Insurance for parking lots and garages.

Liability, property, and garagekeepers coverage for owners of surface lots and parking structures, whether you run the facility yourself or lease it to an operator.

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What parking lot and garage owners usually carry

General liability, $1M / $2M
Garagekeepers
Parking structure at replacement cost
Gates and pay stations
Loss of parking income
Crime
Umbrella

Watch for these in a parking facility policy

Cars in your careLiability policies exclude damage to cars in your care. If you or your staff take keys, garagekeepers coverage is what pays.
Concrete deteriorationRusting rebar and crumbling concrete are wear and tear, which property policies exclude. Collapse coverage is narrow, so keep engineering reports current.
Security claimsAssaults and break-ins in garages lead to negligent security claims. Lighting, cameras, and patrols matter to underwriting, and some policies exclude assault.
Operator contractsIf an operator runs the facility, its liability and garagekeepers should be primary, with you named. Read the agreement before you sign it.
Electric vehicle chargersChargers add fire and equipment exposure. Many carriers now ask how many there are and who maintains them.

What lenders and parking operators ask parking lot and garage owners for

Replacement costLenders want a parking structure insured at what it would cost to rebuild, not its book value.
Your liability for the structureOperators often ask to be named on your liability for claims caused by the structure itself.
Loss of parking incomeLenders often ask for 12 months of parking income insured.

Questions parking lot and garage owners ask

Straight answers.

The questions we hear most, answered plainly.

Do I need garagekeepers if customers keep their keys?

It matters less. Garagekeepers is for cars you or an operator park, move, or hold keys to. Self-park lots still need liability for falls and security claims.

Who insures the garage when an operator runs it?

Usually both of you. You insure the structure and your liability as owner. The operator insures its operations, its employees, and cars in its care, and names you.

Is a surface lot insured differently from a garage?

Yes. A surface lot is mostly a liability risk: falls, potholes, lighting, and security. A garage adds a structure to insure, with collapse and deterioration questions.