Tenant Insurance

John_Jill

We are wanting to start offering insurance to our tenant's and I am reaching out to get your advice on who you go with and why? I know some facilities require their tenant's to have insurance and some don't, some offer insurance and some don't. I am wanting to see what your suggestions are as to why you require it or why you don't? Who is the better insurance carrier and why? I appreciate your assistance with this and thank you for any advice!! 

Climateguard

We use Minico at our facility and it works great. For more information contact Jeri Melvin at 800.528.1056   
   
There are easy ways to sell it and Minico will go over that with you. It is a great ancillary income.

Best Regards

John_Jill

Thank you!! 

teamcapitola

@John_Jill There is a section here in Sitelink forum listing a bunch of Self Storage insurance companies, along with contact information etc.

https://storageforum.sitelink.com/categories/insurance-legal-and-auctions

Scroll down to Insurance, and send a few emails. I found most of them to reply quickly and all were friendly and informative with my questions.

Our lease has always required that tenants maintain a basic insurance policy for their belongings, but we just started to actually require proof insurance for new tenants.

We didn't want to be like the big chains and make clients buy the policy we offer; so while we require insurance, we allow tenants the option to provide proof of coverage (through their homeowners/renters policies) in lieu of buying a policy. We have used MiniCo for years and have had no issues with them.

I found that bundling the cost for a basic policy along with the unit price works well for our clients.... that way it doesn't come across as a "hidden fee" once we start paperwork. Most of them have homeowners policies, but end up buying a MiniCo one anyway.

I'm sure every facility has a method that works for their location & demographics, hopefully some others will chime in with their experiences.