Common Mistakes That Increase Self Storage Facility Insurance Costs
- 2 hours ago
- 2 min read
Running a self storage facility involves managing property, tenant safety, and operational risks. Understanding the mistakes that can drive up self storage business insurance costs helps owners protect their facility and control premiums. Here is a look at common errors that often increase insurance expenses for self storage operators.
Underestimating Coverage Needs
Many owners opt for minimal coverage to save on premiums, but this can leave gaps that become costly during a claim. Failing to properly assess building value, equipment, or tenant property exposures often results in higher out-of-pocket expenses or costly policy upgrades later.
Ignoring Risk Management Practices
Insurance providers reward proactive safety measures. Facilities without security systems, fire protection, or employee training programs are often viewed as higher risk. Neglecting these measures can increase premiums or limit coverage options.
Poor Claims History Management
Frequent or poorly documented claims can signal risk to insurers. Not addressing prior incidents or failing to implement preventive measures may raise rates, as insurers price coverage based on perceived exposure and past losses.
Not Reviewing Policies Regularly
Self storage operations change over time. Expanding units, adding services, or updating equipment without updating insurance coverage can lead to insufficient protection. Conversely, failing to adjust deductibles or limits may result in unnecessarily high premiums.
Overlooking Local and Regulatory Requirements
Different jurisdictions have varying insurance requirements. Not adhering to local regulations or industry standards can cause compliance issues and impact underwriting, resulting in higher premiums or coverage denial.
Build a Balanced Self Storage Facility Insurance Plan
Wexford Insurance helps self storage facility owners evaluate coverage options, manage risk, and secure tailored Insurance for Self Storage Facilities that fit their units, staff, and operations.
👉 Request your Self Storage Facility Business Insurance quote from Wexford Insurance today to protect your facility, tenants, and employees with confidence.
