time hunting for paperwork to prove you are insured.
- We take payment at the same time as your weekly or monthly storage charge, so you won’t have to worry about missing a payment.
- Our insurance brokers have a dedicated claim team. You will be well looked after in the unlikely event of a claim.
While there are third party self storage protection providers, we don’t recommend them. The price may be attractive, but cover is usually limited and policies often contain hidden clauses.
How much does self storage insurance and protection cost?
As a general guide, you can expect to pay £1 to £2, plus VAT, for every £1,000 of goods stored.
Please note, it is important that you are accurate when declaring the value of your goods because underinsurance will lead to an insufficient payout if you do have to claim.
Find out more
If you don’t have sufficient insurance in place, our StoreProtect storage protection service is the simplest way to secure your possessions and unburden your mind. For more details, including a link to the addendum, visit our FAQs page.
