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Self-Storage Insurance: Changing With the Times

Scott Lancaster Comments

I have a love/hate relationship with technology. I love it when it works, saves me time and money. I hate it when it breaks down, wastes my time and costs me money. Sometimes the same piece of equipment or software program that was the apple of my eye one week will become the bane of my existence the very next week. What’s that you say? You feel the same way? I’ll bet there are a few more things we agree on.

Computers now play essential roles in self-storage business operations but technology is changing all the time. Keeping up with change is important in a competitive business, which is why this issue of the magazine, focusing on technology, attracts so much annual attention year after year. We all need to keep up.

New in the Market

While insurance does not subscribe to Moore’s Law of exponential change that says that computer chips will evolve to double in capacity every 18 to 24 months, insurance policies, insurance providers and insurance needs do change over time and should be reviewed periodically by every business owner.

In the past couple of years, several of the major insurance providers have developed new insurance products specifically for the self-storage industry. What’s new may apply to you.


Several programs have been introduced to address the liability exposures unique to self-storage, which include customer’s goods legal liability, and sale and disposal legal liability. Some self-storage operations are unable to place their property insurance with insurance companies that offer these specialty liability coverages for reasons such as the high value of property at risk in a single building or proximity to catastrophic exposure such as hurricane or wild fire.

Some operators may simply choose to place their general property and liability exposures with a separate insurance carrier at a lower rate than may be available from the insurance companies that specialize in self-storage. These separate liability programs are designed to fill the gaps of a standalone facility or generic business property and liability insurance package.

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