Insurance And Self Storage
One of the benefits of storing various odds and ends from personal belongings to
office equipment in storage vaults is the safety and security of these items. Insurance coverage plays a significant role in said benefits so a few important things must be said about it. Read on and find out how you can benefit from insurance coverage for your valuable or sentimental things on storage in a remote location.
Options for Insurance:
Just as there are many options for insurance for everything from valuable jewels to valuable body parts - think David Beckham (legs), Dolly Parton (breasts) and Michael Flatley (feet) - there are also options for insurance covering items in self-storage. Keep in mind that, once you remove the items from your house and its immediate premises, your house insurance policy will not cover it.
If the items for storage are valuable, you should get a separate insurance policy. In fact, most storage companies will not accept items for storage in their vaults if and when no insurance papers can be shown.
You have two choices in getting insurance for your items in storage. First, private insurance companies offer coverage for either certain items or for the whole lot. The monthly fees are higher than the rates offered by the storage companies but the coverage is also greater in most instances.
Second, you can also avail of the in-house insurance coverage offered by the storage company itself. Take note that the amount of coverage is lower although the rates are lower, too. In short, expect the most basic coverage for your items in storage;
London laws allow it so take it at your own risk.
So, which would you choose for insurance? It depends on your budget as well as the value of the items in storage.
Possible Costs for Insurance:
The good news is that most insurance policies for self-storage vaults are comparatively cheap than the rates for entire houses and offices. Insurance companies operate on the assumption that the items on storage are of lesser value for obvious reasons. A quick look at the rates reveals that insurance fees average to approximately 50 cents to a pound for every 100 pounds of value.
So, items valued at 1,000 pounds can be insured for just 6 pound per month - very cheap than turning a room into a storage area.
Coverage of Insurance Policies:
On the downside, insurance companies will not provide coverage for all items in storage. Be sure to read the terms and conditions of the contract especially about the items covered. This way, you can set realistic expectations about possible remuneration in case of loss from thieves and natural disasters.
In most cases, self storage companies will not cover the loss of jewellery, money, fur clothing, art works, cars, boats, legal documents and personal financial records. Of course, you can store these items in a self-storage vault but don't expect coverage.
The most commonly covered items in storage include personal items, household goods and commercial items, to name a few. The insurance policy will cover losses in case of fire, smoke, water but not flooding, explosions, earthquakes, wind-storms, volcanic eruptions, lightning, insect and vermin damage, and vandalism and theft. No, normal wear and tear of the items while in storage are not covered by insurance.
The insurance policy on your items in storage is your main responsibility. You should inquire about this all-important matter before packing your items for self storage.
by: Lawrence White
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