Self storage is a really convenient way to create extra room - whether it’s for your domestic belongings or for your business. You can rent a storage unit, sized to fit what you need, in a building full of other self-contained storage units.
The rental fee you’ll pay depends on the square footage and the location of your chosen storage depot. Central London, for example, is likely to be more expensive per square foot than a suburb such as Southwark or Haringey. Space required in addition to the location will equal the rental fee. Simple so far.
However, there’s a second charge to be aware of and not all storage companies are as up-front as they could be about it from the outset. We’re talking about an insurance policy to cover everything you keep in your storage unit in the event that something unexpected occurs.
Now you might think if your goods are safely tucked away in a managed storage facility that it’s your storage provider’s problem if something bad happens. Not so. They need to make sure everything is covered if something outside of their control occurs, like a flood, or a fire that spreads from a neighbouring building. The best way to do that is to insist that all customers prove they have insurance and they’ll do that before they ask you to sign your storage agreement.
Now you might well think ‘that’s fine, it’ll be covered under the household policy anyway’, but you need to check the small print. These days many household policies don’t cover items stored ‘off site’ from the household that’s insured. That’s why many self storage providers recommend a bespoke policy, tailored specifically for a storage environment.
Most self storage operators these days offer insurance alongside their unit rental, a bit like the way you pay for insurance on top of your call plan on your mobile phone. The cost of the policy will depend on the replacement value of the stored goods, which does mean some homework on your behalf to make sure you’ve got your valuations right. It’s the main reason why no storage company will be able to give you a price for their ‘in-house’ policy until that homework has been done.
Just like mobile phone insurance one alternative is to go and find your own policy. This might save you a few pounds but it will also mean a fair amount of your time trawling the internet or making calls to specialist insurers.Once you work out what your hourly rate is for time you spend sourcing the right policy versus the saving you’ve made, the benefit can be marginal at best. There’s also the danger that you could end up with a policy that isn’t quite right.
In the past few years many self storage companies have started to make it a condition that you use their in-house policy. Now on the one hand you could view that as trying to maximise their revenues but on the other there’s a strong common sense argument as to why that is an advantage.
They’re in the storage business and will be dealing with a single insurance company who will understand the business fully and completely. That means that there won’t be any ambiguity with a policy that isn’t specific to the circumstances, and no wriggling off the hook by the insurer should the unthinkable occur. Perhaps surprisingly, it also means that the cost is at the very least highly competitive and can frequently be cheaper.
When you are researching who to store with it’s well worth asking about the cost of insurance. Let’s make a comparison with postage costs of online shopping. Some charge more to make a bit more profit on those added extras. With self storage insurance, small weekly differences can quickly add up. Look for the operators who offer some form of lowest price guarantee or promise and extend it to cover to their storage insurance.
Author Resource:
For more information on self storage tips and advice visit ABCSelfstore.co.uk , who are experienced in the field. To find out more about the topic of the article, check out their insurance advice .
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