Substitute Bill No. 981 - Self-Service Storage Insurance

• Establishes a new licensing requirement for self-service storage facility owners who offer or sell insurance coverage, effective October 1, 2019, with a 90-day transition period for existing providers.

• Requires self-service storage insurance licenses to be renewed biennially (valid until January 31 of even-numbered years) with filing fees of $100 for initial applications, $500 for license issuance, and $450 for renewal.

• Mandates that facility owners make available written disclosures to tenants including: proof the coverage may duplicate existing homeowners/renter's insurance, confirmation purchase is not required, insurer identity, deductible amounts, benefits summary, claim procedures, and cancellation/refund rights.

• Allows facility owners to bill tenants for insurance with itemized payment separation, requiring remittance to the insurer or supervising person within 60 days; owners can commingle payments if authorized and receive compensation for billing services.

• Requires insurers offering self-service storage insurance to appoint a supervising person (licensed insurer or producer) to maintain a registry of provider locations and make it available to the Insurance Commissioner within 10 days of request.