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Insuring the Most Challenging Properties
Posted 6/19/2019
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Wind and hail damage insurance claims have become more abundant and the average cost of these claims have increased substantially. In response to this trend, insurance carriers may decline new applications or decline to renew policies for commercial property in certain locations. If they do choose to renew the policies, they may do so with limitations. Self storage businesses with older buildings, questionable exposures or marginal underwriting characteristics may find it as challenging to obtain commercial insurance coverage as those facilities in geographic locations prone to severe weather.

While severe weather may be one of the most obvious issues when it comes insurance underwriting, there are other factors that can make it difficult to obtain commercial insurance for a self storage property. For a variety of underwriting reasons, some self storage properties are more challenging to insure than others.

When evaluating a risk during the application or renewal process, an underwriter will consider the following:

• Geographic location

• Age of buildings

• Building use for non-storage functions

• Loss history generally three to five years

Owners of high-risk self storage properties are advised to work with their insurance agents to identify insurance solutions specifically for these types of risks. There are programs on the market that address these types of challenges and offer benefits such as A.M. Best "A" rated insurance carriers, underwriters with specialized experience in self storage operations and flexible options for coverage and deductibles. Learn More

About the Author: Mike Schofield is the President and CEO of Phoenix-based MiniCo Insurance Agency, a provider of specialty insurance products and publications for the self-storage industry since 1974. MiniCo has recently upgraded its self-storage business owner policy supporting solutions to provide expedited service and enhanced protection for policyholders. For more information, visit

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