As a self storage facility owner/operator one of the biggest issues you will face is damage to a tenants goods while in storage. A good lease can help to protect you for this risk, but having Customers Goods Legal Liability coverage will work hand in hand with your lease to protect you when a tenant claims damage to their goods.
We all know a self storage facility is not a warehouse. The facility never takes care, custody, or control of the tenants goods. However, there are some situations where you can be held liable for loss or damage. An example of this is when there is unrepaired roof damage at the facility and a tenants has water or mold damage to their goods. If the tenant(s) can prove that you knew about the damage and did not repair it, you can be held liability for their loss of goods.
Another example of when this coverage is used is when a tenant has some type of rodent or insect damage to their goods. If you do not have a schedule for pest control, they can claim you knew of the issue and did nothing to prevent the damage.
There is no end to the reasons a tenant may claim damages to their goods. Our policy can provide the protection you need by covering you for these types of losses. Our defense costs are outside of the policy limits, so the limit you choose is used for any damages you are held responsible for.
You can choose limits from $25,000 to $1,000,000 per occurrence on our policy. A good rule of thumb for picking a limit would be taking the limit you show on your lease as the maximum value of stored goods and multiple it by your largest building but discuss this further with your agent to make sure you are correctly covered.
Contact StorInsure today to begin discussing your policy needs with our self storage facility insurance agents.
This page does not guarantee coverage or limits of the policy, please review your policy for full coverage details.