A method for providing a warranted snapshot that may include: receiving a request to create a first warranted snapshot of a first logical volume at a first point in time and creating the first warranted snapshot if the first warranted snapshot is non-writable and if an amount of physical storage actually devoted by a storage system to the first logical volume at the first point of time does not exceed a size of a free physical storage space that is available for storing any future data delta associated with the first warranted snapshot. The creating of the first warranted snapshot may include allocating a first virtual portion of a physical storage space for storing any future data delta associated with the first warranted snapshot. A size of the first virtual portion equals the amount of physical storage actually devoted to the first logical volume at the first point of time.