Self storage is not a particularly complicated concept. You rent a storage unit of an appropriate size at a conveniently-located storage facility, place your items inside, and there they'll remain until you need them again. The storage unit is securely locked, and the facility will have additional security measures in place. But is this enough protection for what you will be storing inside the unit? It's certainly a personal choice, and it really depends on the nature of what you'll be storing (as well as the cash value), but should you consider insurance for the items while they're in storage?
No Longer Considered to Be Contents
The items might have been covered under your existing home and contents policy, but once they have been moved out of your home, they are no longer considered to be part of its contents. This is rather logical, and yet it means that your possessions will no longer be covered as they were right up until the moment that you transported them to the storage facility.
An Extension of Your Existing Policy
Have a word with your existing insurance company. They might offer a policy extension that will cover the items while they are being stored at another location. This can be an easy way to go about obtaining insurance for your items while they're in storage, as the extension (and any applicable surcharges) can be added to your existing policy. You shouldn't automatically pursue this option until you've done a comparative assessment and looked at your other options.
A New Specialist Policy
Have a word with the storage facility. It might be the case that they offer a policy specifically designed to cover the items while in storage. This policy might be more cost effective than the additional applicable charges when extending an existing policy, and can be added to your monthly storage fees. Of course you need to check which insurance company is underwriting the policy, as well as any restrictions that might deter you from moving forward with them. This might be exclusions limiting their liability in the event of a natural disaster, or you might disagree with the required excess in the event of a claim.
It's entirely a matter of personal choice, and if the items you plan to store don't have much cash value, you might wish to forgo insurance altogether. But when the value of the items warrants an extra level of protection, it's important to explore your insurance options when using a self storage facility.
