The self-storage industry is facing unprecedented insurance challenges. Insurance companies are seeing bigger and more frequent losses. As such, premiums have skyrocketed and available coverage is declining. These factors are affecting the small to midsized business owners in a more significant way than the large REITs with decreasing coverage and increasing premium rates. Property insurance typically is the 1st or 2nd largest expense item and with the current insurance market, property insurance is having an outsized impact on the bottom line.