If you’ve used storage space before, you’ve probably been asked to provide an estimate of the value of your unit. But this doesn’t mean how much you’re paying in rent every week – it’s the value of what’s inside the unit. We ask this because belongings stored in self-storage are required to be insured – either by the facility for a premium charged to you or by yourself independently. But if you price it too high or too low, you could run into problems if you ever need to claim. So how do you put a value on the contents of your storage unit?
Let’s start easy. If you’re using your unit to store valuable items, the odds are that you know about it. Fur coats, vintage cars, antique furniture – anything of this nature should be fairly easy for you to value. But it is important to remember you are valuing it at what it’s worth or how much it would cost to buy new. If you aren’t sure, it’s worth taking the items to be valued by a professional first. That way you know the true value, and this can be reflected accurately on the insurance. So if the worst should happen and you need to claim, you are getting the right amount back.
If you’re using your storage unit to run a business, then you will also have a fairly good idea of what your contents are worth. You will know, for example, how much you paid for the tools you store or the value of any products you deal with. So as long as you are keeping a regular inventory, you will know roughly how much value is being stored in the unit, However, retail units tend to fluctuate in value depending on how much stock or how many tools you have in the unit at any one time. So here, it’s best to look at the average amount you will be keeping in there, and work from that number.
This is where it gets tricky. You see most people use self-storage as a way to unload their spare rooms and lofts, or to move house. This means that your unit could be full of little bits and pieces (sometimes thousands of them) or miscellaneous ‘stuff’. This is the type that is the hardest to value, and very much requires you to estimate. Typically, it’s best to look at your bigger items first (sofas, tables etc) and work out how much it would cost you to replace them. Then look at any sentimental pieces you might have, and estimate the replacement value like for like. This will give you a base value. You can then add a reasonable amount to cover all of the sundry, everyday items that are easy to replace if you need to. Then, add them all together to get a rough idea of the value of your unit contents.
Like most other providers, at Blue Box Storage, we require all of our occupants to have insurance on their unit contents. You can do this one of two ways. We can provide this directly, which will simply add a small premium to your regular payments. Or, you can take our separate insurance yourself through any insurance provider. If you take this option, all you need to do is provide us with proof of insurance, and everything is set. For more information, or to enquire about storage space, just get in touch with us today.