WEBINAR 6/20/18: Decrease Liability and Increase Revenue with Self-Storage Tenant Insurance

Sue_C

June Industry Webinar! 

Decrease Liability and Increase Revenue with Self-Storage Tenant Insurance

June 20, 2018
with James Appleton of MiniCo Tenant Insurance

Self-Storage operators of all sizes have adopted tenant insurance as a way to decrease liability, increase revenue, and provide a valuable solution to often inadequate homeowners/renters policies. Learn all about the ease of setup and administration, the claims process, as well as revenue potential. Plus, discover how SiteLink customers specifically, can utilize built-in reports and API integration to decrease liability and increase revenue with self-storage tenant insurance.

Did you miss the live webinar? On-demand access is now available!

i43storage

How does that decrease the operator's liability? 

MiniCoTenantInsJA

Hi Jean Marie... that's a great question and something I'll address in the webinar. For now though, here are the general thoughts on how it can indeed reduce the operator's liability. 

Tenants, as you are aware, rarely read the lease and in the absence of a Tenant Insurance program often attempt to recover losses from the facility despite it being stated in the lease that the facility is NOT responsible for such a loss and that customers are responsible for providing their own coverage. If left to the Tenant, they will likely go uninsured or default to their homeowners/renters policy which is in MANY cases inadequate, subject to sub-limits, and NOT replacement value but ACV (Actual Cash Value) which can leave the tenant less than whole. This can lead to them seeking compensation through legal means, creating a liability exposure whether at fault or not, which can be a significant burden from both a time and financial perspective for an operator.

When a tenant fully understands that they are contractually obligated to carry such a policy or furnish evidence of insurance via homeowners/renters, they are more apt to purchase the Tenant Insurance policy. Most often they find that it is superior coverage to their homeowners/renters policy due to the fact that it is Replacement Value with a ZERO Deductible and covers more perils. They will feel better covered and more secure in the knowledge that a claim will likely be paid in the event of a covered loss and LESS likely to pursue financial compensation from the operator directly; effectively reducing YOUR liability. 

i43storage

@MiniCoTenantInsJA - Thanks for the information.  Offering insurance to our tenants is one of the few sources of revenue left untapped with us.  Insurance is not required here and the paperwork seems like a hassle for the few dollars it will kick back to us.  Also, 50% of our tenants would never have the means to take us to court and the other 50% have insurance already.  I am looking forward to learning more though.  Thanks again.

Sue_C

Thank you James Appleton for presenting this very informative and important webinar!

This webinar is now available on-demand.

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Watch Decrease Liability and Increase Revenue with Self-Storage Tenant Insurance on your own time at your convenience!

Sue_C

The Q&A from this webinar is now posted. Feel free to add comments, ask a question, or learn more about tenant insurance.

The Q&A also shows results from polls taken during the presentation. 

Go to Q&A now.