With the cost of insurance and carriers pulling away from the Self-Storage market, owners should know that Insurance Companies will only quote your self-storage facility one time for one agent, so ask yourself the following questions when searching for coverage:
- Do you trust your agent?
- Not as your buddy from high school or fraternity brother, but the person that is insuring your $1,000,000 plus property.
- Are they knowledgeable about the self-storage industry?
- Not all agents are trained in business insurance, but any licensed agent can quote your facility.
- Is your agent responsive to your requests and do they understand the specific coverage needed for your account?
- Why insure a building for $40,000 and have an insurance policy with a $50,000 deductible per building?
- Does your agent keep you informed about renewals/quotes, or do they wait till the last day to provide the coverage?
- This will trap you into something that may not be the best for your facility.
- Did your agent review the current coverage, or did they copy the work of other agents?
- This could mean they copied the other agents' mistakes.
Surprisingly, most policies seem to have extensive errors that are not known until after the claim had been filed. Turnaround times for quoting new business without the RUSH can be 30-60 assuming all rating information has been received. We start our renewal process 120 days from the renewal date.
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Scott Ashley
Assurance One of Texas, LLC
Sugar Land TX
(281) 494-6400
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