Storing furniture, business stock or sentimental items in a self storage unit can give you extra space and freedom. But here's the catch: the goods inside your unit are not always insured by default.
This guide explains why cover for stored goods matters, how Goods in Storage insurance works, what it doesn't cover, and how to get started.
Why cover for stored goods matters
Many people assume their self storage facility automatically covers the contents inside their unit. Unfortunately, this is rarely the case.
There are usually three gaps to think about:
- The facility's insurance. A facility's own insurance is generally arranged for its own business, and storage agreements commonly limit what the facility is responsible for.
- Your home or business policy. Home contents and business policies may limit cover for goods kept away from your premises, or for how long they are stored.
- The value of what you store. Furniture, tools, stock and keepsakes add up. Replacing them after a loss could cost more than you expect.
If you're storing items that matter to you, emotionally or commercially, it's worth checking where you stand. Our guide to checking whether your storage unit is insured walks through what to check first.
How Goods in Storage insurance works
We arrange Goods in Storage insurance for household goods, personal effects and contents, including goods used in a small business, while they are stored at an SSIA approved self storage facility.
- What it covers. Physical loss or damage directly caused by the insured events listed in the policy schedule: accidental damage, fire, lightning, impact, explosion, earthquake, tsunami, aircraft, riots and strikes, malicious damage, rainwater, storm or tempest, and theft following forcible entry. Your own policy schedule confirms your cover.
- Where it applies. Inside your locked storage unit or secured area at the facility shown in your schedule.
- What you choose. How much to insure your goods for, and how many months of cover you need, up to 12 months at a time.
- Whose policy it is. The policy is in your name, as shown in your policy schedule. It does not cover the storage facility.
- How you buy it. You apply online through the SSIA portal. Cover is subject to acceptance criteria.
If you make a claim that is accepted, items you list individually are settled at the value agreed and shown in your schedule. Other items are settled at their market value immediately before the loss, not new for old. The excess is $250 for each claim, as shown in your policy schedule.
Is this cover right for you?
Goods in Storage insurance is designed for people who have goods in storage and either have no insurance for them or only limited cover. It may suit you if:
- you're storing household items, furniture or personal effects while you move, renovate or travel
- you run a small business and keep stock, tools or equipment in a storage unit (see business stock in storage)
- you'd rather not rely on your home policy or the facility to cover what's in your unit
- you want to choose your own sum insured and the number of months you need
It is not designed for goods in transit, goods at a facility that is not SSIA approved, or people who can't or don't want to apply online. The Target Market Determination (TMD) (PDF, opens in a new tab) explains who the cover is designed for.
What's not covered
Like every insurance policy, Goods in Storage insurance has exclusions. They include:
- flood, meaning water that has escaped from a river, creek, lake, dam, reservoir or canal (rainwater is one of the insured events, but rainwater is not flood)
- wear and tear, gradual deterioration, and damage caused by mould, mildew, insects or vermin
- damage caused by packing that is not good enough to withstand normal storage
- loss or disappearance that cannot be explained
- theft by an immediate family member or your own employee
- goods in transit, or while they are being loaded into or unloaded from your unit
Some items cannot be insured at all, including vehicles, most boats, fuel and chemicals, cash and bullion, and perishables. Jewellery and watches can only be covered if each item is under $500 and the total is under $1,000. Paintings and artworks can only be covered if each item is under $2,500 and the total is under $10,000.
This is a summary only. Read the Product Disclosure Statement (PDS) (PDF, opens in a new tab) for every exclusion and the TMD for the full list of excluded goods.
How to get started
- Check your facility is SSIA approved. If it isn't, this cover is not available for goods stored there.
- Make an inventory. List what you're storing, with photos and receipts where you have them. Keeping an accurate, itemised inventory is a condition of the policy.
- Choose your sum insured and term. It is up to you to choose a sum insured that is enough to repair or replace your goods.
- Read the PDS and TMD. They explain what is covered, what is not, and who the cover is designed for.
- Apply through the portal. Answer the questions accurately, because your answers affect your cover.
If you're unsure whether an item can be insured, check the TMD's list of excluded goods, or email us at storesafe@ssia.au.
Cover built around storage
SSIA focuses on storage. Goods in Storage insurance starts from where your belongings actually are: in a locked unit, away from home, sometimes for months at a time.
At SSIA, we believe you're the best judge of what protection your stored items need. You decide how much to insure your goods for and how long you need cover. The terms that apply are set out in the PDS and your policy schedule.
Frequently asked questions
Does my home contents policy cover what I store in a self storage unit?
Sometimes, but often only in part. Many home contents policies limit cover for goods kept away from home, or set conditions about where and how long they are stored. Check your policy, and compare the two in self storage insurance vs home insurance.
How much does storage insurance cost?
Your premium depends on things like where your goods are kept, the security there, how much you insure them for and your insurance history. You can get a quote online through the SSIA portal.
Can I insure business stock stored in a self storage facility?
Yes, if you're a small business. Goods in Storage insurance can cover contents used in a small business, such as stock or equipment, while they are stored at an SSIA approved facility.
What if the storage facility is broken into?
Theft following forcible entry is one of the insured events listed in the policy schedule, and your own schedule confirms your cover. Some theft is excluded: theft by an immediate family member or your own employee, and any loss or disappearance that cannot be explained. If your goods are stolen, report it to the police and contact the Claims Department named in the PDS directly, as soon as you reasonably can. You do not need to contact SSIA first. Our guide to making a claim has their phone number and email, and explains the steps.
Can I get cover if I'm storing long-term?
Cover runs for the number of months you choose, up to a maximum of 12 months. Policies are not renewable, so if you're storing for longer, take out a new policy for the extra time, starting from the date your first policy expires. For example, if you take out a 4-month policy and then decide to store for another 3 months, you take out a new 3-month policy from the date the 4-month policy expires. You will be sent expiry emails in advance to help you plan.
Can I change my mind?
Yes. You have 15 days from the date your policy starts to cancel it in writing to SSIA and receive a full refund, as long as you haven't made, and aren't entitled to make, a claim. The PDS explains the cooling-off period and how to cancel after it ends.
