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Insurance

ShedStuffShedStuff NARegistered User ✭✭

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.


Comments

  • i43storagei43storage WIRegistered User, Daily Operations Certified, Advanced Operations Certified, Administrator Certified, myHub Certified ✭✭✭✭✭
    Sorry, our state does not require it, so we don't even deal with it.
    Jean Marie
    I-43 Storage
  • MamaDuke7MamaDuke7 CARegistered User, Daily Operations Certified, Advanced Operations Certified, Administrator Certified, myHub Certified ✭✭✭
    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.
  • skinmanskinman KSRegistered User, Daily Operations Certified, Advanced Operations Certified, Administrator Certified, myHub Certified ✭✭✭✭✭
    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.
  • JulieAJulieA INRegistered User ✭✭✭
    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. 
  • i43storagei43storage WIRegistered User, Daily Operations Certified, Advanced Operations Certified, Administrator Certified, myHub Certified ✭✭✭✭✭
    JulieA 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.
    Jean Marie
    I-43 Storage
  • ShedStuffShedStuff NARegistered User ✭✭
    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.
  • AnitaJohnson1269AnitaJohnson1269 NCRegistered User ✭✭✭
    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. 
  • CVSSSTORAGECVSSSTORAGE CARegistered User, Daily Operations Certified ✭✭✭
    @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.
  • OrkoceanOrkocean CARegistered User, Daily Operations Certified, Advanced Operations Certified, Administrator Certified, myHub Certified ✭✭✭✭✭
    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. 
  • MegumiMMegumiM ALRegistered User, Daily Operations Certified, Advanced Operations Certified, Administrator Certified ✭✭✭
    edited May 22
    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.
  • OrkoceanOrkocean CARegistered User, Daily Operations Certified, Advanced Operations Certified, Administrator Certified, myHub Certified ✭✭✭✭✭
    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_ScadooDrew_Scadoo OHRegistered User ✭✭
    We require a copy of the deceleration page and enter the info into sitelink 
  • MamaDuke7MamaDuke7 CARegistered User, Daily Operations Certified, Advanced Operations Certified, Administrator Certified, myHub Certified ✭✭✭
    edited June 5
    JulieA 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.

  • JulieAJulieA INRegistered User ✭✭✭
    MamaDuke7 said:
    JulieA 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! 
  • PatPat TXRegistered User ✭✭
    Our tenants only ask about flood insurance which they cannot get.
  • OrkoceanOrkocean CARegistered User, Daily Operations Certified, Advanced Operations Certified, Administrator Certified, myHub Certified ✭✭✭✭✭
    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. 
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