In this episode of Outside the Box, Terry Campbell discusses why upgrades and updates are an important part of operating a successful self-storage facility.
Terry explains that many owners invest in upgrades to stay competitive in their markets, especially when newer facilities enter the area. Improvements such as security upgrades, electronic locks, roof replacements, and general property maintenance can help attract tenants, justify rental rate increases, and ultimately increase the overall value of a facility.
From an insurance perspective, some upgrades can also positively impact risk. Enhanced security systems, for example, can reduce the likelihood of theft and vandalism, while repairing doors, driveways, or other structural components can help prevent injuries and liability claims.
Terry also highlights that certain upgrades—like installing a new roof—may help facilities maintain or regain replacement cost coverage, which can make a significant difference if a major storm causes damage.
At the same time, Terry reminds owners that upgrades should always be communicated to their insurance agency. Keeping your agent informed ensures your coverage reflects the true value of the property and helps identify opportunities for potential rate improvements.
Watch the full episode to learn how thoughtful facility upgrades can strengthen both your property value and your insurance strategy.
