Protecting Your Storage Business
The arrival of summer means storage customers are back on the move again. But that isn’t the only summer surge self-storage operators need to think about—a surge in severe weather poses an increased threat to property owners across the U.S.
A Surge in Storm-Related Losses
So far in 2025, there have already been 960 tornadoes recorded—well above the annual average of 660 over the last 15 years. That’s on track with the previous year, which was the most active year for tornadoes since 2011. Climatologists have also observed that the so-called “Tornado Alley” has shifted eastward, from the Great Plains into the Mississippi River Valley.
Additionally, climate forecasters at NOAA are predicting an “above-normal” hurricane season this year, with as many as 13-19 named storms and three to five major hurricanes. NOAA is also predicting a hotter-than-usual summer, increasing the risk of wildfire in certain areas of the country.
Property losses from natural disasters have continued to rise steadily as major weather events have grown more frequent and more intense. According to NOAA, losses from weather-related disasters exceeded $182 billion in 2024, the fourth-highest ever year on record. Over the last five years, losses have averaged $149 billion annually; compare that to an average of $99.5 billion annually during the 2010s, and you can see how changing weather patterns are increasing expenses for storage owners.
Reducing Risks for Self-Storage Operators
As the costs associated with stronger and more frequent severe weather continue to rise, so do the risks. Every self-storage business needs to consider its level of exposure to potential disaster scenarios and plan accordingly.
Fire, lightning, windstorms and other weather effects can cause significant damage to self-storage facilities. A property and casualty insurance policy can protect you from financial losses connected with such adverse events.
Customize your coverage: Storable’s P&C insurance plans* are tailored based on your location, risk tolerance, and business needs.
Without adequate insurance coverage, such a loss could be devastating for a self-storage operator, particularly in cases where multiple facilities are impacted. The loss of income from each damaged unit can add up quickly, so it is vital to choose an insurance provider that understands how the business operates.
Storage buildings also face unique risks. Hidden structural issues, such as building collapses or water damage, can disrupt operations. Security concerns, such as vandalism and burglary, can also impact you financially, as well as your reputation.
Choose Industry Specific Coverage: As our industry is so specialized, a standard commercial P&C policy could leave gaps in your protection. Self-storage operators can benefit from choosing industry-tailored P&C coverage from Storable*, which includes specialized features such as sale/disposal liability, customer goods legal liability, and extended loss of income coverage.
Evaluate Your Coverage Now
While it is easy to rely on your current insurance program each year to ensure continuous protection, it is still important to review your current coverage and ensure it is adequate, as well as that your P&C provider is meeting all your needs.
Before your current P&C insurance policy renews, consider the benefits of switching to a provider that understands your unique needs. Here are some questions to ask yourself as you consider your ongoing insurance needs:
- Is my facility at increased risk for certain natural disasters?
- Do my coverage levels reflect the degree of increased risk and the rising cost of repairs or replacement?
- Does my insurance provider understand and support the unique business needs of the self-storage industry?
- Am I also providing the best tenant property insurance to customers?
Depending on where those questions lead you, it may be time to adjust your coverage or switch to a provider that understands the specific needs of the self-storage industry.
Ready to explore your options? Contact us today to discuss how our tailored Property & Casualty Insurance can benefit your self-storage facility.
*Property and Casualty Insurance and tenant property insurance is offered, quoted, and placed by Storable affiliate insurance agency, Property First Group, LP (NPN 15974922) doing business in California as Property First Insurance Agency (CA License No. 0H93939). Coverage may not be available in all jurisdictions and is subject to actual policy language.
