In the Autumn Statement, Philip Hammond stated Insurance Premium Tax (IPT) would be increased from 10% to 12% with effect from 1st June, 2017. This is the third IPT increase in two years.

The effect this has on your premiums is quite significant as the following example demonstrates.

Two years ago goods placed in to store for 12 months with a value of £ 10,000, would have cost you £268.75 including IPT. As from June it will now cost you £286.16

Therefore, when obtaining a quote for your goods in store please check out if the insurance quote includes IPT or is in addition to IPT as the variance in costs can be quite significant.

We are pleased to advise we are able to maintain the same rates for 2017 as for 2016 even though most insurers are increasing their costs. We are aware some rates are increasing by as much as 15% so it is even more important you shop around to ensure you are receiving the most favourable terms available.

If you are asking two or three self storage companies to quote to store you goods then why not obtain a couple of insurance quotes as well.