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Self-storage annual report

Self-storage annual report
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How normal are your self-storage habits?

Trips to and from the self-storage unit have become a way of life for hundreds of thousands of urban dwellers, with 17% of customers saying their self-storage needs have been affected by the cost-of-living crisis.

The Self Storage Annual Industry Report (2023), by The Self-Storage Association and real estate solutions provider Cushman & Wakefield, has revealed some fascinating insights about self-storage norms. Even The Guardian has picked up on the report, crunching the numbers into a graphic that shows how many Wembley Stadiums the nation’s stored goods would fill.

For example, 62% of self-storage customers travel less than fifteen minutes to their unit, which suggests convenience is an important factor in selecting a domestic storage facility.

Self-storage companies are opening new sites all the time, so if your current self-storage site is not as convenient as it should be, it’s definitely worth reviewing any new facilities that have popped up. The self-storage market is dominated by small and medium-sized operators (the report suggests that the top five big storage companies have just 15% of the market). This makes for a competitive and innovative market. So we recommend shopping around to find a residential storage facility that matches your needs in terms of location, security and ease of use.

Reducing self-storage costs

We’re slightly concerned that 36% of the public think that self-storage is too expensive, particularly as, in general, a self-storage space is cheaper than the equivalent rented space. This may tie in with the cost-of-living crisis, but we have plenty of ideas to help you minimise the cost of self-storage, including getting a quote from us for your self-storage insurance. Just a few quick checks will ensure you’re not over-paying for self-storage insurance.

And we’ve also got some other tips that will reduce your self-storage costs.

Another interesting nugget was that one fifth of you (20%) have had your unit for over five years – so a fair number of self-storers are in it for the long haul. Even if self-storage isn’t part of your long-term plans now, this statistic suggests that it’s worth taking steps now to ensure that you’re not overpaying for your self-storage: remember that those small savings add up.

Got questions about self-storage?

We’ve learnt that there’s a bit of an information gap in public knowledge of self-storage, with less than 50% of people having a good understanding of how it works. That’s a pity, because there’s so much potential for self-storage to improve people's lives by enhancing the safety, comfort and appearance of their homes, and as this Guardian article hints, the only limit is your imagination (and what you can legally keep in a storage unit, of course). Self-storage companies try to offer a user-friendly service to residential customers storing domestic goods – after all, this group makes up 36% of their market. Many storage organisations have extensive knowledge bases that you can use to learn more about the self-storage way of life. It’s a good idea to do a bit of research into the different self-storage options in your area, so get several quotes and ask plenty of questions.

Here are some of our beginners’ guides to self-storage. We hope they will help you work out what information you need.

Business is booming in the self-storage world, and we’d be very pleased to help you get best value out of your storage space – so whether you’re an established self-storer or just starting out, get a quick quote from Store and Insure to find out if you can save money on your self-storage insurance.


Question and Answer


Do I need self storage insurance whilst storing my goods ?

We strongly recommend you purchase insurance whilst your goods are at the self storage facility. In fact, many self storage facilities will not allow you to store your goods unless they are insured.


Does my home insurance contents insurance cover items in storage?

Some home contents insurance policies will include items stored off-site. But you should check the wording of your policy or talk with your insurance broker to see if this is the case for you. Insuring domestic goods kept in a storage unit is inexpensive with Store and Insure, and our policy has several beneficial features for people who use storage units. For example, your goods will be insured while you are transferring them in a covered vehicle between your home and your storage unit and back again.


How can I reduce my storage costs while I go travelling?

You may be able to make some savings on your storage bills while you are abroad by storing for a fixed term. If you know you’re going away for six months, you might get a discount by paying for six months of storage in advance, rather than paying month by month. And storage companies with a central location may charge a bit more – but if you know you won’t be visiting your storage room very often because you’re abroad, you can save by using a storage centre in a less convenient location.


How much is self storage insurance ?

The cost is based on the sum insured (value of your goods) and the length of time they will be stored in the self storage facility. We aim to be competitive in our pricing but, equally, we want you to have the support of a first class insurer should you need to claim and this is the reason your goods are insured at Lloyd's, one of the most reputable insurance organisations in the world, who have been in existence since 1688.

For your security and protection and, unlike some of our competitors, we do not use insurers based overseas for obvious reasons.


What are some examples of seasonal possessions?

Seasonal possessions are domestic goods that you don’t use all year round. An example might be warm winter clothing and thermal bedding, which you will not use during the summer months. Another example might be a barbecue and garden furniture that you only use during the summer but not so much in the winter. During the off-season you can put these things into storage so they are not cluttering up your home.