Mini Storage Insurance

[Wendy Carpenter]

All of you who own mini storage properties, who do you use for your insurance? 

I’m under contract on my first storage property, so I’m trying to get everything lined up. I just had my first quote at about quadruple what it should be. Argh. 

[Michael Wagner]

@Wendy Carpenter, yes mine do have small apartments on site....remember that the policy is likely based on the replacement cost of the buildings (unless you elect an ACV - actual cash value policy).  As such, the quote is not dictated by fair market value.  How many square feet is your facility?  An insurance company will probably put a rebuild cost of $35 per square foot...so if your facility is in the 15000-20000 square foot range, I think your quote is not out of whack.  There are also market specific insurance costs (hurricanes in florida, tornados in oklahoma, etc) so the best thing to do is grab three local quotes and you will know if any one of them is out of line.