What is the typical insurance coverage for self-storage units?

The typical insurance coverage for self-storage units can vary depending on the specific facility and the type of insurance being offered. Some common types of insurance coverage for self-storage units include:

Liability Coverage: This type of insurance protects the self-storage facility against claims related to injury or damage to property that occurs on the facility's premises.

Fire and Natural Disaster Coverage: This type of insurance covers losses related to fires, earthquakes, hurricanes, and other natural disasters.

Theft Coverage: This type of insurance covers losses due to theft or damage to stored property. Much of the liability lies with the renters in regards to their belongings as the leases can limit the value of items stored and require renters insurance.

Business Interruption Coverage: This type of insurance covers losses related to the interruption of business operations, such as those that may occur as a result of a fire or other disaster.

It is important for self-storage facilities to carefully review their insurance coverage and make sure that they have adequate protection against the specific risks they face. Some facilities may also require their tenants to purchase insurance coverage for their stored property, in order to provide additional protection. Tenants should be aware of the coverage that is included with their rental agreement, and should consider purchasing additional insurance if necessary to fully protect their belongings.