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?
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.
Thanks, Patrick. Does that cover theft? Or would you release yourself from that liability in the lease?
Patrick, may I ask whatcompany you got your insurance through? Your rate seems a lot better than the quotes I have been getting.
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.