A self storage business can be as profitable as a warehousing business. Break-ins into self-storage units in the USA have become a rampant and an increasingly worrying issue. Statistics collected and published by a reputable source showed that in Memphis Metropolitan, self-storage units were broken into at least 34 times a month!
Given the unpredictability of these break-ins. it's important that you purchase essential insurance policies that will protect you from financial constraints in the event you become a victim of this almost inevitable criminal act. Read on to learn about the storage rental insurance policies, what they are, their coverage limits, and their add-ons.
| CoverWallet | NEXT (Best) | Thimble | Hiscox | The Hartford | |
|---|---|---|---|---|---|
| Per occurrence limit | $1,000,000 | $1,000,000 | $1,000,000/$2,000,000 | $2,000,000 | $1,000,000/$2,000,000 |
| Aggregate limit | $2,000,000 | $2,000,000 | $1,000,000/$2,000,000 | $2,000,000 | $1,000,000/$2,000,000 |
| Products and completed operations aggregate limit | $2,000,000 | $1,000,000 | $2,000,000 | $1,000,000 | $1,000,000 |
| Advertising injury coverage aggregate limit | $1,000,000 | $1,000,000 | $2,000,000 | $1,000,000 | $1,000,000 |
| Tenant’s legal liability coverage limit | $300,000/$1,000,000 | $300,000 | $100,000 | $100,000 | $1,000,000 |
| Waiver of subrogation included? | Yes | No | Included | Can be included | No |
| Hired/non-owned auto liability coverage included? | Yes | No | No | Can be included | Can be included |
| Equipment breakdown floater included? | No | Yes | Yes | Can be included | Can be included |
| Can you get a certificate of insurance online? | Yes | Yes | Yes | Yes | Yes |
| Name additional insureds? | Yes | Yes | Yes | Yes | Yes |
| Deductible | $0 | $0 | $0 | $0 | $0 |
This storage rental insurance policy provides you with coverage in the event you become liable to third-party bodily injury or property damage. It also protects your storage rentals from lawsuits arising from reputational harm and advertisement injuries. This policy does not provide coverage for your own storage rentals or any other business asset. It also doesn’t help you compensate your employees for any work-related injuries or illnesses.
Under this policy, an insurer is expected to pay up to $1,000,000 coverage limit per occurrence and $2,000,000 as an aggregate coverage limit. It is possible to amp this coverage limit if you use your storage rentals to store high-value assets, or hazardous materials such as environmental degrading chemicals or if your self-storage rental units are located in extremely risky areas.
Cyber liability coverage–Your storage rentals business will be protected from incurring any financial costs in the event of a cyberattack that causes personal information of your clients or your partners getting unintentionally leaked to the public
Customers goods legal liability coverage–Under this add-on, you are protected from incurring any costs of replacing and repairing damaged property in the event your client claims his/her property was destroyed while under your care
This policy exempts you from paying up for claims made to you by the public for incidents and accidents occurring due to the operations or activities of your storage rentals which may be on-site or off-site.
Some of the costs you are exempted from incurring after purchasing this insurance cover include personal injuries (which can be in the form of physical, emotional, and mental injuries), loss or damage of property, and fatalities. How much you pay for this insurance policy is directly determined by the number of employees you have, the nature of the storage rental business, and your insurance claims history.
It ranges from $500,000 to $2,000,000. Please note that these coverage limits may be adjusted to higher limits to suit your storage rentals insurance needs.
When your storage rental operations cause the members of the public to sustain personal injuries, property damage, or die.
Terrorism insurance–This add-on confers you with the immunity of being subjected to any financial constraint in the event your storage rental unit is damaged or destroyed by acts of terrorism
It's sometimes referred to as storage location insurance. This self storage rental insurance protects you from incurring any costs resulting in the damage or loss of your client’s vehicle while it's under your custody, maintenance, and control. The coverage options availed to you by an insurer under this policy include:
Direct excess coverage–This covers the costs or losses that exceed your customer’s personal auto insurance. Important to note is that this coverage will only be provided to you if you are found to be faultless of the alleged claim
Direct primary coverage–This provides you coverage in the event your customer's vehicle is damaged or stolen by vandalistic acts and adverse weather conditions regardless of who is at fault
Legal liability coverage–This protects you from financial costs you may be subjected to due to your employees’ faults
The garage keepers liability insurance for storage keepers ranges from $25,000 to $1,000,000. However, this coverage limit may go up depending on the value of the vehicles and other properties stored under your storage unit.
The risks associated with your storage rentals and the number of items stored in your facility are some of the determining factors on how much an insurer will pay you in the event you serve them with a claim notice for this type of self storage rental insurance.
