he year was 1978. Canada enacted a new immigration policy, a Soviet satellite crashed to the Earth near Great Slave Lake, Montréal was crowned the second city of disco, and Toby Struewing’s dad was about to take him for a ride.

“I was six at the time, and I remember those headlines,” says Struewing, “but what my dad was doing then of course had the greatest impact on me—and on my future.”

Struewing’s father had started a self-storage program with his brokerage, and since he wanted to know more about what his father did, the duo embarked on a series of road trips (i.e., customer appointment calls in which he helped potential owners with applications and quotes for new business while occasionally delivering a new insurance policy). “They could be long trips,” he says. “Ottawa to Ontario, that’s a couple days right there with all of our stops. Along the way, dad would spot a self-storage facility and he’d just pull in unannounced. He’d introduce me and ask if I could sit in while he went over paperwork with the owner.”

It was Struewing’s first introduction to an occupation that, unbeknownst to him, would one day be his own. And for the time being, he remained under his father’s wing. When he was about 16 years old, he worked afternoons with his dad as part of his co-op placement in high school for a semester. “I was basically a gopher,” recalls Struewing, “but it was my next introduction to the insurance business outside the road trips.”

A year later, Struewing took on a part-time job at a property that his dad’s program insured. He eventually moved into management, becoming the facility manager for a Storage Plus property (it would later be bought by U-Haul).

That position led to Struewing becoming a floating manager in Toronto. “The commute from Kitchener, long hours, and lack of free time given the travel made me re-evaluate my career,” says Struewing, who then embarked on a six-year detour working as a sales consultant for a Toyota-Lexus dealership. “The hours were even longer there, and my heart just wasn’t in it. My career path had basically been five years in the storage business, followed by six years selling cars. I was ready for something different.”

Struewing’s next move would be the one that stuck. Although his father sadly had passed away in 1991, those road trips with dad and the knowledge he’d gained had made an impact on him. So, at the turn of the millennium, he contacted his father’s brokerage, which was now Cowan Insurance Group, which serves various industries across Canada, offering customized business insurance, group benefits, and personal insurance plans.

“They knew my dad, of course; he had started the self-storage program. But aside from that, they’re just a great company,” says Struewing, noting the group’s charitable endeavors (according to the website, The Cowan Foundation has invested more than $35 million back into local communities since its inception in 1995, and today donates over $3.5 million annually to charities).

Continues Struewing, “When I came in for an interview, they were surprised to see just how much I knew about the storage industry—very few did back then, as it was still a very young industry in Canada. So all those road trips with Dad and my forays into self-storage management really paid off.”

Struewing took the job and never looked back. “Twenty-five years ago, the industry looked a lot different,” he says. “The big players in the Canadian marketplace were limited to U-Haul and Public Storage. The others we know today either didn’t exist or were quite small with one to five facilities at that time give or take. So, I was courting independents most days.”

Of course, the self-storage industry has grown considerably since then, and today Struewing counts several big names as both clients and friends.

The biggest change in recent years is the prevalence of tenant insurance. “A lot of owners are making it mandatory,” he says. “They won’t rent a unit to someone unless they take out insurance or show proof of insurance from another provider.”

When inquiring about homeowners insurance covering those people who store belongings outside the home, Struewing stifles a laugh. “I like to say, ‘If you think you’re covered for storage by your homeowners insurance, you probably haven’t read your policy.’ And let’s face it, no one does unless they have a claim.”

Even if a homeowners policy covers items in storage, Struewing says there’s often caveats. “There may be a time limit, say 90 days,” he adds. “And most homeowners policies don’t have various types of water damage built in, which is the No. 1 source of loss. It could be a sewer back-up, a flood, or things considered ‘sudden accidental escape,’ for example water that has leaked from plumbing or heating systems.”

Additionally, Struewing says that making a claim for stored items on a homeowners policy can impact the cost of the overall policy. “Do you really want to pay more for homeowners insurance because some clothes were damaged in storage? With tenant insurance, it doesn’t impact your home policy and it’s cheap. I don’t think you’ll ever pay more than $50 a month.”

A smart recommendation Struewing has for those who say they’re covered by homeowners insurance: “Tell them if they want to get into a unit today to take out the tenant insurance, and if they bring in proof of insurance through their homeowners policy within 30 days, you’ll remove the charge. Most times, they take the insurance and that’s the end of it, either because they discover they aren’t covered or they never bother to look.”

