Self Storage Insurance: Everything You Need to Know Before You Store

We store our belongings so that we can feel at ease, safe in the knowledge that our stored valuables are protected. But unlike Fort Knox, many other self-storage companies don’t offer self-storage insurance for your personal items. We’re experts in secure storage and offer self-storage insurance through our protection cover policy. Check out the rest of this blog to get all the facts on self-storage insurance. 

Does Your Storage Facility Cover Your Belongings?

This is a common question and definitely one to know before storing your items. Like most Australian self-storage facilities, our insurance covers the premises itself, not the goods inside your unit. Where we differ is that we make it easy for customers to get covered. We offer a specialist protection cover policy, and we’ll walk you through it when you move in. But for facilities that don’t offer this, customers are often left to figure it out on their own.

What Does Self Storage Insurance Actually Cover?

Our protection cover policy covers your belongings against a range of events, including fire, lightning, impact, explosion, earthquake, aircraft, riots and strikes, malicious damage, storm and tempest and/or water and burglary.

The amount you’re covered for is based on the declared value of your goods, so it’s worth taking the time to estimate what it would actually cost to replace everything in your unit. The more accurately you declare, the better protected you’ll be if you ever need to make a claim.

Common Exclusions to Watch For

Protection cover doesn’t extend to everything. Items typically excluded include cash, jewellery, vehicles, and perishables. Damage caused by pests or poor packing is also generally not covered. It’s worth reading your policy carefully so you know exactly what’s included and what isn’t before you store.

Does Your Home & Contents Insurance Cover Storage?

A lot of people assume their home and contents insurance extends to items in storage. In most cases, it doesn’t. Once your belongings leave your home address, your home contents policy generally no longer applies. 

Some insurers do offer limited off-site coverage, but the limits are often low, and the exclusions are broad. It’s always worth checking directly with your insurer before assuming you’re covered.

How Much Does Self Storage Insurance Cost?

Storage protection cover in Australia typically costs somewhere between $10 and $30 per month, depending on the declared value of your goods and the level of coverage you choose. 

At Fort Knox, we keep it simple. Our protection cover costs $15 per month for every $5,000 worth of belongings you’d like covered. So if you’re storing $10,000 worth of goods, you’re looking at $30 per month for complete peace of mind.

How to Choose the Right Storage Insurance Policy

Not all storage insurance policies are created equal. Here’s what to think about when choosing a policy that works for your situation. 

Assess the Value of Your Stored Items

Before you commit to a coverage level, take stock of everything you’re storing. Write out an inventory, estimate the replacement value of each item, and add it up. Don’t forget to photograph valuables before they go into the unit. It takes an extra twenty minutes, but it can make a significant difference if you ever need to make a claim.

Compare Facility-Offered vs. Third-Party Insurance

Facility-offered protection cover, like ours at Fort Knox, is convenient, purpose-built for storage, and easy to arrange at move-in. Third-party policies can sometimes offer broader coverage or higher limits, but they require more research and may have exclusions that aren’t immediately obvious. If you’re storing high-value items, it’s well-worth taking the time to compare both options before deciding.

Understand Your Policy Terms and Excess

Whatever policy you choose, read the Product Disclosure Statement carefully. Pay particular attention to your excess, which is the amount you’ll need to contribute if you make a claim. A low monthly premium can look attractive until you realise the excess is high enough to make smaller claims not worth pursuing. Know what you’re signing up for.

What Happens If You Don’t Have Storage Insurance?

The short answer is that you might save a few bucks, but it could potentially cost you a lot more if the worst were to happen. Without protection cover in place, you bear the full cost of any loss or damage yourself. If a fire, flood, or theft occurs, there’s no safety net. 

For most people, the contents of a storage unit represent a significant amount of money. Furniture, electronics, clothing, tools, and sentimental items. Replacing all of that out of pocket is a situation that’s easily avoided with the right cover in place.

Fort Knox: Secure Storage with Flexible Insurance Options

At Fort Knox, we make protection cover simple. When you move in, we’ll walk you through your options and help you work out the right level of cover for what you’re storing. If you have questions before you book, our team is always happy to help. Get in touch with your nearest Fort Knox location or grab an instant quote online, and we’ll take care of the rest.