As the saying goes, you can’t judge a book by its cover. Turns out you can’t judge a self-storage facility by its looks either. It can be clean, well lit, nearly full, and still draw hard questions during self-storage insurance underwriting. Commercial property catastrophe risk comes down to two things: the hazard on the map and how well the...
Most self-storage submissions carry some exposure to theft, vandalism, or unauthorized entry. Those exposures do not tell the full underwriting story, however. Commercial self-storage underwriting also considers whether the operator’s security controls and operating practices are appropriate for the risk. Here are four assumptions worth...
We wish it were as easy as an operator simply signing a self-storage facility lease agreement once and filing it away. But state lien laws change, tenant communication evolves, and courts keep testing how well old contract language holds up. That’s why treating the lease as a static document is one of the more overlooked exposures MiniCo’s...
Protecting People, Property, and Your Book of Business It’s 4 p.m. on a blistering afternoon, and a tenant is hauling boxes down a non-climate-controlled hallway. Nearby, an employee checks locks along the outdoor units, sweat soaking through a company polo. None of this looks like an insurance claim in the making, but by the end of the week, it...
If you’ve felt a little more breathing room at renewal this year, you’re not imagining it. A recent Reinsurance News recap of the 2026 midyear market found that average commercial insurance premium increases were nearly flat, rising just 0.2% through the first half of the year. That’s the calmest commercial insurance market since 2017. Here’s...
This is the first in a series. Look for upcoming posts that will go even deeper on fire protection, tenant activity, and premises liability for self-storage facilities. An underwriter reviewing a self-storage submission works the property the way an inspector would. They move through it step by step, well before the numbers ever come into play....
A program administrator is a managing general agency or underwriter that carriers contract with to underwrite a specific class of business. Program administrators are specialists – and sometimes super-specialists – in each program’s target accounts. They typically are empowered to underwrite, quote, and bind coverage on the carrier’s behalf. Some...
Unfortunately, wildfire season isn’t waiting for summer this year. By the end of May, U.S. wildfires had already burned nearly double the 10-year average acreage. With conditions this active even before peak season arrives, now is the time for agents to raise wildfire liability with clients, because as the season progresses, the conversation will...
Storm season preparedness is critical for commercial property owners and their insurance agents. The National Oceanic and Atmospheric Administration (NOAA) is forecasting a below-normal 2026 Atlantic hurricane season with 8 to 14 named storms. For context, an average season produces 14 named storms, though 2025 came in at 13. On paper, a...
In 2026, the primary driver behind most property insurance valuation discussions is the shifting cost of construction. We aren't seeing the wild, unpredictable spikes that defined the start of the decade, but the pressure hasn't disappeared. Between labor shortages and fluctuating material prices, underwriters are looking much more closely at how...
Insurance pricing is moderating, and competition is increasing. Capital remains available, but catastrophe exposures continue to shape underwriting decisions. What does it all mean? To better understand how these forces are impacting commercial self-storage, we spoke with MiniCo’s Vice President of Underwriting, Josh Leykam, about what insurance...
Agents who work with storage facility owners understand that commercial self-storage insurance is a must-have protection for their clients. Property, liability, business interruption – they are all essential, obvious coverages that protect the business itself. But there is an additional layer of protection agents may be missing: tenant programs....
When U-Haul International Inc. experienced a break-in involving millions of customers, it wasn’t a failure of locks, cameras, or physical security. Thieves targeted an internal digital tool that quietly exposed sensitive customer information over time. It’s an eye-opening illustration of how cyber risk quietly enters the self-storage...
Delinquent tenants are a fact of life for self-storage businesses. A small number of delinquencies will eventually result in a lien sale, wherein the facility auctions the contents of the delinquent tenant’s storage unit. If you work with accounts in this industry, it’s important for you and your client to understand the risks that come with lien...
It’s resilient. It’s adaptable. And it could be a key opportunity for you as an agent. While the industry has matured and competition has intensified, demand for self-storage holds steady. Take a look at these self-storage industry trends to learn why you might want to investigate the opportunities for building your book of business. 1. A Large,...
Self-storage conversions are having a moment. If you work with clients planning portfolio expansion, the latest Inside Self-Storage (ISS) article, “Self-Storage Conversion Projects: Benefits, Options and Key Considerations for Success,” is well worth your time. The piece breaks down why conversions are becoming a go-to strategy, where the hidden...
When it comes to self-storage, “standard coverage” is anything but standard. These facilities operate in a space where everyday risks look very different from those faced by traditional commercial properties, and so do the coverage needs. That’s exactly why specialized self-storage insurance exists: to account for the realities of the industry...
Rising risks are reshaping the self-storage industry. Here’s how agents can help clients stay protected and why specialized insurance is essential. Self-storage has become one of the fastest-growing segments of the commercial property market, but beneath the surface of this booming industry lies a web of evolving risks. From billion-dollar...
When insurance agents consider expanding their book, it’s not uncommon for them to focus on familiar markets, like construction, healthcare, and retail. But one of the fastest-growing and most resilient sectors of commercial real estate is often overlooked: self-storage. Think about it. It’s a sector woven into everyday life. Families use...
Annual insurance reviews are more important than ever for self-storage operators. With turbulence in the property insurance market and new exposures emerging, agents need to ask the right questions to uncover risks, negotiate favorable terms with underwriters, and fully protect their clients’ operations. Why Are Annual Insurance Reviews Critical...
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