Employee dishonesty coverage–Under this add-on, your employees’ dishonest acts such as stealing from your clients or engaging in other criminal acts which subject you to financial losses get covered
Bailee insurance–This add-on ensures that you are protected in the event your customer’s or clients’ personal assets which are stored under your facility get stolen, lost, or damaged during transportation or maintenance by the insured perils as defined in this policy
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| CoverWallet | NEXT (Best) | Thimble | Hiscox | The Hartford | |
|---|---|---|---|---|---|
| Building coverage limit (minimum) | $50,000 | $260,000 | $25,000/$500,000 | $25,000 | $60,000 |
| Contents coverage limit (minimum) | $50,000 | $22,000 | $25,000/$500,000 | $25,000 | $60,000 |
| Outdoor signs | Excluded | $2,500 | Excluded | Excluded | Excluded |
| Accounts receivable | Excluded | Excluded | $5,000/10,000 | Included | Excluded |
| Money and securities | Excluded | $2,500 | $1,000 | Included | Excluded |
| Lock and keys | Excluded | $2,500 | Excluded | Excluded | Excluded |
| Business interruption floater | Excluded | Included | Included | Included | Excluded |
| Equipment breakdown floater | Excluded | Included | Excluded | Excluded | Excluded |
| Inland marine insurance floater | Excluded | Excluded | $10,000 | Excluded | Excluded |
| Employee dishonesty floater | Excluded | $5,000 | $2,500 | Included | Excluded |
This policy protects you from incurring the costs of repairing, replacing, and rebuilding your storage rentals as well as the contents found in them such as your personal property, office equipment and tools, furniture, and inventory. The perils insured under this policy are fire, burglary, theft, lightning, and strong winds.
The coverage limits under this policy range between $500,000 to $2,000,000. The level of risks your storage unit is exposed to and its size are some of the factors a storage rental insurance company will use to determine how much they will pay you in the event an insured peril risk occurs.
When your storage rentals are destroyed by fire, lightning, strong winds, and vandalism
When the assets stored in your storage rentals get destroyed
Business interruption insurance–This add-on ensures that you get compensated for any financial loss in the event an insured risk occurs which bars you from performing your normal income-generating activities or operations in your storage units
Crime insurance–If your storage rentals are located in areas prone to criminal activities such as vandalism and theft, then we recommend that you purchase this add-on as it protects you from incurring any costs of repairing or replacing your storage rentals and the contents in them
| CoverWallet | Thimble (Best) | NEXT | Hiscox | The Hartford | |
|---|---|---|---|---|---|
| General liability aggregate limit | $2,000,000 | $2,000,000 | $2,000,000 | $300,000 | $1,000,000/$2,000,000 |
| Commercial property coverage limit | $50,000 | $500,000 | $260,000 | $25,000 | $75,000 |
| Optional policies can be added? | Yes | Yes | Yes | Yes | Yes |
| Name additional insureds for free? | Yes | Yes | Yes | Yes | Yes |
| BOP discount? | Yes | Yes | Yes | Yes | Yes |
The BOP for storage rentals is a bundled insurance that combines general liability insurance and commercial property insurance into one comprehensive policy.
Most insurance companies will provide you with this policy if your storage rentals are exposed to low risks, if you have less than 100 employees, if your storage rentals earn you an annual revenue of less than $1M, and even if you operate a small-scale storage rental business.
This storage insurance policy protects you from product liability claims, third-party bodily injuries and property damages claims, and advertisement injuries. It also protects you from incurring the costs of repairing, rebuilding, and replacing your storage rentals and the contents in them.
It ranges from $10,000 to $1,000,000. This coverage limit is determined by the terms and conditions of the business owners policy, the risks that your storage rentals are insured against, and the insurance company or agency providing you with this storage rentals coverage.
Flood insurance–This add-on works to provide coverage in the event your storage rentals are destroyed or damaged by floods. If your storage rentals are located in Texas, Colorado, Oklahoma, and North or South Dakota then you may benefit from this storage rental insurance add-on
Sale and disposal liability endorsement–Under this add-on, you are shielded from any legal liability that may be leveled to you in the event you sell or dispose of your client’s assets after they have defaulted or abandoned the use of your storage rentals
| NEXT | Thimble | Hiscox | The Hartford | |
|---|---|---|---|---|
| Aggregate limit | $3,000/$10,000 | $2,500/$5,000 | $15,000/$25,000 | $5,000-$10,000 |
| Covers hired and borrowed equipment? | $3,000/$10,000 | $2,500/$5,000 | No | Yes |
| Miscellaneous equipment also covered? | $5,000/$10,000 | No | Yes | Yes |
| Offered as an endorsement to general liability insurance? | Yes | Yes | Yes | Yes |
| Deductible | $500 | $500 | $0 | $0 |
This policy protects you from replacing and repairing owned tools that are damaged on-site or during transportation. Your employees’ tools and job clothing are also covered under this essential storage rental policy.
