Self Storage Blog

What is self storage insurance?

 What is self storage insurance?

Self storage insurance is your safety net if anything happens to your gear, furniture, or goods while they are kept in a storage unit.

What is self storage insurance?

Why do I need insurance?

The likelihood that something could happen to your possessions while they are in storage is pretty low. Storage facilities are usually purpose-built for the job, a solid building with a solid, locked door, usually with an additional security alarm and/or CCTV camera monitoring.

However, it's that small chance of things going wrong that makes investing in insurance such a great idea. To cover that slight possibility of the worst happening, and remove the change of being left with nothing if it does.

If you value your gear enough to find a secure storage unit to keep it in, you should insure it. The costs are very reasonable for the peace of mind it provides.

Important note - Storage insurance is not usually included in your storage rental, however, it can usually be easily arranged through the storage facility or your chosen insurance provider.

What are you're covered for?

In the home, you have home and contents insurance which covers everything in your house or apartment if a disaster occurs, at a storage facility you need self storage insurance which covers your gear while it's in the storage unit.

Insurance protects your gear in the event of:

  • fire
  • lightening
  • earthquake
  • storm
  • water damage
  • explosion
  • malicious or accidental damage
  • and more.

Your policy Product Disclosure Statement will list the particular details for your specific policy.

What's covered by insurance?

Keeping your gear safe and sound is what most good storage facilities excel at but on occasion, the unthinkable happens and that is when investing in insurance really pays off.

Most policies cover a most of things you would keep in a storage unit, however, there are some items which are not covered. We recommend that you either arrange specific insurance cover to safeguard these items, such as a car or boat, or that you find a more suitable storage option, for things like money or jewellery.

Examples of items not covered by insurance if kept in a storage unit:

  • money, jewellery, precious stones, gold or other precious metals, and fur items
  • cars or motorbikes
  • boats, jet ski's, or ATV's
  • any flammable gas, liquid or oil - petrol, diesel*
  • corrosive chemicals*
  • paint*

*These items are prohibited from being kept in storage units.

The Product Disclosure Statement will list what's covered and what isn't on the specific policy you select.

Insurance tips

  • Don't underestimate the value of your gear or goods - make sure the insured value is enough if the worst happens.
  • Find out exactly what your policy covers. Each insurance company can have different inclusions and exclusions in their policy.
  • Find out what the excess will be if something does go wrong.

What if I don't take out self storage insurance?

If you choose to pass on the insurance you accept all responsibility for the costs involved in replacing or repairing your gear and goods if damage occurs while it is in storage.

The simple way to protect your stored gear

Taking out self storage insurance is easy. Often storage facilities have a policy which they use or you can speak with your own insurance provider to see if they offer this style of policy.

For advice on the best policy for your needs, we recommend speaking to a professional insurance advisor.

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