Insuring your stuff in a storage unit

littlerock · 14 June 2018 at 1:37PM

I rented a storage unit from SafeStore for my mums stuff when she died a couple of years ago and although I have gradually cleared it out, I still have it as we are doing some work on the house and it is very useful for putting things while this happens, and it is easier to get rid of them once they are off site, well I find it is.

SafeStore insist you insure your possessions in addition to their storage charge, for a minimum of £4000 although my stuff is worth much less thanthat. However you can use your own insurance and as I have an Personal Possessions away from home (up to £5000) clause on my Home insurance policy, I have been sending them a copy of that when renewal time comes round.

This year they did not ask for a copy of my own insurance policy but slapped an £80 a quarter charge for insurance (up to £4000) on my renewal invoice. I rang them to point out that I supplied a copy of my Home insurance including Personal Possessions away from home, which my insurer had confirmed covered me. They said this was no longer acceptable as all insurance had to show their address of their site. A Personal Possessions away from home clause on a Home policy was not acceptable.

Anyway, looking into it a bit further, my insurers said I was covered but they did not offer a policy extension specifically naming the storage company site. Looking on line I found that Surewise offers policies for stuff in storage units, in my case personal possessions to the value of £4000 is around £55.00 per annum.

Bit different to SafeStore's £320 per year.

littlerock · 22 June 2018 at 2:31PM

Following on from this email: Safestore told me around 10 days that a copy of my home insurance covering for my stuff in store, (under the Possessions away from home), was not acceptable and unless I could provide a letter from my insurer, verifying I was covered, I would have to pay them £80 a quarter to insure my stuff in their units. (It has always been OK up to now, suspect this is a scam to extract more money from customers).

Anyway I asked what they needed and was told a letter from LV confirming that my stuff was covered while in storage. LV duly provided this and I passed it on to Safestore. Then they said this was not acceptable, it has to be a policy in my name with Safestore as the official address! Needless to say LV do not issue such policies.

I can get some specialised storage cover from a firm which does this, but wonder if Safestore will then find another excuse why I am not covered. I am therefore thinking of moving to another storage company. Anyone know one which accepts your own policy for cover, not one issued by the company, even if it is a specialised policy for stuff in storage?

forgotmyname · 22 June 2018 at 6:10PM

Your contents maybe covered for loss or damage etc.

But what if your items cause damage to the building?

I think that's what they want cover for, even if its 1001% impossible for your items to be a risk. They want cover for it.

littlerock · 22 June 2018 at 6:54PM

They haven't said this and it is not anywhere on the contract which specifically forbids storing anything that could damage their premises.

Nor was there any prior warning. I would at least have expected some prior warning of this sudden imposition, plus there is no obvious way that they have arrived at a valuation of £4000 for the contents of my locker (at insured charge of £80 per quarter) or that my locker would cause that amount of damage if I stored something which blew it up.

I can understand insuring my contents but should I be paying for their rebuilding costs, shouldn't their own insurance cover that? In any case insurance is about possible risk and the lower the risk the less the insurance should cost. Not £320 a year for £4000 of stuff.

littlerock · 22 June 2018 at 10:56PM

Just looked up Big Yellow insurance costs, which are mandatory if you store with them. £2000 insurance cover with Big Yellow costs £3.50 per week = £182.00 pa. This is justified as follows:

"For everyone’s peace of mind we need to know that all customers are covered at all times - that’s why all customers must insure their goods while they are in storage with us. It’s worth noting that many of our competitors take the same approach. Big Yellow’s insurance has been specially designed for self-storage and covers a wider range of potential perils than normal household insurance.

What we cover against
Our policy has a number of benefits over most household insurance policies. It will cover your goods against third party liability and just about everything else;

Physical loss or damage to your property caused by burst pipes or escape of water
Theft accompanied by forcible and violent entry or exit
Fire
Lightning
Explosion
Earthquake
Storm
Flood
Riot
Strike
Civil commotion
Malicious damage
Impact by vehicles and aircraft"

I wonder what the "wider range of potential perils than normal household insurance are included here over "most household insurance policies." Mine covers all of these.

There is also a long list of things you cannot store at Big Yellow which would presumably invalidate your insurance

"Unfortunately you are not allowed to store the following items at Big Yellow

Toxic, pollutant or contaminated goods
Firearms, munitions or explosives
Radioactive materials
Flammable or hazardous goods
Living plants or animals
Food or perishable goods*
Cash and securities
Illegal goods
Waste."

Just seems a blatant rip off to me.

paddyandstumpy · 22 June 2018 at 11:43PM

Won't your household policy exclude riot strike and civil commotion?

If it does (as I recall most would IIRC) then they can claim they offer wider cover.

littlerock · 23 June 2018 at 7:47PM

mine is an old policy what they call a legacy policy and it does include this cover. Even so, what we have here is storage company deciding that minimum contents cover is ,£4,k, then insisting you take out their insurance for it, justifying high cost because they are including highly unlikely scenarios.

littlerock · 25 June 2018 at 9:29AM

just a quick update. I asked safestore why I had been charged insurance on an estimated ,£4000 contents in my locker when it is worth nowhere near that. They replied that insurance required depends on locker size and for mine (around 40 sq feet) it is £4000 regardless of actual contents.

eddddy · 25 June 2018 at 10:29AM

It's just part of their pricing model. They split their charges into two parts - storage and insurance.

But if you feel they are using "Drip Pricing" - you could try reporting them to the Advertising Standards Authority.

"Drip Pricing" is where they advertise a headline price (e.g. for the storage), but don't tell you about mandatory and unavoidable fees (e.g. for insurance) until later.

But that assumes that the insurance fee really is mandatory and unavoidable. If there is a (convoluted) way of avoiding the insurance fee - they would use that as a defence.

littlerock · 25 June 2018 at 12:05PM

Insurastore offers competitive insurance for stuff in store so has apparently been black listed by Safestore and Big Yellow. This is the front page of Insurastore's website:

"Dear Customers

Some Safestore and Big Yellow Self Storage stores do not accept any insurance other than their own during their customers' use of their self storage facility. Please check with your Safestore or Big Yellow store manager before purchasing your insurastore.com cover.

Safestore:

For more information on Safestore's policy of not accepting 3rd party insurance, please see https://www.safestore.co.uk/tips_and_hints/insurance_faqs.aspx. Or if you would like to discuss this matter with Safestore you can contact them at their Head Office and ask to speak to the Customer Services Department. The freephone number is 0800 444 800

Big Yellow Self Storage:

For more information on Big Yellow's policy of not accepting 3rd party insurance, please speak to the relevant store team or their Customer Service Team on freephone 0800 783 4949.

We understand that renewals and extensions of existing insurastore.com policies for Big Yellow and Safestore may not be accepted. They may contact you to discuss the renewal of your current insurance arrangements.

To find alternative convenient storage facilities within your area that do accept insurastore.com policies, please go to https://www.theselfstoragedirectory.co.uk

We are sorry for any inconvenience caused. If you would like to talk to us about this then please call 0845 0944 841

The insurastore.com team"

Ian011 · 25 June 2018 at 9:20PM

littlerock wrote: »

If you would like to talk to us about this then please call 0845 0944 841.

It is illegal for a premium rate 0845 number to be offered for customer contact.

Insuring your stuff in a storage unit

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