Important to note is that this policy won’t cover the costs of intentional damages to your tools and equipment. This insurance policy will also not be used to replace or repair your tools if they get damaged due to general wear and tear or corrosion.
It’s approximately $700 to $10,000 per tool or equipment. Normally, this coverage limit depends on the insurance coverage you choose and the type and risks associated with the use of the insured tools and equipment.
Climate risk coverage–If you use your storage rentals to store tools and equipment that are sensitive to climatic change, then it's important that you purchase this add-on as it will protect you from incurring any financial burden caused by climate-related losses or damage
This policy works to provide your employees and their beneficiaries with cover in the event they become afflicted with work-related injuries and diseases or face premature death. Under this policy, there may be miscellaneous extensions where people who are not your employees may be covered by this policy. Such people include those doing voluntary work of a charitable nature.
There is no set amount on how much an insurer will pay you for worker's compensation insurance for a storage unit. However, the amount of money you get paid varies depending on which state your storage rentals are located in, the number of employees your storage rental has, and the size, and nature of your self-storage rental unit.
Employment practices liability insurance–You can use this add-on in the event you get served with a lawsuit due to an alleged wrongful termination or discrimination by your storage rental employee
| Cost per Month | Cost per Year | Deductible | |
|---|---|---|---|
| General liability insurance | $45 | $540 | $0-$500 |
| Commercial property insurance | $120 | $1,440 | $1,000-$2,000 |
| Business owner's policy | $165 | $1,980 | $1,500 |
| Workers compensation insurance | $150 | $1,800 | $1,000-$2,500 |
| Tools and equipment insurance | $50 | $600 | $500-$1,000 |
The average self storage rental insurance cost is $45 per month or $540 per year for a $1 million general liability coverage. Factors that affect the cost of premiums are claims history, deductibles, policy limits, revenues, location, and number of employees. Here’s a table showing the further cost of premiums as provided by some of the top-rated storage rental insurance companies:
| Cost per Month | Cost per Year | Best For | |
|---|---|---|---|
| NEXT | $14 | $168 | Best overall; Fastest general liability insurance for storage rentals |
| CoverWallet | $18 | $216 | Comparing storage rental insurance quotes online |
| Tivly | $20 | $240 | Comparing storage rental insurance quotes over the phone |
| The Hartford | $26 | $312 | Storage renters who deal with high-value assets, products or commodities |
| Hiscox | $35 | $420 | Storage renters who want comprehensive and extensive storage rental policies |
Get all the best quotes from leading providers in a click of a button!
Below is a list of of the top-rated storage rental insurance companies. Read some of the reviews below to know their pros, cons, and average rate for a $1 million general liability coverage.
Best overall
Issues an online proof of insurance instantly
Fastest general liability insurance for storage rentals
Great customer service and reputation
Excellent rates
Outstanding value for money
Get a 10% discount if you buy two or more policies
Couldn’t find any
AM Best independently rated NEXT an A- insurance company. This digital insurance company sells bundled policies at a 10% discount. Some of the storage rental insurance policies this teched-up insurer provides its customers are commercial property insurance, commercial auto insurance, workers compensation insurance, and business owners policy.
Best for: Best overall; Fastest general liability insurance for storage rentals
Average cost: $14 per month
Our rating: 10/10
A renowned company for workers comp insurance
Its coverages are available in all the 50 states
You can report claims quickly
Limited add-ons
The Hartford is an A+ AM Best and BBB-rated insurance company that was established in 1810. It provides its insurance policies to all the 50 states of the USA. Some of the storage rental policies provided by this financially able and dependable insurance company include commercial property insurance and business owners policy.
Best for: Storage renters who deal with high-value assets, products, or commodities
Average cost: $26 per month
Our rating: 10/10
Provides you with 24/7 insurance quotes
It offers you with free and fast quotes
Its licensed insurance adviser can provide you with free insurance advice
It's possible to manage and purchase your storage rental insurance online
It’s yet to underwrite its insurance policies
The Better Business Bureau has rated CoverWallet a B. This devoted insurance adviser provides multiple insurance companies to its clients. Some of the storage rental coverages you can purchase from this dependable insurance broker include general liability, workers comp insurance, commercial property insurance, and commercial auto insurance.
Best for: Comparing storage rental insurance quotes online
Average cost: $18 per month
Our rating: 10/10
Its quotes process is fast
It provides you with multiple storage rental insurance policies
It helps you save on time used to search for the best insurance policies for your storage rental business
It hasn’t developed a mobile app
AM Best has rated Tivly as an A+ insurance agency. This premium insurance agency is not only cost-effective but also time-saving as it facilitates its clients with services aimed at matching them with the best insurance policies that match their business needs.
Some of the storage rental insurance policies provided by this top-rated insurance broker include workers comp insurance, general liability insurance, business owners policy, and commercial auto insurance. Call now to compare quotes over the phone.
