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Finding Storage Facility Insurance | World Insurance

Written by Jessica Lamoureux | Feb 2, 2023

As a self storage facility owner, it is important to have the right level of insurance. Insurance protects you in the event that something happens to your property or your customers' property. There are many different types of self storage facility insurance policies available, so it can be difficult to know which one is right for you.

In this blog post, we will discuss the different types of storage facility insurance and how to choose the right policy for your business.

What Does Self Storage Facility Insurance Cover?

Insurance for storage facilities can help you financially if your property is damaged or if someone steals from your storage units. It can also cover the cost of legal fees if you are sued.

Most self storage facility insurance policies cover:

  • The buildings your business owns or rents
  • Your business personal property, like office furniture and equipment
  • Loss of income if your business has to close due to damage from a covered event
  • Liability in case someone is injured on your property or their belongings are damaged

Self storage facility insurance can give you peace of mind, knowing that you are financially protected if something goes wrong. 

Common coverages for self storage facilities include:

  • Property damage caused by weather, fire, or vandalism
  • Theft of customer belongings
  • Liability in the event that someone is injured on your property
  • Vandalism or damage to common areas
  • Business interruption due to property damage

 

What Does Self Storage Facility Insurance Not Cover?

Storage facility insurance, like every insurance, has its policy limits. These can include:

  • Mold, mildew, and water damage
  • Damage caused by insects or rodents
  • Power failures
  • Poor maintenance and neglect
  • International damage or loss
  • Wear and tear

Some of the exclusions listed above might be covered under a separate policy, so it's important to check your certificate of insurance to see what is covered. Additionally, certain exclusions may apply to a separate policy, such as excluding coverage for jewelry, furs, or other valuables. So, be sure to read your policy carefully to understand what is and is not covered.

What Types Of Self Storage Facility Insurance Are There?

The storage facility insurance coverage you choose will be based on the self storage services you offer and your specific business needs. But some common types of self storage facility insurance policies include the following.

Property Insurance

Commercial property insurance will cover damage to your self storage facility caused by weather, fire, or vandalism. It can also cover the cost of repairs if your facility is damaged due to a covered event.

Liability Insurance

If someone is injured on your property or their belongings are damaged, liability insurance can help cover the cost of medical expenses or repairs. This type of policy can also help protect you if you're sued for damages.

Workers' Compensation Insurance

If you have employees, workers' compensation insurance can help cover the cost of their medical expenses if they're injured while working at your self storage facility.

Employment Practices Liability Insurance

Employment practices liability insurance can help protect you from lawsuits filed by employees, customers, or vendors. It can help cover the cost of legal fees and damages if you're found liable for wrongful termination, discrimination, or sexual harassment.

Cyber Liability Insurance

Cyber liability insurance can help cover the cost of a data breach or cyber attack. It can also help with the cost of restoring damaged data or repairing damaged computer systems.

Pollution Liability Insurance

Pollution liability insurance can help cover the cost of cleaning up environmental contamination caused by your self storage facility. It can also help with the cost of defending against claims from people who allege that they've been harmed by the pollution. Self storage facility insurance is important for protecting your business from potential liabilities. 

Other Types of Storage Facility Insurance

 You may also want to purchase self storage facility insurance policies that cover:

  • Wrongful sale liability: If you sell tenant's belongings because they haven't paid their rent, this insurance can help pay for legal fees if the tenant sues you.
  • Customer goods legal liability: This insurance can help pay for damages or theft of a tenant's belongings while they're in your self storage unit. 

Choosing the Right Storage Facility Insurance

There are a number of different coverages and the right mix for your business will depend on factors like the size and location of your facility, the type of self storage you offer, and more.

Some storage facility owners choose to purchase a self storage insurance policy that covers both the building and the contents stored inside. Others opt for two separate policies–one to insure the facility itself, and another to insure the contents stored within it. 

Do You Have the Right Storage Facility Insurance In Place?

If you already have a self storage facility, or you're thinking about starting one, it's important to make sure that you have the right insurance for storage facilities in place. Here are some key points to keep in mind:

  • Your storage facility insurance should cover both the building and the contents stored inside.
  • You may need two separate policies – one to insure the facility itself, and another to insure the contents stored within it.
  • Make sure you're familiar with the types of coverage available so that you can choose the right policy for your needs.
  • Failing to secure the right insurance for a storage facility can leave you vulnerable to a number of risks, so it's important to do your research and make sure you're adequately covered.


If you need help finding the right storage facility insurance policy for your needs, contact a World Insurance agent today.