Virginia Code 38.2-1883: Requirements for sale of self storage insurance
A. At every location where self storage insurance is offered to customers, the lessor shall make available to a prospective customer brochures or other written materials that:
Terms Used In Virginia Code 38.2-1883
- Customer: means a person who leases a self storage unit. See Virginia Code 38.2-1881
- Insurer: means an insurance company. See Virginia Code 38.2-100
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- Lessor: means a person in the business of engaging in self storage unit transactions directly or indirectly. See Virginia Code 38.2-1881
- Process: includes subpoenas, the summons and complaint in a civil action, and process in statutory actions. See Virginia Code 1-237
- Self storage insurance: means insurance providing coverage against loss of or damage to items of personal property stored in a self storage unit in accordance with the terms of the self storage unit rental agreement. See Virginia Code 38.2-1881
- Self storage unit: means a unit in a building, part of a building, or place used only for storage of personal property by the customer leasing the unit. See Virginia Code 38.2-1881
- State: means any commonwealth, state, territory, district or insular possession of the United States. See Virginia Code 38.2-100
1. Disclose that self storage insurance may provide a duplication of coverage already provided by a customer’s homeowners insurance policy, renter’s insurance policy, or other source of coverage;
2. State that the purchase of coverage by a customer of self storage insurance is not required in order to lease a self storage unit;
3. Summarize the material terms of the insurance coverage, including (i) the identity of the insurer; (ii) the amount of any applicable deductible and how it is to be paid; (iii) benefits of the coverage; and (iv) key terms and conditions of coverage; and
4. Summarize the process for filing a claim, including proof of loss requirements.
B. Self storage insurance may be offered on a month-to-month or other periodic basis as an individual policy or a group or master policy issued to a lessor under which the individual customer may elect to purchase coverage.
2013, c. 203.