Best for: Comparing storage rental insurance quotes over the phone
Average cost: $20 per month
Our rating: 9/10
You don’t have to be tech-savvy to use its website
You can use its mobile app to check out its insurance policies
It sells its storage rental policies at a discount
It's yet to provide its insurance policies to Alaska
Hiscox was founded 122 years ago. This first-rate insurance company has over the years been rated as an A+ insurer due to its top-notch customer service and its ability to provide its customers with affordable and easy-to-claim insurance policies. Some of the storage rental policies that Hiscox provides to its customers are workers comp insurance, general liability insurance, commercial auto insurance, and business owners policy.
Best for: Storage renters who want comprehensive and extensive storage rental policies
Average cost: $35 per month
Our rating: 10/10
You can purchase temporary storage rentals insurance online that can cover you for an hour, a day or for a few months
You can purchase its insurance policies online
You can’t reach customer service by calling
Thimble which is backed by Markel has been rated by AM Best as an A online insurer. It’s possible to purchase its insurance policy online and also get fast quotes online. Its ability to provide policyholders with temporary coverages that can span for an hour, a day, and a month has made it one of the best insurance companies up to date.
Some of the storage rentals insurance this competitive insurer provides to its customers are business owners policy, commercial property insurance, general liability insurance, workers compensation insurance, and tools and equipment insurance coverages.
Best for: Independent contractors who want easy-to-purchase and claim temporary or short-term storage rental insurance policies
Average cost: $22.50 per month
Our rating: 9/10
Use anyone except Employers. Period. They are non-transparent and shameful. After I complained long enough to warrant a call from a supervisor, the supervisor called back from a PRIVATE NUMBER (no caller ID), left a message that they are not reversing their decision (without any communication with me), and failed to leave a phone number for me to call back. She was hiding! They also fact find via email and phone calls, which is terrific for speed and communication. However, after setting a precedence of email or phone calls, they send time sensitive information via email, without any heads up... they are hoping you miss it and forfeit via expiration. Evil policies. Go elsewhere.
This place is an absolute joke of a company and should be ashamed of the way they conduct business. I was hurt on the job at the end of July and it took them just shy of 7 weeks to issue out a paycheck to me. Yes the amount was back dated but still. Not many have the luxury of not receiving a paycheck for almost 2 months. To top it all off, the original adjuster marked me down for the wrong state which caused a problem from the get go, I've had 3 different adjusters now since each one can't seem to figure out the simplicity of my claim. All my paperwork which includes, my job, house, and drs visits all are from the same state and city but yet some how I have been filed under a completely different state 1500 miles away. They do not answer your phone calls or emails no matter how many you leave. I've had to escalate my frustrations to the supervisors of each of these individuals in order to even get some kind of response. I've had more communication and information given to me about my claim from the customer service representatives then the actual adjusters.......... please tell me how that works?! A serious overhaul needs to happen here in order to serve your clients the way they deserve to be taken care of. 10/10 do not recommend this company to a single soul on earth
I have never had the displeasure of working with a more incompetent and disrespectful person in my life. I’m an injured worker and the adjuster that was assigned to my case was named Carrie Furgeson. In the past 6 weeks that I’ve been injured and out of work I have only been able to get ahold of her twice, not for lack of trying. I have left countless voicemails, countless emails, and she ignores them all. When I am finally able to get ahold of her I’m greeted with terrible customer service. She is rude, she talks over me and I’m hardly able to get a word in edgewise. She spelled my name wrong on my documents even after I spelled it for her properly countless times, this caused a whole new issue with my bank. I have bill collectors from the hospital calling me demanding payment and Carrie Furgeson won’t do a single thing to help, or to get them paid. All of my documentation is in Colorado, my job is in Colorado, my address is in Colorado, all my Dr offices and appointments have been in Colorado and Carrie still managed to hold my claim because she wasn’t sure what state she needed to file it under. It’s been 6 weeks since my Injury and my company still hasn’t received the wage paperwork to fill out so they can get me my correct wages. When she’s not ignoring me she’s answering my questions with “I don’t know” well I don’t know how she got this job, because apparently she doesn’t know anything about it. She is a disgusting morose individual inside and out and I genuinely wish her the worst in all of her future endeavors. I highly recommend you don’t use this company. Please if you are a business owner and your looking into this company please don’t use them. I’m sure they have the cheapest payment and that’s why companies use them in the first place, but you will be doing your employees a grave disservice by forcing them to venture into this absolute dumpster fire of a company. I would rate 0/5 if possible but 1 was the lowest I was allowed.
Their general liability insurance purchase process is simply the best online experience I've ever had in my life!
As long as they cover your line of business, you're literally covered! best rates, best coverage, best online experience, best professionals, can't be happier that I chose them!
Not all those who wander are lost.
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