Declared value is the figure you state, to an insurer or a storage company, as the worth of the goods you’re storing. Cover is set on it, and it limits what a claim can pay.
It isn’t quite the same as full replacement value, which is what replacing everything would really cost today. The aim is for the two to match.
At Wigwam
When you book, you tell us the total replacement value of what you’re storing. We call it your maximum replacement value, and we ask every customer for it, whether you take our contents protection or use your own insurance, so we know the total value of what’s stored.
With our cover, the charge is based on the value you declare. You’ll see it in your quote as soon as you enter your figure, and it’s taken every four weeks along with your storage fee.
Why the full figure matters
Your cover works best when the figure matches what’s really in the unit. If the declared value is lower than the true value, a claim is settled in proportion: declare half of what your things are worth, and you’d get back half of the loss. Getting it right from the start avoids that.
The simplest way to work it out is room by room, pricing each item at what it would cost new today, then adding it up and rounding up. Include anything still to come on later trips.
Your figure should keep pace with what you’re storing. If you’re adding more, or more valuable things, call us on 0800 2545585 before they go in and we’ll talk you through raising it. If you’ve taken a lot out, call us about lowering it. Businesses whose stock rises and falls through the year can keep their figure up to date in the same way.
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