New State Requirements for Your Self-Storage Facility: What You Need to Know
New state requirements for self-storage facility owners provides regulations regarding auctions and other factors related to tenants. The agents at StorInsure can answer questions related to self-storage facility owners insurance. Such an indemnity policy should make room for auctions.
When are items auctioned off at a storage facility?
Storage facility owners have the right to auction items when a tenant stops paying for his or her space. State laws require owners to provide delinquent tenants with written notice of unpaid balances before moving to auction off goods.
A tenant must be provided enough time to either pay the balance or contest the forthcoming auction. Facility owners, in other words, cannot give tenants 24 hours notice before auctioning off their goods. The average length that a storage facility owner usually gives a delinquent tenant is 10 days. Some laws require owners to give tenants 30 days to either pay rent or quit.
Can self-storage facility owners insurance help?
Self-storage insurance cannot keep you from a lawsuit if you fail to follow the new state laws regarding facility owners. A policy can, however, pay for legal expenses if a tenant decides to sue for damages or auctioned items. A good self-storage owner’s insurance plan can also pay for structural damages in the event that a natural disaster destroys your facility’s office or empty storage units.
Buy self-storage facility insurance today!
Storage facility owners should not take the risk of operating their self-storage business without a good insurance plan. Taking such a risk could lead to lawsuits that cause bankruptcy. You may even have to sell your personal goods to cover lawsuits and liabilities connected to your storage facility.
The agents at StorInsure can help you find the right policy for your storage facility that works to protect you from both the expected and unexpected. Call today to get started with a quote for coverage.