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How do I check I'm getting good value for money on my self-storage insurance?

A woman filling a jar with coins she has saved by getting a good deal on her storage insurance
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Operations - Store and Insure

Are you overpaying for self-storage insurance?

With a few quick checks, you could save money each month on your storage bills. Times are hard for a lot of us, and even a few pounds here and there could make all the difference. If you’re looking to be more frugal, it’s well worth seeing how much you are paying for various insurances each month, including self-storage insurance. A little bit of admin time spent in this area could save you cash that would be better directed towards living expenses, or a little treat to keep you going until better times roll around.

Do you need self-storage insurance?

The short answer is, almost certainly yes, you do need to insure your stored domestic goods. Insurance coverage will be a condition of the contract you have with your storage company. And if the worst happens, you will be able to replace your lost goods.

In some cases your home contents insurance will cover goods stored off-site. But do take the time to check the terms of the policy, particularly if you’ve moved to a different provider. Is the coverage still right for the goods you have in store? Is the insured value high enough? If not, it might be time to shop around.

How much is self-storage insurance?

That’s a tricky question because it depends on the value of the goods you are storing and the facility you are using. The best thing you can do is get quotes from several providers, and that should give you an idea of what you should be paying. For further advice on costing up storage, including working out how much space you’ll need to store your goods, see our blogpost.

Check you’re not paying twice for self-storage insurance

As mentioned above, some home contents policies cover stored goods. And sometimes storage companies add insurance to your monthly bill. You probably don’t need to be paying for two policies, so find out if you can make a change and save yourself some cash.

How do I find out if my storage company is insuring my stored goods?

Storage companies that add insurance on to your monthly storage bill are meant to let you know that you are buying coverage from them – but sometimes that detail gets lost in all the excitement! Sometimes the price storage companies charge for insurance is a lot higher than the going rate. Check your storage invoice to see if insurance is mentioned. If it isn’t, then enquire with the storage company to find out whether you are paying for insurance.

Is your self-storage insurance competitive?

Self-storage insurance is a growing sector, and so there’s a fair amount of choice. It’s worth shopping around to see who is charging what to insure your goods. Get at least three quotes – and don’t just use comparison websites. There are loads of smaller providers, often experts in self-storage insurance, who will provide you with great service and excellent value. While you’re here, get a quote from us!

Is the cheapest insurance the best insurance?

Bear in mind that the insurance with the cheapest cost may not be the most appropriate for you. Make sure that the cost really is the price you’ll be paying every month. Check that the level of coverage meets your needs; and look for online reviews to make sure that the service levels are right for you. Other benefits might be automatic renewals and a cancellation policy that lets you get a refund for the days you no longer need the insurance.

How do I change my self-storage insurance provider?

It should be as simple as contacting the company providing your self-storage insurance and telling them that you are changing provider on a certain date. Your new provider may even help you out with template emails, and they may even be able to make the arrangements automatically.

But some potential customers who have been using their storage company’s own insurance have told us about bad experiences when they try to change. The storage company, which is making a nice little side-income from selling insurance, says that the customer is not allowed to use an independent provider (like us). As insurance experts, we’re pretty sure that’s going against the rules of the Financial Conduct Authority! So be polite and persistent, and please do ask us for advice if you need it.