Insuring the Most Challenging Properties

Written by: Mike Schofield Posted: 10/28/2016
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Incidents of property damage caused by severe weather are happening more frequently today than in the past. In response to this trend, insurance carriers are declining to renew policies for commercial property in certain locations or renewing the policies with limitations. New applications for coverage also are being declined at an increasing rate in high-risk areas. This has made it far more challenging for many insurance agents to secure coverage for their self storage clients.

Alternative programs are available to insure the most challenging properties. For example, stand-alone property insurance policies are available which have been created specifically for facilities that are difficult to insure due to geographic location, age or loss experience. This type of policy can be paired with a stand-alone general liability policy to offer insurance agents greater flexibility in working with challenging self storage properties.

Programs also are available to address percentage wind and hail deductibles that may be applied by insurance carriers to properties in geographic areas prone to catastrophic wind and hail claims. Known as deductible buy-back programs, these stand-alone policies enable the wind and hail deductible to be lowered to a certain percentage or specific dollar amount to decrease the policyholder’s potential out-of-pocket risk in the event of a catastrophic loss. As with any risk, your insurance agent can advise you regarding insurance options to help protect your investment.

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 partnered with London-based Lloyd’s to offer specialty property and deductible buy-back solutions for insuring the most challenging self storage properties. MiniCo Insurance Agency, LLC, is a member of the Aran Insurance Services Group. For more information, visit

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