If it’s worth storing, it’s worth insuring

If you have never rented a self storage unit before, you will probably never have come across self storage insurance before.

If you are not aware of self storage insurance when you make enquiries into renting a self storage unit, it can be unexpected and annoying to realise that as well as the cost of renting your unit, you also have to pay for insurance. But any reputable self storage facility will not allow you to store with them unless your items are insured.

  • What is the insurance for?

Self storage insurance insures the items you are keeping in your storage unit against the risk of fire, flood and theft while they are in storage. As with any insurance, it is unlikely that you will ever need to use it, but if the items are valuable enough that you want to keep them, they should be insured against these risks as they would be at home.

  • How do I get insurance?

The easiest way is to let your self storage facility arrange the insurance for you. They do it all day every day for their customers and cover can be arranged immediately through their insurers. This way you can get everything sorted at one time in one place without having to worry about going away and arranging it yourself or rummaging through paperwork at what can be a messy time in your life.

  • How much does it cost?

This varies based on the value of the goods you are storing. It is important first of all to take your time and think carefully about all the items you are wanting to store and how much it would cost if you had to replace those items. Prices also vary from store to store but as a guide, most places charge around £1 per week per £1000 worth of goods. For example, if the replacement value of the items you are storing is £2,000, you would pay £2 per week for insurance.

  • Do I need to list everything that I am storing for the insurance?

No. We are not that nosy. A few places ask for this but as it can change all the time as you move things in and out, most insurers only require a value.

  • What else should I bear in mind?

The New Years Eve fire at a large self storage facility in Croydon, although incredibly rare, highlighted some important points that all self storage facilities should point out to customers.


  1. Do not under insure your items

Unfortunately, the customers who had issues with claiming the value of their goods back after the devastating fire were the ones who had undervalued the goods they were storing. Under insurance is a significant problem and doesn’t work how most people think. This is how it does work:



Eg.  You have £4,000 worth of goods in your unit. You only declare £2,000 worth of goods for the insurance. You are 50% under insured. In the event of a claim, you do not get paid out £2,000, you get paid 50% of your insured amount which is £1,000 meaning you are £3,000 out of pocket.


If you take your time to think carefully about the replacement value of your items and keep your storage provider updated if this ever changes, under insurance should not be an issue.


  1. New for old or like for like

Most storage facilities arrange insurance for customers on a new for old basis which would mean you would be insured for the cost of replacing your items if you were to buy new today, rather than the current like for like value. For example, if you are storing a lawn mower that would cost you £400 to replace but you have had it for 4 years so the like for like value is £150, new for old insurance would insure the £400 and like for like would insure the £150. If you are not sure how you would be insured, check with your storage facility.


  1. You cannot insure for sentimental value

There are some things that are irreplaceable that cannot be insured and you should therefore not put them in storage. For example, old photographs of friends and relatives which have no monetary value but are sentimentally priceless to you.



Self storage insurance is necessary but is so simple to arrange. If your self storage facility do it for you it is all sorted before you move in and the cost is simply added to your automatic monthly payment.


All you need to think about is the values and letting your storage provider know if the value changes at all to make sure you always have the right level of cover.


Chances are you will never need to make a claim, but if it’s worth storing, it’s worth insuring!

We hope this is helpful to you.


Thanks for reading!


Tortoise Storage

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