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 caps what a claim can pay.
It isn't the same as full replacement value, which is what replacing everything would really cost at today's prices (as new, for most things). The aim is for the two to match.
At Wigwam
Your declared value is the Replacement Value on your Cover Sheet, part of your agreement; our FAQs call it your Maximum Replacement Value. Whichever cover you choose, our FAQ asks you to "declare a suitable Maximum Replacement Value and to ensure it remains adequate for the storage period".
With our contents protection: clause 48 says the policy covers your goods "for the value stated as the full total replacement value of the Goods as new on the Cover Sheet", and "We do not carry out any valuation of the Goods". The charge depends on the value you declare. It isn't published as a rate, but it appears in your quote once you enter the value, and it's billed every four weeks with your rent. For the rate, ask on 0800 2545585.
With your own policy: clause 31 requires your goods to "remain adequately insured by You at all times for their Replacement Value (as set out on the Cover Sheet)".
Why the figure matters
Declare the full replacement value of everything in the unit. Whether there's a limit on any single item isn't published; if one piece is worth a lot, ask on 0800 2545585 before you store it. With our cover, if you declare less and need to claim, the settlement is cut in proportion: declare half the true value and you recover half the loss. With your own policy, its wording sets the rule. Either way, clause 31 has you warrant that "the aggregate value of Goods in the Unit from time to time will not exceed the insured value".
If what you store goes up in value, raise your declared value to match. How a change to your declared value is made and when it takes effect isn't published; ring 0800 2545585 before you bring the extra goods in.
Storing stock? Declare it at what it would cost you to replace it today, not its selling price, and, as our online sellers' guide says, "Update your declared value as your stock grows".
Storing a relative's things? They count in the same total: clause 31 is about the aggregate value of everything in the unit.
To add up your figure, see How much contents cover do I need?
Related terms: Full replacement value · Inventory · Claim · Contents protection
Related questions: How much contents cover do I need, and can I change it later? · Do I need insurance for my unit?