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Specialized Self-Storage Insurance Coverages: Essential to Business Protection

Randy Tipton Comments
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Sale and Disposal Insurance

Sooner or later, every self-storage owner will be faced with the unenviable task of evicting a tenant for failure to pay his rent, reclaiming the storage space, and removing or disposing of the tenant’s property. This is where the second type of specialized coverage comes into play: sale and disposal legal liability. This coverage can provide protection against the act of wrongfully removing, selling or disposing of a customer’s property.

If state-specific lien laws are not exactly followed, self-storage operators are left vulnerable to potential claims. If you or your managers are involved in the sale and disposal process, you must be aware of your state’s law. Consult with an attorney about preparing a written procedure that outlines the exact steps for disposing of a delinquent tenant’s property, and read and follow all state statues.

Talk With Your Insurance Agent

While many business owners are looking for ways to save money, one place you shouldn’t skimp is your self-storage insurance. You have too much at stake to not consider all your insurance-coverage options. If a tenant sues your company for damages caused by your business, the cost of the lawsuit—including court and attorney fees, plus a possible settlement—could be astronomical if you don’t have liability insurance.

The specialty coverages mentioned above are not typically available through most traditional business-insurance carriers, but can be secured through insurers specializing in the self-storage industry. Your agent should be qualified to help you evaluate all the commercial coverages available in the market, and can recommend coverages specifically for your self-storage facility.

Randy Tipton is the owner of Universal Insurance Facilities Ltd., which has provided specialized insurance coverage to the self-storage industry for more than 12 years. Universal has clients in 49 states, with agents trained specifically in self-storage. For more information, call 800.844.2101; e-mail; visit

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