Insurance Considerations: Storing Valuables during Home Makeovers

Posted on 10 April 2024 | 4 minute read

storage warehouse

The Australian self-storage industry has experienced rapid growth in the last decade, with homeowners using millions of square metres to increase storage capacity affordably. We are all familiar with how home and contents insurance operates, but what happens when something goes awry with your stored items? 

Who’s Responsible for Storage?

The line between who is responsible when belongings suffer damage while in storage can sometimes get blurry, but it usually comes down to the facility provider or the owner bearing responsibility. The type of damage that can occur to stored items can help clear things up, so let’s break it down. 

Storage Facility

Of course, storage facilities are responsible for taking all due care of your items. They must take adequate measures to ensure a safe and secure storage site and that items won’t be damaged because of negligence or building issues. If it’s found that the facility failed in these, then they may be responsible for damages.

The Owner (Tenant)

While some storage facilities can supply insurance for a small extra charge, these are the exception rather than the norm. Most storage locations require the tenant to acquire an insurance policy for stored items. Self storage insurers in Melbourne will cover the usual range of scenarios, such as floods, fires, and earthquakes.

However, tenants may have to foot the bill if they choose to not take out adequate insurance and items are damaged during the transit or storage period. 

Why Have Content Insurance for Stored Items? 

As the saying goes, if it’s worth storing, it’s also worth insuring. Home makeovers introduce a lot of chaos to daily life, and keeping your valuable items and furniture in the home while work is underway makes it vulnerable to damage. 

Insurance policies can cover many eventualities to protect you financially, such as fire, theft, and flood. Private homeowners can request storage insurance to be bundled into their home and contents policy, but this is not always the case.

Most homes are not automatically covered for items placed in self-storage. Fortunately, self-storage insurance can bridge the gap during the few months it takes to remodel your home. 

Storage facilities like 1800 We Store It are incredibly secure, but protecting against every eventuality is impossible. If the worst happens and you cannot retrieve your items in the same condition they were before storing them, storage insurance will ensure you can replace the lost items without too much stress. 

Insurance Benefits for Self-Storage?

Storage unit insurance will vary based on your needs, but in general, a policy can cover:

  • Damage or loss due to natural disasters
  • Accidental Damage: Insurance will cover replacement costs if items are damaged during a natural event, accident during transport, or a break-in
  • Theft: Financial protection for equipment stolen from a secure storage unit

As with most insurance policies, there will be exclusions and coverage limits. Your best bet is to discuss these with your insurance provider. 

Who Should Have Self-Storage Insurance?

Every homeowner placing valuable items in storage during a home makeover should consider having their items covered by storage insurance.

This way, you will at least be financially protected in the event the items are damaged or destroyed during an unforeseen event. Plus, the few extra dollars insurance will add to your storage costs are well worth the extra peace of mind. 

While 1800 We Store It goes above and beyond in taking care of your belongings and uses the latest in CCTV and security technology, we are not able to provide storage insurance directly. However, we do recommend a quality insurance provider that offers affordable storage insurance and flexible terms. Get in touch for a quick quote and the best advice in storage insurance. 

Terry Davison