When you get a quote for your self-storage insurance from us, we’ll ask you for the value of your stored goods. It’s really important to us that you don’t over-or undervalue them. This blogpost will tell you why, and it will give you some pointers to help you give us an accurate value for the things you have stored.
Calculating the value of your stored goods
When we ask for the value of your stored goods, the number we want is the cost of replacing them should the worst happen.
Bear in mind that Store and Insure works on a ‘new for old’ basis. So there’s no need to knock off a few quid for wear and tear. To learn more about ‘new for old’ cover, see Money Saving Expert.
Why is important not to overvalue my stored goods?
If you overvalue your stored goods, then you will be paying too much for your insurance premiums each month.
Why is it important not to undervalue my stored goods?
Undervaluing your goods means that if your stored goods are stolen or damaged then your payout will not be enough to replace them.
Policy limits on your stored goods
It’s important to note that £1,500 is the maximum amount we will pay for an individual item, or group of items or collection of items. There is a limit of £500 for jewellery, watches, stamps and phones. So if some of your stored domestic goods have a very high value, you’re better off using a specialist insurer and (possibly) a specialist storage facility.
How do I value my stored goods?
The first step to valuing your stored goods is to make (and maintain) an inventory.
An inventory is a list of what you have in storage. To get the value of your stored goods, use any receipts and records you might have if you bought the item recently. A quick online search is another way of getting a rough idea of an item’s value for insurance purposes. You can even feed the whole list into an AI and ask it to do the legwork (but as always with AIs, give the answers a sanity check).
Keeping the list on a spreadsheet will let you quickly add up the value. There are also self-storage inventory apps to help you, and your storage company may have one you can use.
It’s worth re-checking the value of your stored goods from time to time.
Once you’ve valued your stored goods, get a quote from us to check that you’re not overpaying for self-storage insurance.
What else can I use my inventory for?
Your inventory is handy because it will remind you of what you have in your storage unit. Out of sight is very much out of mind for most people, and it’s so easy to forget that you own (say) a Christmas tree stand or a floor fan. With an inventory, you can check quickly and locate it easily.
Don’t insure your stuff twice
If you are putting anything high value into storage, be sure to let your home contents insurer know so that you are not paying to insure the same thing twice.
Giving you good value
Help us to help you by providing an accurate value for your stored goods.
