Insurance on Storage Units
I am potentially purchasing a 16 unit storage facility in rural lake country. I was in the market for land in the area to build my own storage building on as I have miscellaneous things that I currently rent indoor storage for, but this property just came on the market for a lower price than I could build for and can provide additional cash flow. I have other commercial real estate so the management of this is not out of the ordinary, but I don’t have experience with insurance for a storage type situation. Are there any special considerations or costs, especially around insurance when it comes to a storage unit situation vs the rest of my office/industrial portfolio? Storage units are mostly used for not trailers and snowmobiles.
[{"id": "fqm35sb", "text": "I don't know, but I'd look into environmental protection.  With your office/industrial portfolio you can kind of assess that in tenant selection and your lease to shift some liability.  \n\nIf some jackass uses his storage bay to do craigslist car repair and dumps crap on your property on a regular basis I'd be curious if you can get any riders to cover that.", "replies": [], "depth": 1}, {"id": "fqob8r1", "text": "Just make sure the renters have their own insurance for the property.", "replies": [], "depth": 1}]