When arranging insurance for domestic goods in self-storage you’ll be asked to provide an accurate valuation.

The insurer uses the figure you provide to determine how much you pay each month, and in the unfortunate event that you need to make a claim after a fire, theft, or flood, your valuation will determine your payout.

Why you need to give an accurate value for insurance.

If you give a value that’s too high, you will be overpaying for self-storage insurance.

It might be tempting to lowball the value of your goods to secure a cheaper monthly premium, but this is a risky strategy. If you claim for £5,000 worth of damage but only insured your unit for £2,500, the insurer will only pay out a fraction of your claim.

Instead of under-insuring, save money by decluttering before you store or by shopping around for competitive specialist rates. Get a quote from Store and Insure to start the process. If you think you’re paying too much for storage, check out our article on saving money on self-storage.

Working out the value of your stored goods

Here is a guide on how to calculate the correct value so you can avoid over- or under-insuring your stored things.

1. Use new for old as your benchmark

Store and Insure, in common with other self-storage insurers, operates on a new for old basis. So when you value your stored items, don’t think in terms of what they would sell for at a car boot sale or on eBay today.

Instead, calculate what it would cost to buy that item brand new. Search online for your larger appliances or furniture pieces to find a realistic current market price.

2. Create a detailed inventory

It is easy to lose track of exactly what is tucked away in the back of a storage unit. Maintaining an itemised list serves two purposes:

• Organisation: If you keep an inventory of your stored goods, you won't end up buying duplicates of things you already own but can’t find.
• Accuracy: By recording the replacement value next to each item on your list, you arrive at a precise total for your insurance quote rather than just guessing.

Check out our article on making an inventory for more advice.

3. Insuring irreplaceable or unique items

Insurance is designed to cover financial loss, not sentimental value. This means that although an item might be very valuable to you, this won’t be reflected in its value for insurance purposes.

Documents and photos: you can claim for the physical cost of the paper or storage media. It is always best to keep digital backups or physical copies of important files or photographs.

Antiques and collectibles: For fine art or antiques, market value applies rather than new for old . It is highly recommended to get a professional appraisal before placing these items in storage. This will ensure your coverage reflects their true worth.

You can’t rely on your home insurance for stored goods

A common misconception is that standard home contents insurance automatically covers items kept off-site. While some policies offer limited away from home cover, they often exclude self-storage or have very low payout limits.

Using a specialist provider, like Store and Insure, typically offers more comprehensive protection and better value for money. Get a quote today.