Why Amwins’ New Insurance Program is a Game-Changer for Self-Storage Owners

Amwins Self-Storage Facilities insurance program

The self-storage business is booming like never before, but with big growth comes bigger risks. To help business owners protect their investments, Amwins Program Underwriters (APU) has officially rolled out a highly targeted Self-Storage Facilities insurance program.

This new policy is designed from the ground up to offer laser-focused protection that standard commercial business policies usually miss. Backed by a financially solid carrier with an A.M. Best “A” (Excellent) rating, it provides a safety net for facility operators navigating a rapidly changing market.

Here is everything you need to know about this new coverage, the industry trends driving it, and how to qualify.

What Does the Policy Cover?

Standard business insurance often leaves massive gaps when it comes to storage units. The Amwins program fixes this by bundling traditional business coverages with unique, industry-specific protections.

Basic Protections in Place

• Property & General Liability: Protects the physical structures and covers the basic slip-and-fall lawsuit risks.
• Excess Liability & Crime: Adds additional layers of financial protection and covers losses from employee theft or fraud.

• Equipment Breakdown & Inland Marine: Covers specialized tools, machinery failures, and specific high-value goods.

Special Adjustments for Storage Risks:

• Customers’ Goods Legal Liability: Covers the facility up to $1 million if a customer’s stored items are damaged or destroyed due to facility negligence.

• Sale and Disposal Legal Liability: Protects the owner up to $1 million against lawsuits if they wrongly auction off or throw away a tenant’s goods during a lien dispute.

• Resident Manager Protection: Optional coverage available for businesses that have an on-site manager living on the property.

The Self-Storage Boom and Shifting Market Risks

Amwins didn’t launch this program by accident. The demand for self-storage space has skyrocketed across the country, fundamentally changing how these businesses operate.

Massive Growth Scale

By 2026, the total self-storage inventory in the United States crossed a massive 2.1 billion square feet. Today, roughly one out of every three Americans rents a storage unit. As facilities multiply, issues like break-ins, property vandalism, and weather-related damages are naturally on the rise.

Wall Street Takes Over

The days of self-storage being a small, family-run local business are fading. Real Estate Investment Trusts (REITs) and large institutions now control about 45% of all storage space in the U.S., with the four largest public corporations controlling nearly 30% of the entire national inventory.

New Local Rules and Regulations

With big corporate ownership comes intense scrutiny. Local rules are beginning to impact profits. For instance, new emergency regulations in Los Angeles and surrounding counties have created financial headwinds for major players like Public Storage and Extra Space. This highlights why generic insurance packages no longer work—local laws change the risk daily.

How to Get Covered: State Availability & Requirements

The policy is designed to be accessible but requires a clear operational track record to qualify.

State Availability:

The program is split into two regulatory categories depending on where your properties are located:

• Admitted States (19 Locations): Connecticut, Delaware, Florida, Georgia, Kentucky, Maine, Maryland, Massachusetts, New Hampshire, New Jersey, New York, North Carolina, Pennsylvania, Rhode Island, South Carolina, Tennessee, Vermont, Virginia, and West Virginia.

• Non-Admitted States: Available for specialized risks specifically in Florida, Georgia, and New York.

What Agents Need for a Quote:

To submit a business for underwriting, brokers need to provide:

1. A completed standard industry application.

2. The specific Amwins supplemental form.

3. A copy of the facility’s standard tenant lease agreement.

4. Five years of clean, verified insurance loss history.

The Bottom Line

Entering a niche market that has been managed by legacy specialists for decades is a bold move. However, as Dan Curran, Executive Vice President at Amwins Program Underwriters, points out, the increasing complexity of these facilities requires simpler, more direct solutions.

With repair costs climbing due to inflation and weather events becoming more severe, Amwins is making a well-timed bet. They are betting that their massive distribution network and flexible underwriting will give storage owners exactly what they need in a complicated real estate market.