Insurance

ShedStuff

Do any of you require a proof of insurance?

Shed Stuff offers insurance but you don't have to purchase it but you will initial that you will take all responsibility.

i43storage

Sorry, our state does not require it, so we don't even deal with it.

MamaDuke7

We require it.  When we added insurance last year, we allowed existing customers to bring proof if they didn't want to pay the $10/month for ours.  However, all new rentals after that point are required to take our insurance, and we just quote the rates including that extra $10.

skinman

We do require insurance. Although if a tenant has Homeowner's or Renter's insurance that will cover their stored items, they can simply supply me with a copy of their Declarations page for their file and they are good to go. if they have neither, they would be required to purchase ours.

JulieA

i43storage said:

Sorry, our state does not require it, so we don't even deal with it.

Sign up with a company like MiniCo or the others and offer it.  It is very easy and they provide a nice addendum that is helpful in proving you are not liable for their goods.  Your legal counsel will LOVE it and your Insurance company will also.  Insurance applications even ask if you offer it. 

i43storage

JulieA said:

i43storage said:

Sorry, our state does not require it, so we don't even deal with it.

Sign up with a company like MiniCo or the others and offer it.  It is very easy and they provide a nice addendum that is helpful in proving you are not liable for their goods.  Your legal counsel will LOVE it and your Insurance company will also.  Insurance applications even ask if you offer it. 

The minimal cost benefit is not worth the hassle.

ShedStuff

We do offer Mini Co. but you don't have to take it ! I was asking IF they choose not to do so do you require the tenant to show proof they are covered by insurance of their choice. I thank all of you for your responses as helpful to get a wide variety of opinions! I think Skinman answered my question.

AnitaJohnson1269

We require that they insure their items.  Dec page or Storsmart.  Storsmart has an opt out section, but our lease requires the insurance or proof.  I would say any manager/facility in a danger area,  (hurricanes, tornadoes, earth quakes, etc) it would definitely be worth the hassle if your facility was ever damaged or destroyed by one of these...  "No worries, you're covered" is a lot easier to say than "Sorry, there's nothing we can do" to 50-70% of your tenants.  Just my thoughts. 

CVSSSTORAGE

@AnitaJohnson1269 we do not require it here, we make them initial that they know we do not cover their items. We direct them to renters insurance companies but many decline it. We aren't liable based on our lease.

Orkocean

Same as @AnitaJohnson1269 - Dec page or take what we offer *Storsmart here as well with this company, Chuck is great, dealt with him for 2 companies/states now lol*, no one comes onto any of my facilities without some form of coverage. It's a simple process that creates additional revenue for your site. In 8 years of storage i've had maybe 3 customers ever walk over insurance requirements and as far as purchase versus dec page we get about 98% as purchase the insurance versus provide their own. 

MegumiM

Alabama just past the law for insurance so we just started. We chose to go with Storsmart. It's not a requirement per say but it helps getting people to sign up if you make it sound required. If they argue then I try to get them to sign up for it while they check with their insurance company. We do require proof of insurance if they decide to go through their own insurance company. If they still put up a fight then we make them sign an addendum saying they refused the tenant insurance. Since this is still new to us we've only offered it to new rentals and plan to work on getting our existing tenants later.

Orkocean

The key to selling insurance honestly is confidence.. If you go to present it and you're stuttering, hemming and hawing about it, they're gonna see right thru you. If you state it as confidently and present the paperwork like it's something that's perfectly normal they just go right along with it. 

Drew_Scadoo

We require a copy of the deceleration page and enter the info into sitelink 

MamaDuke7

i43storage said:

JulieA said:

i43storage said:

Sorry, our state does not require it, so we don't even deal with it.

Sign up with a company like MiniCo or the others and offer it.  It is very easy and they provide a nice addendum that is helpful in proving you are not liable for their goods.  Your legal counsel will LOVE it and your Insurance company will also.  Insurance applications even ask if you offer it. 

The minimal cost benefit is not worth the hassle.

Our cost benefit is not minimal.  We use Sage, and we are netting about $3500/month!  If you do it right, they are covered and you make money, all for a signature during the rental process.  Yes, there are some hoops to jump through to get started, and that varies by state, but once that paperwork is in order, it's totally worth it.

JulieA

MamaDuke7 said:

i43storage said:

JulieA said:

i43storage said:

Sorry, our state does not require it, so we don't even deal with it.

