Storage Rental Insurance: Cost & Quotes From $45/mo

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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.

General Liability Insurance for Storage Rentals

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.


Coverage Limits for General Liability Insurance for Storage Rentals

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.


Add-Ons for General Liability Insurance for Storage Rentals

  • 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

Public Liability Insurance for Storage Rentals

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.


Coverage Limits Under This Policy

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.


Incidents Where You Can Use the Public Liability for Storage Rentals

When your storage rental operations cause the members of the public to sustain personal injuries, property damage, or die.


Add-Ons for Public Liability for Storage Rentals

  • 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

Garage Keepers Liability Insurance for Storage Rentals

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

Coverage Limits for This Self Storage Rental Insurance

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.


Add-Ons for Garage Keepers Liability Insurance for Storage Rentals

  • 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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Commercial Property Insurance for Storage Rentals

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.


Coverage Limits for Commercial Property Insurance for Storage Rentals

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.


Situations Where You Can Use This Storage Rental Insurance

  • When your storage rentals are destroyed by fire, lightning, strong winds, and vandalism

  • When the assets stored in your storage rentals get destroyed

Add-Ons for Commercial Property Insurance for Storage Rentals

  • 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

Business Owner’s Policy for Storage Rentals

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.


Coverage Limit for BOP for Storage Rentals

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.


Add-Ons for Business Owner’s Policy for Storage Rentals

  • 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

Tools and Equipment Insurance for 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.


Coverage Limit Under This Self Storage Rental Insurance

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.


Add-Ons for Tools and Equipment for Storage Rentals

  • 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

Workers Compensation Insurance for Storage Rentals

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.


Coverage Limits for This Storage Rental Insurance

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.


Add-Ons for Workers Compensation Insurance for Storage Rentals

  • 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

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Storage Rental Insurance Cost

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

Compare Cheap Storage Rental Insurance Quotes Online

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Best Storage Rental Insurance Company

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. 


NEXT Storage Rental Insurance

Pros

  • 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 

Cons

  • 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


The Hartford Storage Rental Insurance

Pros

  • A renowned company for workers comp insurance

  • Its coverages are available in all the 50 states

  • You can report claims quickly

Cons

  •  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

CoverWallet Storage Rental Insurance

Pros

  • 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

Cons

  •  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


Tivly Storage Rental Insurance

Pros

  •  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

Cons

  • 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


Hiscox Storage Rental Insurance

Pros

  • 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

Cons

  • 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


Thimble Storage Rental Insurance

Pros

  • 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

Cons

  • 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

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