283. Self Storage Insurance 101: What You MUST Know to Protect Your Property w/ Terry Campbell

Get my FREE self storage starter pack to learn how to analyze, underwrite, and operate your next storage investment: https://www.selfstorageincome.com/start-podcast  Most people don’t realize it, but self storage facility insurance can kill your deal. Fires, tornados, hurricanes, and winter storms are making it more and more costly to protect your facility, and rising prices could eat into the profit margin you worked so hard to create. How do you keep your insurance prices reasonable while still protecting your property? Are insurance premiums about to skyrocket again, or is 2025 the year they finally “level off”?  We own a lot of self storage, but we aren’t insurance specialists, so we brought one on to help YOU get the most coverage at the lowest cost.  Terry Campbell is the expert in self storage. He’s done everything from building to lending, operating, and educating on self storage investing, but now, he’s tackling a bigger beast: self storage insurance.    If you’re new to self storage investing, this is an episode you MUST listen to before buying your first property. If you’ve been investing in storage for a while, you already know how pricey premiums have gotten, and Terry’s tips can help you save some serious cash when it’s time for renewal.  What you’ll learn in today’s show: What’s behind the recent insurance crisis and why 2025 may finally be a “leveling off” point How to factor insurance price hikes into your underwriting for new and existing facilities Why more and more facilities are moving to “self-insuring” even at its high cost  Expert tips to lower your insurance premiums and when to (and when NOT to) shop other carriers  Terry’s top picks for self storage insurance carriers who can cover your facility  Johnson Insurance: https://gojohnsoninsurance.com/  Email Terry: [email protected]  📌 Make self storage management easier than EVER with our podcast sponsor Tenant Inc. - https://www.tenantinc.com/  📑 Our Self-Storage Feasibility Studies will help you speed up the process in understanding markets, potential risks, and analyzing the facility itself.  https://cedar.cc/feasibility-studies/  📉 Our current investment opportunities: https://cedar.cc/invest