Sign up with a company like MiniCo or the others and offer it.  It is very easy and they provide a nice addendum that is helpful in proving you are not liable for their goods.  Your legal counsel will LOVE it and your Insurance company will also.  Insurance applications even ask if you offer it. 

The minimal cost benefit is not worth the hassle.

Our cost benefit is not minimal.  We use Sage, and we are netting about $3500/month!  If you do it right, they are covered and you make money, all for a signature during the rental process.  Yes, there are some hoops to jump through to get started, and that varies by state, but once that paperwork is in order, it's totally worth it.

It is an revenue generator.  But more important is the savings in case of legal proceedings and savings on Insurance for the facility.  Insurance applications address lien procedures and ask if you use a company for tenant protection and a copy of the addendum.  I assume there are insurance providers that won't even issue a quote based on some applications! 

Pat

Our tenants only ask about flood insurance which they cannot get.

Orkocean

I'm kind of shocked that people say it's not enough of an income generator to be worth the "hassle".. Let's just say you have 1000 units at a facility that's full, a good set of managers who do their job properly should get you 90% or higher of tenants enrolled in the insurance. Now for instance with storsmart the lowest plan is $9 and it's I believe a 60/40 split. Assuming no higher grade plans were sold and all 90% are on the $9 plan that's an additional $3,240 per month of revenue, or $38,880 yearly worth of added revenue to your facility. There is only so much you can do to generate revenue at a storage facility, I would think any owner would welcome the option of increased revenue especially when it's not requiring any upfront costs such as new buildings or features of a property. Those that don't offer insurance are usually the ones most owners I know look for to try and purchase as it's a quick and easy source of added revenue. 

janiceD

People get upset when you tell them that insurance coverage for their content is required, we just tell them the story about a storage facility in Seattle that had a major fire because a brush fire jumped the fence off of I-5, many of the renters did not have insurance coverage, no one ever expected a fire to jump a fence and burn the building down, but it happens all the time and happens more and more often. so when we tell customers that true story, they not only choose the insurance if they dont have it or they go home and call their insurance agent to make sure they are covered. we are not trying to sell them something that is not important to the safety  of their belongings. people just don't get that a storage facility's insurance does not cover their content. THE TRUTH IS OUT THERE

dbudgen

We  just include the insurance in the price that is quoted for the unit. I tell them that the insurance comes with the unit if they ask during the signing. They usually sign and move on.

Orkocean

dbudgen said:

We  just include the insurance in the price that is quoted for the unit. I tell them that the insurance comes with the unit if they ask during the signing. They usually sign and move on.

Be careful doing that.. "bundling" is a big no no in some states. I want to say it was here in Cali I was told about one of the bigger operators that was doing that and ended up having a lawsuit over it

skinman

Right... Here it is against the law to force insurance as most Homeowner's and Renter's policies cover stored goods. If they have their own coverage, we accept it.

MamaDuke7

Orkocean said:

dbudgen said:

We  just include the insurance in the price that is quoted for the unit. I tell them that the insurance comes with the unit if they ask during the signing. They usually sign and move on.

Be careful doing that.. "bundling" is a big no no in some states. I want to say it was here in Cali I was told about one of the bigger operators that was doing that and ended up having a lawsuit over it

That was because they were pushing their own protection plan (that they never pay out on claims anyway!).  We offer a 3rd party insurance, and in speaking with 2 different insurance companies, we are allowed to include it in our quoted rental rates and make it a requirement of rental.  And we are in California.

storagestation603

Not required here to have it or to provide proof of insurance if your homeowners or renters does include storage. We do offer insurance through us however $9 a month, if you decline it there is a form you sign stating that you declined it and are responsible for any and all damages that may occur etc...

CVSSSTORAGE

@Orkocean
here their homeowners insurance can be used to cover storage but they have to inform their insurance company they have the items in a storage otherwise if something happens they will not be covered

Katarienr

I have noticed that the most common cases in legal practice involve property damage and damage as a result of apartment flooding. Despite the seeming obviousness, it is very problematic to independently recover money for repairs in full, let alone compensation for moral damage. To recover money for repairs, you must: Claim. To go to court, you need to prepare a claim, specifying all the essential details and the legal basis of the requirements. Claims may be addressed to both individuals and legal entities (HOA, management company). Estimate. The amount of property damage is determined by independent experts, and only then ask yourself the question Kan jag få skadestånd?