Study sheds light on storage and contents insurance

Study sheds light on storage and contents insurance | Insurance Business

Study sheds light on storage and contents insurance

One in five Kiwis with belongings kept in storage don’t know if they have insurance, a new study shows.

According to AA Insurance, in its latest Home Survey, only 5% of Kiwis surveyed paid to keep items in a storage facility, 20% of which do not know if they are insured and 14% admitted they are not insured at all. Of those paying for storage, 47% are covered by their contents insurance, while 19% are covered by their storage facility’s own insurance. 

“Kiwis use storage facilities for a number of reasons, like keeping items safe between houses moves, if they’ve inherited furniture, or simply because they have too much ‘stuff’,” AA Insurance customer relations manager Amelia Macandrew said. “However, it’s easy to forget that once your belongings are no longer in your home, they aren’t always covered under your contents insurance.”

Macandrew urges Kiwis to keep their policy updated by letting their insurers know what they have in storage, or consider taking out cover that’s offered by some storage providers.

“As with all insurance policies, be sure to check out what is and isn’t covered so you’re not surprised if you need to make a claim,” she noted.

The survey also suggests furniture and household items are the most common items kept in storage by Kiwis, followed by sports equipment, and tools and equipment.

“Two per cent (2%) of respondents aren’t sure what they have stored away and 11% don’t know the size of the unit they are paying for,” Macandrew added. “For these people, out of sight is indeed out of mind.”