Cyber insurance is another offering at Cowan Insurance Group, although Struewing says many self-storage facilities don’t use it. “A lot of times, the facility is storing its data with a third-party software company. So, if there’s a breach, typically the software company is going to be liable.”

Struewing says that smaller operators, who may not store their data with a third-party, are often reluctant to pay for cyber insurance because they feel small in the grand scheme of things. “They may say, ‘I’m just one facility; why would a hacker bother with me?’ My response is, ‘Because you’re just one facility, you’re an easy target.’”

It’s also a common misconception that cyber insurance is limited to computer hacking. “The breach doesn’t have to be electronic,” Struewing says. “Let’s say an employee leaves important documents in a coffee shop and they’re stolen, or you write down some credit card numbers on a slip of paper and when you’re in the washroom someone comes in and swipes it. This would fall under a cyber policy.”

Struewing acknowledges that cyber risks can sometimes be passed on if the owner/operator is prudent with data collection and storage, but he still recommends it since cybercrimes are happening with much more frequency. Ultimately, he always tells clients, “Buy what you can afford.”

When he learns that this edition of Self-Storage Canada will include “The 2025 Outlook,” Struewing is ready to weigh in from an insurance perspective, but he begins more broadly. “I think we’re turning a corner, however slow. For one thing, it will be nice to have the election over. Whoever wins, it brings a sense of stability knowing which captain is at the helm. Then, you have to give them the chance to do what was promised.”

Ultimately, Struewing feels that survival, whether it’s a small independent or a large REIT, will depend on how overextended the company is. “Look, every business borrows, but it’s going to come down to how much. Maybe that mom-and-pop was really well prepared, and they’ll be fine when their loan renewal comes up at a higher rate, while the larger player could be in trouble. Or it could go the other way too, of course.”

Struewing turns his attention back to the insurance side of things. “The economy doesn’t have that much of an impact on the insurance business whether times are good or bad. We run on loss ratio, dollars in vs. dollars out. Our expenses are claims, people, and overhead, and our revenue is insurance premium. These things don’t tend to change just because the country is in a recession or an expansion.”

“Insurance companies do also have investment income,” Struewing adds, but notes that what they can invest in is strongly regulated. “We’re not in a position to make risky investments with customers’ premiums.”

During a recession, when other businesses try to get leaner, it can be hard for an insurance company to react similarly. “It’s not like you can mitigate claims,” he says. “A bad economy doesn’t mean less claims and lower dollar payouts.”

So, when an insurance company is struggling due to poor underwriting (although investment returns often have a tendency to offset this, notes Struewing), there are really just three options: increase rates, increase deductibles, or reduce coverage. However, with Cowan Insurance Group’s self-storage insurance program, he and the team strive for consistency, something other insurers can’t always claim. “If you have an insurer coming off a horrible year, you can’t dodge those bullets. Future rates may increase, your deductible may increase, and so on. But with our program, this is a lot less likely.”

2025 should be “status quo,” says Struewing, while acknowledging that nothing is certain until his team goes over year-end results in the next month. “We’ll sit down and take a look at how the program is going, and then decide what to do for 2025. Do we stay the course with marginal rate increases, or do we need to react differently? We’ll know soon enough!”

Having been around the self-storage industry since that first road trip with his father in the late 70s, Struewing has witnessed a lot of change. “I’ve seen the rise of REITs, watched as international interest in Canada grew, and I’ve witnessed facilities becoming much more sophisticated and tech savvy.”

When it comes to property insurance, he could see costs increasing as new challenges arise. “Facilities are now offering specialty storage for art and wine, for example. Expensive goods like that are going to cost more,” Struewing says. “They’re also offering office space, but they’ll need commercial property insurance for that.”

Current weather conditions also have him concerned about rising insurance costs. “It’s pretty clear that the climate is hurting,” Struewing says. “We’re seeing bigger storms, greater floods, hurricanes hitting unusual areas. These can all be devastating to self-storage facilities, and insurance companies need to protect themselves, too.”

Lastly, with the economy in a pinch, and due to the ongoing housing crisis, Struewing’s hearing about more people trying to live in their units, which presents insurance challenges in itself. “They may be using hot grills, heaters, or overloading circuits. All of these are dangerous and can cause a fire. In fact, fires seem to be more commonplace lately for a number of reasons, which I know is something your publications have covered.”

When it comes to all these scenarios, Struewing says, “Well, at least I can say I’ve got some job security.