Self Storage

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)

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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
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