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Key Agent Newsletter
February 2020
Did You Know...? MiniCo's insurance solutions are now included in the IVANS Markets online directory.

The Hardening Insurance Market

The Hardening Insurance Market
At the start of 2019, insurance industry analysts predicted market hardening, but the pace and severity of the changes is such that the impact being felt has been much greater than was anticipated earlier in the year. The publication Business Insurance in June reported reinsurance rate increases of up to 30 percent, which is an indicator of changes that may be passed on to consumers.

Owners of self-storage businesses and other types of commercial property may see evidence of this market hardening at their next insurance renewal in the form of changes to pricing, deductibles, limits, and coverage. The probability that properties located in high-risk areas and those with negative claim histories may experience premium increases and potentially nonrenewal is much higher because of the present market conditions.

The hardening market conditions are generally attributed to the fact that catastrophic events resulting in billion-dollar insured losses are occurring more frequently and with increasing severity. The report U.S. Billion-Dollar Weather and Climate Disasters (2019), published by NOAA National Centers for Environmental Information, indicates that in 2017 (the year of Hurricanes Harvey, Irma, and Maria) there were 16 billion-dollar events with estimated insured losses totaling $319 billion. In 2018, Hurricanes Florence and Michael as well as the Camp Fire and 11 other such events resulted in total insured losses estimated at $92 billion.

Carriers are working to return their programs to profitability after several years of increasing catastrophic losses. For some carriers, this may mean completely exiting a class of business. While self-storage as a class may not be particularly challenging for insurance carriers, there are aspects of the property market that may affect insurance rates and terms for self-storage operations in certain areas. These include wildfires in California and other western states, flood, and convective storms such as tornadoes, hail, straight-line winds, and lightning.

The first step is to work with your clients well in advance of policy renewal. Because insurance carriers have various risk appetites, MiniCo has elected to work with three A.M. Best "A" rated carriers to provide agents and self-storage business owners a wide range of coverage options, limits, and deductibles.

For more information about MiniCo's specialty insurance programs, visit or contact an underwriter at 800-528-1056 or

Learn More


Agent of the Month Series Launches

MiniCo Insurance
MiniCo's publishing division is celebrating the 40th anniversary of its flagship publication, Mini-Storage Messenger, the original monthly trade journal covering the global self-storage industry. As part of the celebration, the magazine introduced a new monthly series in the January 2020 issue entitled "Agent of the Month."

The series is focused on recognizing independent insurance agents who have extensive experience and understanding of the exposures associated with self-storage risks. MiniCo recognizes the value that agents bring to the insurance process and strives to support our agent partners so they can better support policyholders. The goal of this new series is to educate business owners about the value of working with an experienced agent with specialization in the self-storage industry.

Click on the links below to preview the January and February issues of Mini-Storage Messenger.

January Preview

February Preview


Specialty Insurance for Serious Collectors

Specialty Insurance for Serious Collectors
Do any of your clients collect art? Sports memorabilia? Antique books? Millions of people worldwide identify themselves as serious collectors of one or more categories of items, and they tend to be passionate about their curated treasures.

Whether these items are displayed in a residence or housed at a self-storage facility, traditional insurance options may not offer adequate protection. MiniCo's collectibles insurance program offers more complete coverage at a competitive premium when compared to most homeowner policies, and tenant insurance offered at many self-storage facilities may not be adequate to insure high-value items that are expected to appreciate.

Benefits for Policyholders
Coverage up to $1,000,000 (higher limits available)
Insured for full collectible value
No appraisal required at application*
$0 deductible and competitive premiums
A.M. Best “A” rated carrier
*Appraisal required for jewelry/watch items valued over $50,000.

Benefits for Agents
Competitive agent commissions
No minimum production requirements
Easy online portal to quote and bind policies
Value for your personal line clients
Business growth opportunity

For more information or to request a free customized co-branded flyer, contact a collectibles insurance representative at 888-873-6931 or

Get a Quote

Learn More

Sample Co-Branded Flyer

Changes are on the way later this year for our collectibles insurance program. Stay tuned to Key Agent and MiniCo's social media channels for updates.


Reporting Notice of Possible Litigation

Reporting Notice of Possible Litigation
If you run a business in today's litigious environment, lawsuits are always a possibility. For self-storage business owners, lawsuits may well be inevitable. MiniCo's claim professionals are well equipped to handle litigation involving policyholders, but time is absolutely critical.

Please notify MiniCo immediately upon receipt of a notice of possible litigation or retention of an attorney involving any policyholder. Giving our claim professionals the maximum time available to respond is crucial to the effective resolution of the situation.

For claim notification, MiniCo offers streamlined online claim forms that make it easier and faster to report a claim. Our responsive claim professionals also are available by phone, fax, and email. When reporting a claim to MiniCo, please provide all the information you have available about the loss, damage, or incident. Providing detailed information gives our adjusters a head start on processing and resolving the claim, which can translate into a quicker and more productive resolution for your client.

Report a Claim to MiniCo

Property Loss Notice GL Loss Notice

Phone: 800-528-1056
After Hours: 855-861-0876
Fax: 602-678-3512
Fraud Hotline: 855-875-0775


On the Road with MiniCo:
Upcoming Conventions

On the Road with MiniCo:
Upcoming Conventions
Representatives from MiniCo will be traveling to a number of self-storage and insurance industry events in the coming months. If your plans include attending any of these shows, we hope you will stop by our booth.

March 17-18
Self-Storage Association Conference
San Antonio, Texas
Booth 410

April 15-16
Inside Self-Storage Expo
Las Vegas, Nevada
Booth 712

April 30 – May 1
Accelerate, Powered by NetVU
Minneapolis, Minnesota
Booth 712

May 12
IIAB San Diego I-Day
San Diego, California

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10851 N. Black Canyon Highway, Suite 200
Phoenix, AZ 85029
California License # 0H04984

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