Self Storage Business Property Insurance Recommendations

Megann

Does anyone have a recommendation for who to use to insure your self-storage facility? Property Insurance.  Ours has gone up tremendously and we are looking for a recommendation.

jimbo1956

There are a lot of variables that may affect the process. The market is different in most states or regions of the country-due to weather, wildfires etc. The companies also may decide to exit that line of business due to nothing specific to you. We just went through this. We have properties in 2 states-we got a letter of non-renewal -not due to anything we did -they decided to exit this line of business nationwide. You need to be sure you understand the nuances of the policy you have-particularly in regard to deductibles for wind, hail and storm damage and whether you have actual cash value insurance or replacement cost. Unfortunately, I don't think there is an easy path based on what others are doing because it may not be best for you. I would get as many quotes from different companies as you can and go from there. As one of my agent friends told me once--"you only have insurance the day you write the check-after that it's all negotiable"
Good luck