Self Storage Insurance

tim_n

I've been told that I have to have some kind of insurance on the items I am putting into storage. That is fine but the self storage wants to charge me £5 a month - surely there is some cheaper way? (only to cover £1000 of stuff)

Any ideas what this type of insurance is called?

JFK_3

Tim - I know how you feel. I have spent all day with brokers trying to find anyone who will offer this insurance - which is a condition of my storage agreement (either I get it from somewhere else or I buy their's at £4.25 per £1000 value per month - min £12.75 accepted).

No one else will offer this insurance except the storage companies themselves - money for old rope and extortionate at that ! Trouble is that all the storage firms are in on the game. If anyone has better progress on this one please let me know.

.. I have tried the tagging on to my house insurance option but that is not possible.:o

mattymoo

The problem is there is no money in it for the insurers to do this as a standalone product.
Many people use storage facilities for a month or two while they move house or try and sell a house (with all the clutter in storage).
Your quote is £5 for £1000 so the policy would need to be cheaper than £10 (2 month policy) to be of any use to you.
The cost of issuing the policy in staff costs and overheads would far exceed this so they choose not to enter the market.

As for adding to exisiting insurance - the term self storage covers a lot of possibilities. I survey self storage sites for an insurer (covering the bricks and mortar of the building) and some are very good - Big Yellow, Armadillo etc. Modern purpose built, secure buildings.
Others are just ramshackle farm sheds hastily divided up in to storage cells with minimal protections in place. The insurers have no real way of knowing which is which.

PS: I charge £400 a survey so they are not going to get me to check it out before they insure you.

shroffn

We have just taken out a storage contract with Safestore in London. Their Whitechapel branch did a price match with Big Yellow at £75 per 4 week period (is this a competitive rate?) which was about half the price they originally quoted to us. We did not want any contents insurance at all but Safestore insisted that we need to take cover. As our Halifax policy does not cover items in storage we were 'forced' to take the cover at at Safesore for £10.80 per 4 week period (very expensive for £2000 of cover)

Having read the T&C of the contract very carefully, it does not say that insurance is cumpulsory either legally or as part of Safestore's terms of business. The word used is 'recommended' (point 19 of T&C)

We will be contesting this with company. Does anyone out there have any views/experience in this matter and on the rates we are being charged? Thanks