Property Insurance Like a REIT
Self-Storage Owners Insurance Alliance (SSOIA) is a 501c6 nonprofit and was established for the purpose of creating a property insurance buying consortium or master program for “mom & pop” self-storage owners that spreads the risk over a large geographic area resulting in lower premiums and better coverage for all. The strength of large numbers will allow the SSOIA to obtain coverage and rates commensurate with the large REITs.
The vast majority of storage facility owners, estimated to be around 60-80% of the market, as small business entities with smaller portfolios, do not have the scale needed to build this type of program. Establishing the master program will allow the smaller businesses to access economies of scale,