Insurance for self storage units?

Insurance for self storage units?

Real Estate Broker · Malone, NY · Member since 2013 · 345 posts · 70 votes
I'm considering purchasing a single 19 unit self storage facility. What kind of liability insurance should I get, and how much should I expect to pay?
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  • Investor · Wasilla Alaska · Member since 2014 · 123 posts · 55 votes
    10y

    i just bought a 15 unit 5300 sqft value of 65000 and its 300 a year.   I get a good deal on insurance.  Thats replacement and liability which i recommend  Better just get a quote.

  • Real Estate Broker · Malone, NY · Member since 2013 · 345 posts · 70 votes
    10y
    Thanks, Patrick. Does that cover theft? Or would you release yourself from that liability in the lease?
  • Investor · Judsonia, AR · Member since 2016 · 1 post · 0 votes
    10y

    Patrick, may I ask whatcompany you got your insurance through? Your rate seems a lot better than the quotes I have been getting. 

  • Specialist · Victor, NY · Member since 2013 · 823 posts · 844 votes
    10y

    StorageFirst is a good national insurance company.  Your insurance will not cover the contents of the buildings.  Because you dont have access to your customers belongings, you do not create a bailment and therefore insurance is much more affordable than traditional warehousing insurance.  I pay around $2500 on a 12,000 square foot facility.  Think it comes with half a million of liability.

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