If someone is spending time and money to store their belongings in a rented storage unit, then it is safe to say they have some degree of attachment to those items. If those items were to be lost or damaged, they would likely be very upset. However, when renting a storage unit, not everyone reads the fine print or takes the time to understand one of the basic principles of self-storage. Although the facility rents space to store items, it is not responsible for insuring those items. Only the tenant is responsible for purchasing insurance for their stored items. Thankfully, specialty insurance programs are available to meet this need. Here’s what self-storage facilities and their tenants need to know about the benefits of tenant insurance.
Many self-storage facilities require tenants to provide proof of insurance during the leasing process and before allowing them to store items inside a rented storage space. Tenants who have purchased a renter’s or homeowner’s policy can use this as evidence of insurance. But what about tenants who either haven’t purchased that type of insurance or don’t have adequate coverage to protect the items they want to store?
Offering Tenant Insurance at a Self-Storage Facility
There are many reasons why a self-storage customer might choose to purchase tenant insurance offered by the self-storage facility. Some may have not purchased homeowner’s or renter’s insurance. Others may have this coverage but feel that their policy doesn’t offer sufficient coverage to protect the items they wish to store. Others may simply wish to purchase a month-to-month policy specifically to insure their stored valuables.
When self-storage facilities offer tenant insurance at the time of lease and explain the benefits of purchasing coverage, it provides a reasonable and affordable option for the tenant. Not only does offering tenant insurance serve as a value-added service for customers, it also helps to protect the business itself by helping to minimize the risk of claims or lawsuits filed by a tenant against the self-storage facility.
MiniCo’s Pay-With-Rent Tenant Insurance
- $0 deductible
- Easy pay-with-rent billing
- Rodent/vermin damage coverage
- Coverage for vehicles stored in a unit
- Coverage for fire, smoke, burglary, lightning, windstorm, hail, water damage, earthquake, building collapse, explosion, vandalism, and riot (some exclusions apply)Underwritten by an A.M. Best “A” rated carrier
- And more!