MiniCo has made great enhancements to our storage unit insurance programs!
MiniCo’s tenant insurance programs offer self-storage customers affordable, short-term storage unit insurance coverage for items stored in a rented self-storage space or mobile container.
In the event of a loss, customers who have self-storage tenant insurance coverage are less likely to make a claim for damages against your self-storage business. Providing easy access to storage unit insurance is the key to encouraging your tenants to purchase coverage.
The importance of implementing a self-storage tenant insurance program at self-storage facilities is difficult to overemphasize. Self-storage tenant insurance has been proven to reduce the facility owner’s liability exposure in the event of tenant loss, which is a critical element of risk management. Some programs for renters insurance for storage units even include coverages that protect the facility in addition to those protecting tenants’ stored belongings. A self-storage tenant insurance program may be strengthened even more by making insurance mandatory and requiring tenants to provide evidence of insurance.
Once considered a non-essential service by many self-storage professionals, self-storage insurance for tenants has become one of the most talked-about topics at industry events. As a result, requiring tenants to provide evidence of insurance coverage at the time of lease has become a growing trend.
From a risk-management perspective, implementing a self-storage insurance program for your tenants is a plus. Tenant insurance reduces the facility owner’s liability exposure in the event of tenant loss. Some programs include coverages that protect the facility in addition to those protecting tenants’ stored belongings. While self-storage insurance for tenants may be considered a must-have coverage, it is important to carefully evaluate available programs. Look for an insurance product underwritten by a carrier with an A.M. Best “A” rating or higher and pay attention to the policy details. If you are going to offer a program, it is vital for you to understand what is covered, what is excluded and how your tenants’ claims will be addressed including whether the policy functions as the primary insurance in the event of a loss.