BOSTON – Today, the Massachusetts State Senate passed legislation filed by Senator Michael O. Moore (D-Millbury) regarding self-storage insurance. The bill, which received unanimous support, enables self-storage facilities to offer limited insurance policies for possessions placed in a self-storage unit.
“The bill helps close an existing insurance gap that exists when items in self-storage are not covered by an individual’s homeowners, automobile or other type of insurance,” said Sen. Moore. “Self-storage units are utilized to store many different items—many of which possess significant value. Enabling self-storage operators to offer limited insurance policies will provide consumers with the security of opting to insure their items.”
The legislation authorizes the Commissioner of the Division of Insurance to issue a self-service storage agent license to an operator who has complied with the requirements outlined by the bill. The scope of the license is limited to insurance connected to the rental of space at a self-service storage facility.
The legislation marks a national trend toward licensing self-storage operators to sell rental insurance at their facilities. Similar policies exist in Arizona, California, Florida, Georgia, Illinois, North Carolina, New Jersey, New York, Texas, Utah and Washington.
The legislation will now be considered by the House of Representatives.