Mini Storage

[stuartmoore10]

Hey Forum,

I was thinking of trying to go after some of the Mini-Storage places here in town.

They are very easy to write and one of our carriers, Auto-Owners has a very good market for them.

Has anyone had any experience writing any of these? Are they as easy as they seem in my head?

Any advice is welcome!!!

 

[SoCalBroker]

Just had a meeting today with a carrier rep and these came up.

There are several specialty carriers into this niche. They're beatable.

There's two key endorsements your carrier will need to compete on as well ...
- customers stored goods cover
- customers goods disposal [or something similar name escapes me at this moment ]

I was a bit distracted during this part of the convo, my UW was blowing up my blackberry email box trying to bind a WC deal. Thats ok - we won the biz just under $80k - turned out be a GREAT MONDAY!

Mondays usually suck - but Im celebrate'n

Good luck - I'll see if I can find out more.

Getting to the owner would seem to be the challenge - cuz usually they hire a manager to liver there. I have a family friend who builds em - he owns like 25 all across the southwest here. They are a very large [financially speaking] investment group ... of "Playas".

Getting the guy who pulls the trigger on hte insurance buy might be a challenge. Bet they have an association

 

[stuartmoore10]

Congrats on the big deal!! That's great!!

Also, thank you for the advice. I saw one of the older members of the group write one of these. He was good friends with the owner, an older guy.

The one that he wrote was a very big one. It made around $500,000 in revenue and the premium was something like $18,000. That's what got me interested!!

Is it right that the premiums depend on how much revenue the storage place generates?

 

[SoCalBroker]

I dont think its a sales based program. Property values drive the premium - out here in CA anyways.

Those things are just humongous CASH cows for the owners. And in this market - Ohhh my - biz is booming for them!!!

Their issues are getting land use build permits from the local muni's

In CA $18k would be a pretty good sized deal for this class.

Firemans Fund / Travelers / Allied / Farmers / Mercury are all after these things and some regional specialty co's Hull & Co has a program through Mini-Co it think it is?

 

[stuartmoore10]

And there are a ton of them popping up everywhere. I did a search for them around Gainesville, Ga and I had a list of about 40 of them. I am going to set out tomorrow to try and find the owners and somehow get in touch with them.

I think I have a decent chance with some of the "Mom & Pop" ones. I am really going to try and stick to the local ones, maybe somehow work my way into the regional ones eventually.

I am going to try the GIS-Pilot website to try and find the owners, so when I call I at least have a name.

Do you think that is good way find out the owners names or is there an easier way??

 

[SoCalBroker]

Haines Coverage Areas for direct marketing and lists

real property owners you could get a list a cheap as $250

whats yer time worth?
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Alright bro ... Here ya go :-) Have a fun time on their site.

This is called Niche research ...

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