What's Happening?
Amwins Program Underwriters has launched a new insurance program specifically designed for self-storage facility owners and operators. This program offers a comprehensive range of coverages including property, equipment breakdown, inland marine, general
liability, excess liability, non-owned and hired auto, and crime coverages. The insurance is available on both an admitted and non-admitted basis, with coverage limits such as $1 million per occurrence for general liability and up to $5 million for excess liability. The initiative comes in response to the growing demand for self-storage facilities in the U.S., which now encompass over 2.1 billion square feet, with approximately one in three Americans renting a storage unit. The program is backed by an A.M. Best A-rated insurer.
Why It's Important?
The introduction of this insurance program is significant as it addresses the increasing risks associated with the expanding self-storage industry, such as property damage, vandalism, and theft. As the demand for self-storage continues to rise, driven by factors like urbanization and downsizing, facility owners require robust insurance solutions to mitigate potential liabilities. This program not only provides financial protection but also supports the industry's growth by offering tailored coverage options. The backing by a reputable insurer further enhances the program's credibility, potentially attracting more facility owners to secure their investments.
