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 self-storage during moves, downsizing, and transitions. Small businesses rely on it to hold inventory. Hobbyists and entrepreneurs use it to safeguard everything from seasonal equipment to online shop stock. Nearly 40% of Americans currently use self-storage in some form, and the demand continues to climb.
The numbers tell the story. The United States has more than 52,000 facilities, totaling over 2 billion square feet of rentable space. That’s larger than the entire footprint of Phoenix, America’s fifth-largest city. The industry’s market valuation exceeded $58 billion in 2023, and analysts project the global self-storage market to grow another $20 billion within five years. For insurance agents, those figures point to an undeniable reality: This is a thriving market with tremendous opportunity. And if you aren’t exploring self-storage to grow your client base, you’re leaving business on the table.
Self-Storage Deserves a Place in Your Book
At first glance, self-storage may not seem like a natural fit for insurance specialization. But take a closer look:
- It’s resilient during downturns. When families downsize or businesses cut costs, storage demand tends to increase.
- It’s expanding geographically. Urbanization and shrinking living spaces are driving demand for self-storage in both metro and suburban markets.
- It’s diversifying its customer base. Beyond households, small businesses are increasingly relying on self-storage to manage inventory, files, business equipment, and more.
Each of these factors fuels steady demand (and steady opportunity) for insurance agents who understand the space and can offer customized solutions.
Why Does Specialization Matter?
Despite the industry’s steady growth, some self-storage operators still may be underinsured or relying on policies not designed for their unique risks. Standard commercial property coverage often fails to address exposures like:
- Damage to tenant contents
- Liability for lost or stolen goods
- Damage from severe weather such as wind, hail, and wildfire
- Vandalism, burglary, and other criminal behavior unique to storage facilities
- Equipment breakdown affecting critical systems like climate control, gates, and premises security
This is your cue to step in with the right knowledge and solutions. By specializing in self-storage, you differentiate yourself from generalist agents, provide real value to operators, and position yourself as the trusted partner for a booming industry. It’s not just about selling policies; it’s about solving problems that other insurance professionals may not even recognize.
What a Partner Like MiniCo Brings to the Table
Breaking into a new sector can feel daunting, especially one with unique exposures and coverage needs. That’s where MiniCo comes in. For over 50 years, MiniCo has been the leader in self-storage insurance, giving agents access to:
- Award-winning specialty insurance programs and solutions for self-storage risks
- Exclusive markets and unmatched flexibility in coverages, limits, and deductibles
- The largest, most experienced underwriting team focused solely on the self-storage class
- Self-storage industry insights and market trends to help you anticipate operator needs
- Risk management tools you can share with clients to strengthen relationships and minimize losses
- In-house claims professionals with deep expertise in the self-storage class
With MiniCo, you don’t need to be a self-storage expert on day one. You simply need to recognize the opportunity and partner with the provider who already knows the space inside and out.
FAQ: What New Agents Want to Know
1. What is self-storage insurance?
Self-storage insurance encompasses commercial coverage designed for self-storage business operators, including property, general liability, business income, business liability, crime, cyber, equipment breakdown, wind/hail deductible buyback, umbrella, and more.
2. What are the specialty coverages for self-storage businesses?
MiniCo innovated multiple specialty coverages to address exposures unique to self-storage businesses including customer goods legal liability, sale and disposal liability, and limited pollutant removal.
3. Is self-storage really a stable sector?
Yes. Historically, self-storage has proven to be one of the most resilient real estate sectors even during periods of severe economic volatility including the recessions of 2007-2009 and 2020.
4. How can I get started as a new agent in this space?
Leverage MiniCo’s exclusive Commercial Self-Storage program, informational resources, and dedicated program underwriting team to build expertise quickly.
Start Building Your Specialty Book Today
Ready to expand your book of business with one of the most resilient and growing commercial real estate classes? Connect with MiniCo today. Our team has the experience, insights, resources, and coverage solutions to confidently help you grow your business in the self-storage class.
