Insurance Considerations for Student Storage

Guidance on whether students should consider insurance for their belongings

Students often face tough decisions. When you are studying miles from home or abroad, secure storage is just one of the many decisions you will have to make, but you will also need to consider your options for insuring your more valuable items. 

Cash-strapped students often overlook insurance. After all, a secure storage unit should provide enough protection on its own, shouldn’t it? Unfortunately, even the best self-storage units can be damaged by fire, flood, or theft.  

Storage insurance is an investment in protecting your belongings, but you can save money by knowing what to insure and what to exclude. 

What is Storage Insurance

Storage insurance provides a financial safeguard against losses while your items are in storage. By paying a small fee every month, you can avoid financial hardship should the worst happen. 

Different types of insurances are available for students to address the vulnerabilities associated with keeping your belongings away from your home. Typical policies will address fire, theft, water damage from leaks or floods, damage during transit, and theft. 

Many storage facilities will offer insurance in-house, while others will work with third parties they can recommend. 

Check Your Insurance Options

Financial protection is one reason for getting storage insurance, but items may also hold significant sentimental value. Understanding which items will need extra protection will help you avoid losses while reducing your monthly premium by not ensuring belongings that don’t require it. Consider these key points when deciding on an insurance policy:

Coverage limits: What is the maximum payout for lost or damaged items? 

Exclusions: Insurance companies may not insure certain items such as cash, jewellery, and certain types of electronics. 

Personal insurance policies: If you or your parents have renters or home insurance, check whether it extends to items in storage. This could save you from the expense of purchasing insurance you don’t need. 

Storage Items to Consider Insuring

Certain items will hold more value than others, financially and sentimentally. Knowing which belongings to insure is essential to getting the best value out of your insurance policy. Here’s a quick guide on what we recommend should be insured:

Electronics: Students travelling for the holidays may need somewhere safe to store their electronic gear. Items like laptops, tablets, and desktop computers have financial and intellectual value for students. Insurance can protect you financially, but make sure you always have backups of all your important study materials before placing electronics in storage.

Furniture: Moving into a dorm often means a tight squeeze in living space. Self-storage can help you keep expensive furniture you don’t have room for. Insurance will provide a backup should your furniture succumb to fire, theft, pests, or environmental damage. 

Bicycles, Scooters, and Sporting Equipment: Self-storage units are an excellent solution for keeping these bulky items out of the way when you don’t need them, but they can be costly to replace if damaged. Including these items in your insurance policy can provide significant peace of mind. 

Musical Instruments: Good quality musical equipment represents a significant investment, and many are more vulnerable than other items you may place in storage. 

How to Choose the Best Student Storage Insurance Options

Assess the Value of Your Belongings: Before selecting an insurance policy, take inventory of your stored items and estimate their total value. This will help you determine the level of coverage you need.

Compare Coverage Options: Look at different policies to compare coverage limits, exclusions, and premium costs. Consider provider and personal renters’ insurance to find the best fit for your situation.

Seek Recommendations: Consult with fellow students or friends with storage insurance experience. Their knowledge can help you find a reputable provider and avoid pitfalls.

Get Professional Advice on Storage Insurance

While insurance is critical to protecting your valuables, seeking professional advice tailored to your unique situation is equally important. At 1800 We Store It, we may not provide insurance directly, but our knowledgeable team is here to help you make it easy to find the best storage insurance for your needs and budget.

We offer expert recommendations and guidance on the best insurance options suited for your needs, ensuring you have the right coverage in place.

Don’t leave your valuables unprotected contact 1800 We Store It today for professional advice on storage insurance and take the first step toward securing your peace of mind and protecting your investments.