Risk & Business Magazine Nesbit Agencies Risk & Business Magazine Fall 2017 - Page 7

CONDO STORAGE INSURANCE Condo Storage Insurance The Unique Ins And Outs O ne thinks of condos, typically, in a completely different light than one may think of storage units. But at least one company, Park Place Storage, has managed to swing both into a single entity. What Paul Jorgenson has done with Park Place is take storage to the next level, providing customizable luxury storage condominiums to his clients. As with many unique situations, this type of arrangement brings its own unique risks to the table as well. It’s important to note that the clients own the units. So they are responsible for anything contained within or happening inside. While the units may be located on a shared lot, much like “normal” condo situations, the owner is going to be held liable for property inside the luxury storage unit in addition to personal or business liabilities which may be taking place on the premises. Here are the types of insurance luxury storage unit owners may want to consider: • Coverage for any “toys” you may have. This would include cars, boats, ATVs, or other big ticket items. • Personal liability coverage • Personal property coverage • Condo insurance, to cover any potential damage to the property • Theft insurance • Business insurance, if you purchase a unit through your business you need to have general liability and contents coverage. In terms of Park Place, it offers bare wall coverage. Other than that, clients are on their own. Personal property insurance doesn’t always extend to storage units, so it pays to be sure ahead of time and know whether or not you are going to be covered. Also, like normal condos, there are governing documents which outline the types of things you, as an owner, are or are not responsible for. Ultimately, the point is that since you will own the condo, it will be treated as property and should be insured as such. If you are interested in finding out more about Park Place Storage and securing your own “man cave,” contact Paul or Joe at 612-670-3077. You can also pay a visit to them online at www.parkplacestorage. net to see a slew of images as inspiration for your own unit and get all the information you might want about your future “condo.” Once you’ve spoken with Paul, it may also be worth dropping a line to us at Nesbit Agencies to find out what sort of coverage you might need. The two companies have an established working relationship and complement the services each other offers nicely. + BY: WAYNE NESBIT Wayne Nesbit is Executive Vice- President at Nesbit Agencies and works with a wide variety of clients on their insurance programs, including assisted living facilities, property management companies, and restaurants. Contact him at is wnesbit@nesbitagencies.com or 952-746-4312. 7