Self Storage Business Insurance Coverage
Florida’s Finest Insurance Group is one of the most comprehensive property and liability programs for self-storage business, mobile self-storage and records storage operators. The following is an overview of the self storage business insurance coverage offered. This is only a summary of coverage and is subject to policy conditions, limitations and exclusions that may vary from state to state.
Note: Document/Records storage accounts are only eligible if part of a traditional self-storage operation.
Property Coverage Highlights
Coverage For Self Storage Include:
- Replacement cost coverage on buildings and your self storage business personal property.
- Blanket limits for buildings, business personal property and business income.
- Agreed value. No coinsurance.
- Fencing and gates included under the definition of building.
- Business income with Extra Expense. (Reimburses the insured for loss of income during the construction period)
- Extended business income. (Reimburses the insured for loss of income for up to 180 days after reconstruction during the rent up period)
Property Coverage Enhancements*
| Newly Acquired or Constructed Property | |
|---|---|
| Each Building | $1,000,000 |
| Each Location for Business Personal Property | $500,000 |
| Debris Removal (additional) | $250,000 |
| Pollutant Cleanup & Removal | $100,000 |
| Fire Department Service Charge Policy Limit | $50,000 |
| Ordinance or Law | |
| Coverage A – Included in the building limit | Included |
| Coverage B & C – Combined Limit | $250,000 |
| Personal Effects | $25,000 |
| Valuable Papers & Records (other than electronic data) | $25,000 |
| At all described premises | $50,000 |
| In transit or at all undescribed premises | $25,000 |
| Loss Data Preparation Costs | $25,000 |
| Outdoor Property | $25,000 |
| Accounts Receivable | $25,000 |
| At all described premises | $50,000 |
| In transit or at all undescribed premises | $25,000 |
| Fine Arts | $10,000 |
| Personal Property at other Premises | $25,000 |
| Personal Property in Transit | $25,000 |
| Extra Expense | $25,000 |
| Employee Theft | $50,000 |
| Electronic Data | $50,000 |
| Money & Securities | $25,000 |
| Money Orders & Counterfeit Paper Currency | $25,000 |
| Forgery or Alteration | $25,000 |
| Outdoor Signs | $50,000 |
| At or within 1,000 feet of described premises | $50,000 |
| Undescribed premises | $5,000 |
| Lost Key Consequential Loss | $25,000 |
| Appurtenant Buildings & Structures | $100,000 |
| Sewers and Drains – Backup – up to | $100,000 |
* Higher limits are available for most items above.
Commercial General Liability
| General Aggregate Limit | $2,000,000 |
| Products-Completed Operations Aggregate Limit | $2,000,000 |
| Personal & Advertising Injury Limit | $1,000,000 |
| Each Occurrence Limit | $1,000,000 |
| Damage to Premises Rented to You Limit (any one premise) | $100,000 |
| Medical Expense Limit (any one person) | $5,000 |
Customers’ Goods Legal Liability
- Available Limits – $50,000 to $1 Million per occurrence & Aggregate
- No Mold Exclusion
- Duty to Defend
- No Deductible for traditional self-storage accounts (Mobile self-storage and Records/Document storage accounts will have a $1,000 per occurrence deductible)
Sale & Disposal Legal Liability
- Available Limits – $50,000 to $1 Million per Claim & Aggregate
- Duty to Defend
- $1,000 Deductible per Claim
Optional Coverage Lines
- Hired and Non-Owned Auto. The limit is included in the GL limit. (This coverage is only offered when the named insured does not have an owned auto policy)
- Umbrella Liability (up to $5 Million; however higher limits may be available upon request)
- Workers’ Compensation – Not available in all states. See WC section.
- Resident Manager’s Personal Liability (Can be included as an endorsement to the GL policy – $100 minimum premium)
- Employee Benefit Liability (Claims-made form)
- Equipment Breakdown (Can be included as an endorsement to the property policy form)
- Inland Marine