Storage Insurance in Singapore — Important Things to Know

In this article, we’ll go through some of the common questions people have regarding storage insurance in Singapore.

In 2021 Singapore was, according to the Global Peace Index , the 11th safest country in the world and the safest country in Asia.

Thanks to its geographical location, the country doesn’t have tropical cyclones (apart from that one time in 2001), earthquakes or volcanic eruptions.

Still, the Lion City isn’t completely immune to the occasional burglary or even armed robbery.

Every so often, there are also natural disasters such as the flash floods that occurred in August of last year.

If you’re storing your precious belongings in someone else’s place your worst nightmare is undoubtedly having them stolen, submerged or otherwise destroyed, no matter how unlikely.

You can rest easy, however, if you have a storage insurance plan — whether for your personal items or your business — that covers even these rare occurrences.

Cubbiq doesn’t provide insurance — though we provide a Guarantee as part of our terms and conditions — so it’s your responsibility to insure your belongings if you’re a renter.

In this article, we’ll go through some of the common questions people have regarding storage insurance in Singapore.

A point to note: make sure you take photos and keep records of all your stored items for claims purposes!

What is covered by storage insurance?

1. Fire, lightning and/or extraneous perils (such as water damage from floods, impact damage, malicious damage, explosions etc.);

2. Burglary (most likely only from forcible entry or exit, though you should clarify this).

How much storage insurance should I purchase?

Items should be insured according to their estimated value. You may be required to provide proof of the value of your items.

However, it should be noted that depreciation is taken into account when calculating any payouts.

How much will I have to pay for storage insurance?

Your insurance agent or company may ask you about several things, possibly including but not limited to:

Your answers may influence the amount of premium you need to pay, among other things.

Note that you should be completely honest about everything, as you could end up with empty pockets if something happens but it is found that you were keeping things hidden.

Be prepared to provide proof where needed.

What should I pay attention to in my storage insurance plan?

There are some things insurance may not cover, for example:

It should also be noted that such insurance involves excesses. An excess is a small amount you pay to make a claim as a way of accepting a small portion of the risk. In other words, there is a small amount that is not claimable.

One application needs to be made for each storage unit you are renting.

You are typically allowed to increase or reduce the amount of your insurance coverage when necessary.

You should read the fine print of the insurance policy your agent or company gives you — and clarify anything you’re uncertain about — before you sign anything.

How should I make a storage insurance claim?

If you discover that anything has happened to your belongings, the first things you should do are:

You may, for example, be required to provide the police report to your insurance agent or company if anything happens, and visual evidence will provide strong support for your case.

Furthermore, you want the insurance company to pay you full value for your loss. For this reason, you should keep all invoices for repairs and related expenses.

Conclusion

The chances of anything happening to your items in a place like Singapore are exceedingly low, but you can never be too careful.

So we recommend buying insurance before you stash your stuff in a storage space.

Cubbiq does not provide insurance, but we provide a Guarantee to pay an amount in compensation for loss or damage of property, subject to our terms and conditions.

You can also go through everything on our checklist.