Tenant Insuance

pcss

Hi Everybody

I'm looking into other tenant ins...we are currently using Bader.  What's everybody else using and why?

Thanks

Sally

MamaDuke7

I currently use Sage.  I have previously used MiniCo.  They are both great and I would recommend either.

GlenMark

We are looking at Deans & Homer for our tenant protection program.

pcss

Thank you both!

prowlett

We use Deans and Homer - no issues in 5+ years. Quick response and a wide coverage. Chris Betteridge is pretty easy to get a hold of when you have issues, concerns, or questions.

pcss

Thank you prowlett!

LADYLIFT1

Do you offer the ins or require it?

prowlett

You can’t require them to purchase your protection plan, but you can require your tenants to be covered. We require coverage - Declarations page. Deans and Homer, like many, don’t cover parking stalls- just items in covered units. So then we couldn’t sell our protection plan. They do have a $500 limit on vehicles in covered spaces, but the idea is that most people store more than just vehicles, so it’s there for that stuff. 

Your_Self_Storage

Is it easy to get started?  I've been considering this as an additional revenue generator too, and just wondering if it really works for facility owners.  I have 348 units right now, and we don't offer any type of insurance, but I'd sure like to do it if it makes dollars and sense.   

JulieAton

Your_Self_Storage said:

Is it easy to get started?  I've been considering this as an additional revenue generator too, and just wondering if it really works for facility owners.  I have 348 units right now, and we don't offer any type of insurance, but I'd sure like to do it if it makes dollars and sense.   

The most important benefit is from a legal standpoint & your insurance coverage/options!  Attorneys and insurance providers will agree!  You offer coverage to everyone. If they don't take it they initial the addendum that they are declining the coverage and will be self insured!  We use Mini Co

pcss

I'm sorry I haven't gotten back sooner.  Good info!  We offer ins for the tenant right now, but they can use their homeowners/renter policy if they have it.  I do suggest they contact their provider because not all will cover off-site coverage or will only do up to a dollar amount of their belongings. We do require insurance and I have a form letter (in Sitelink already) that I email and if they haven't responded, I just add the lowest amount to their account.  Most of the time, I never hear anything back from the tenant.  OR they you provide you their info immediately :-)

prowlett

Your_Self_Storage said:

Is it easy to get started?  I've been considering this as an additional revenue generator too, and just wondering if it really works for facility owners.  I have 348 units right now, and we don't offer any type of insurance, but I'd sure like to do it if it makes dollars and sense.   

We charge tenants $8 for $2,500 coverage that costs us $1.50 per plan. We only offer 1 plan, to keep it simple for the tenants (yes or no vs. which one, since they already have enough decisions to make). Most facilities charge $10-$13 for the same coverage. We have properties that have roughly 200-300 or more tenants that have the plan (50% or less). This is not a good percentage. We made a big push at all of our properties to get that percentage higher. It was, on average, 30%. We are shooting to get 70% or more, keeping in mind that most of our facilities have outdoor parking, which our plan can only be applied to covered storage units. To us, an extra $1,600 or more a month is a big deal. It's like adding 10-16 units to the property without construction and management costs (depending on what your average unit price is).