Self storage insurance works in a similar way to how contents cover works for residents living in an apartment; the building would normally be covered by a third party’s buildings insurance and residents pay for their own insurance to cover their contents. In the same way our buildings insurance covers our building and your storage insurance policy covers the items you keep in self storage.
Customers often ask if it is possible to take out storage without having insurance because ‘I don’t need it’ or ‘the things are hardly worth anything’. Unfortunately, this is not possible. It is mandatory to have insurance when you store goods at Avondale. We believe this to be the case for the entire UK storage industry.
You can either have your contents endorsed on our policy, or arrange your own cover. Most customers choose to use our policy as it is competitively priced, comprehensive and simple to arrange. If you do want to get your own cover you must supply us with a copy of the policy, which must have our address as the insured location, as well as the value of cover.
HOW MUCH SHOULD I INSURE MY GOODS FOR WHILE THEY’RE IN STORAGE?
Our insurance policy works on a new for old basis. Therefore, you should insure for the full replacement value.
If you under insure, this would have an effect on any claims made. Have a look at the example below:
Scenario: You’ve insured all the goods in storage for £2,000, but in reality their full replacement value is £10,000. You have therefore only insured your things for 20% of their true value.
Claim: Unfortunately something has leaked into your unit from the one above, damaging your mattress. To replace your mattress would cost £500, so you make a claim for that amount.
Inspection: The insurance underwriters inspect your unit and determine that you’ve insured for only 20% of the true replacement value of your goods.
Compensation: In this scenario you would only be compensated 20% of the £500 you’ve claimed for, which would be £100. Subtract the £50 policy excess and the final compensation figure would be £50.