The Importance of Getting Contents Insurance When Storing Items in Self Storage

You’ve packed all your boxes, decided what items to keep and throw out and you’ve found a storage facility to store all your items. Don’t forget to get contents insurance for your stored goods.

Self storage insurance is a very inexpensive way to ensure your goods are protected while in storage. If it’s worth storing, it’s worth insuring!

Why you should get insurance

Self storage insurance caters for defined events that are out of the control of the self storage facility, such as fire, flooding, storms, malicious damage and other natural disasters. It’s highly recommended that you get adequate insurance to cover your items in storage in the event of loss or damage.

Types of insurance

There are three types of insurance:

1. Self storage insurance. This is the easiest way to insure your goods in storage.

2. Existing insurance through your home and contents insurance. Each insurance company and policy will have different requirements and coverage. Please check with your insurance company whether your existing policy covers your goods while in storage.

3. Self insurance. Self insurance means you accept any loss or damage to your stored goods at your own risk and expense. You will have no claim against the self storage facility if your goods are damaged.

We highly recommend going with option 1 or 2.

Important note: If you store your goods with your family or friends and something happens, your items will not be covered under their household policy. This means you still run the risk of losing your goods.

What is covered under the self storage insurance?

At Rent a Space self storage, we have negotiated comprehensive storage insurance with AON Insurance (underwritten by QBE) for as little as $2 per $1,000 value per calendar month. The policy covers you for perils of fire, lightning, impact, explosion, earthquake, aircraft, riots and strikes, malicious damage, storm and tempest and/or water and burglary resulting from forcible entry. Please read the PDS for more information.

moving boxes into self storage Make sure you get insurance for your precious goods in storage

How much are my goods covered for?

This will vary depending on the estimated market value based on the actual cost of replacement. We recommend storing any valuables, such as jewellery, coin collections, paintings or other precious items in a bank safe security box.

At Rent a Space, we offer state-of-the-art security, individually alarmed units, individual access codes, back to base 24hr security monitoring, CCTV cameras and security on call. While we maintain our buildings to the highest standard, we strongly recommend you insure your goods for added peace of mind, as all goods stored are at the risk of the storer.

If you would like to learn more about insurance for your goods in storage and a tailored solution to suit your needs, speak to your Rent a Space store manager or call 02 8758 0000 today.

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