Insurance
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Just as you would insure the contents of your house or indeed you business stock on your business premises you are required in most Self Storage facilities to insure your goods. Some companies will make it mandatory for you to pay for insurance; some will allow you to insure through a third party some will include it in the price. Insurance is usually charged separately and we would advise you have insurance on your goods. There have been many occasions where Self Storage facilities have flooded and even burnt down and no matter how safe and secure and well managed they appear there is always a risk, just like you have at home. A storage centre can just as easily have a burst pipe as you can at home or an electrical fire.
The majority of Self Storage companies will sell insurance usually provided by the large insurance companies with the Self Storage provider adding an agent’s profit. But remember they will only profit if they have no claims. Insurance is a major cost for Self Storage companies. Most charge per £1000 of cover it is wise to make sure all your goods are covered not for their current value but for the cost of replacing them. It is usually a false economy to save money on insurance. Some Storage companies will ask you to itemise your more expensive goods and will set a limit of items over £2000 for example. Also remember to ask what the excess is on the policy.
You will also be able to provide your own insurance for your goods and most Self Storage providers will want to see evidence that they are insured. There are two ways in which you can do this. One is to contact your existing insurance provider and ask if they will extend your cover to include goods in storage. Often they will do this for a small charge and provide you with a fax for the Self Storage Company to show that your goods are covered. Be careful though as often this is an extension of your Home Policy cover and when you move out of that home the policy can be nil and void. Taking this route may also mean you are covered for less risks as it is not tailored to Self Storage like the one the Self Storage companies are providing. Read the small print!
Whatever route you go down, ensure you have photos of any particular items with a high value. This may come in handy if you have any major problems. All Self Storage companies want your goods to come out the way they went in and will take most reasonable steps to protect them; however they can only do so much to protect your goods, from flood, fire, acts of god and the determined thief. Better to have the peace of mind.