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15.12.2014


You have to buy insurance when you own or operate a self-storage facility, but you can take steps to make sure you’re getting the biggest bang for your buck.
Karl Newman, president of the NW Insurance Council trade group in Seattle, WA, said self-storage owners typically save money on insurance by managing their risks.
For example, you typically can save on property coverage if you’ve done things to protect your facility from break-ins, Newman said. It also helps to have regulations in place that promote safety and reduce the chances of lawsuit-triggering injuries. The amount that can be saved through risk management varies widely and depends on a variety of factors, such as the value of your property, the rate of crime within your neighborhood and your own history of filing insurance claims. Insurers think that a strong police presence at a self-storage facility decreases the chances of break-ins and vandalism. It’s good to be adequately insured, but if you buy more coverage than you need, you’ll be wasting money. Furthermore, be sure you don’t have any coverage that makes no sense for your facility, Nelson said.
Insurance is a highly competitive business, said Jim Armitage, an insurance agent in Arcadia, CA. As you compare policy costs from different providers, make sure they offer similar benefits, he said.
Your goal should be to carry protection for catastrophic losses, not routine maintenance, Armitage said. Insurers say statistics prove that people who pay their bills late are more likely to file insurance claims. You often can cut costs by consolidating business coverage into a single policy, Newman said. Welcome.The Storage Facilitator is the modern self-storage professional's destination for useful education, intriguing news, diverse expert perspectives, technology updates, and beyond.
Get our free white paperThe Four Pillars of Profitable Self-Storage Management is an in-depth resource that empowers facility owners and managers to get more out of your business and stay ahead. The information contained herein has been obtained from third parties and we cannot guarantee the accuracy or completeness of the information.
With more operators looking to maximize profit, some are turning to revenue-generating add-ons like boxes, locks, car washes and truck rentals. Other reasons for this apprehension could include the notion that offering the insurance is too time-consuming or that the insurance is too hard to understand.
Direct programs (or mail-in programs) are offered through a brochure that a manager gives to a tenant when the lease is signed. Under pay-with-rent programs, an operator rolls the cost of the coverage into the rental rate. Owners and operators should research their state’s laws regarding tenant insurance before signing up with an insurance provider.
McConnell said facilities also should pay attention to training and support offered by the insurance provider.
Also, a facility shouldn’t wait until a tenant is signing on the dotted line to raise the insurance issue.
The Jenkins Organization, a Houston-based storage operator, now requires every tenant at its facilities to carry insurance.
Jenkins Organization President Ricky Jenkins said: “That can be through their homeowner’s or renter’s policy, and if they don’t have it there, they’re required to purchase the insurance we offer or some other insurance.
Jenkins explained that if a tenant turns to his renter’s or homeowner’s policy for a claim involving stored items, he’ll be faced with a deductible, and oftentimes it’s greater than the value of those items. Jenkins’ carrier is SBOA Tenant Insurance, which pays a $5 administrative fee to a facility on a $9-a-month policy. Unlike tenant insurance, a storage operator who adopts a tenant protection plan buys insurance for his property and offers tenants a “premium lease,” said Joe Torrisi, executive vice president of insurance services at On The Move Inc. In this case, operators and third-party managers accept limited responsibility for tenants’ stored property, with the policy covering the risk.


The tenant isn’t buying insurance from the facility; the tenant is simply signing a premium lease, Torrisi said, and the facility assumes limited responsibility for their property.
The things you place in self storage are important to you, so you should take every precaution possible to protect them. Some people incorrectly believe that a storage facility’s property insurance will cover their stored items, but the coverage actually needs to come from the renter. While storage owners cannot require a customer to purchase tenant insurance, they can require that everything stored in their units be insured.
In the self storage industry, the customer leases a controlled-access space that they secure. Facilities that require your belongings to be insured will often provide insurance options on-site for customers who aren’t yet covered, so be sure to ask your facility’s manager what options you have. But it’s important to know that your belongings in a storage unit won’t be covered the same way as those things in your home. Storage insurance protects against loss of the contents of your storage unit under certain circumstances. It’s important to note that some damage—from vermin, natural flooding, or mold—may not be covered by your insurance policy. If you’re already covered under your homeowner or renter insurance, it won’t cost you anything extra. Storage insurance can be found at very low cost and is often within the $8-10 price range per month, which is typical for a $2,000 policy. Every self-storage facility should have a comprehensive risk-management plan that includes insurance. CubeSmart Self Storage is committed to providing our customers with excellent products, facilities and customer service. Leesport Local Events!Our Local Events Newsletter Keeps You Plugged In To Events, Deals, Coupons, and More. For instance, make sure your driveways and hallways stay clear of debris that could cause someone to trip and fall. Chris Nelson, supervisor of the new-business team at MiniCo Insurance Agency in Phoenix, AZ, said some facility operators cut property insurance costs by letting police officers train drug-sniffing dogs on their property. When you calculate how much property coverage you need to rebuild or repair your facility, you normally can count on spending $30 to $35 per square foot, Nelson said. If you have a low deductible of $1,000, insurers will anticipate more claims and charge you accordingly.
Because of this, people with poor credit histories tend to pay more for business insurance. This policy will cover your expenses if anything you or your employees do causes property damage or injuries to your tenants. This white paper identifies major trends and best practices in rate management, occupancy analysis, rental contracts and profit management. Not only does it give tenants a low-cost way to insure their stored property, but it also can generate extra revenue. It could be because they’re reluctant to bring up the topic of insurance with prospective tenants, said Keith McConnell, vice president of business development at MiniCo Insurance Agency, which serves the self-storage industry.
Pay-with-rent programs require a small amount of administrative work on the facility’s part. For example, McConnell said that if a 500-unit storage facility has 105 insured tenants and earns a $4 administrative fee per policy each month, it would generate $5,000 annually. In many states, self-storage managers can sell tenant insurance without becoming licensed insurance agents. He said one of the most important elements in successfully running a tenant insurance program is properly training staff on insurance offerings.
So if a property has 500 tenants and achieves a 60 percent coverage rate, the facility would reap $1,500 in monthly fees.
Aside from renting a storage unit at a secure facility, there’s another great way to protect your valuable assets, and that’s with storage insurance.


Since the storage operator doesn’t control access to the unit, they don’t have any insurable interest in the belongings stored there. In fact, some people may be covered already through their homeowner or renter insurance plans.
Depending on your policy, your stored belongings may have limited coverage and will be subject to the terms of the policy including any deductible. The types of damage covered depends on your specific policy and carrier, but it will usually cover events that are out of your control like lightning, vandalism, wind, tornadoes, hurricanes, fire, smoke, hail, explosions, plumbing leaks, and burglary.
Make sure you have a good understanding of what type of damage is covered, and what’s not under your policy.
But if you need to purchase storage tenant insurance separately, it’s very affordable depending on your level of coverage and storage unit location. Of course, if you want extra protection like a higher coverage limit or coverage for damage caused by vermin or natural flooding, your rate would be a little higher.
This list contains information such as location, deadlines, compensation, dates, and how to apply. But what you may not realize is you can minimize expenses with the appropriate combination of commercial coverages designed for the self-storage industry and use a tenant insurance program as an additional profit center.
Our customers enjoy many extra perks including moving services, packing & shipping supplies, storage customization and business services - along with the best discounts in the industry!We ask that you please book your reservation no more than 15 days in advance of your move-in date as we cannot guarantee availability for more than 15 days. Bob was a great person willing to help in everything and he even brought us bottles of water.
Please reachout to us via phone or online consult and we can help you figure out the best size and rate for your needs! If your deductible is $5,000 or more, you’re agreeing to handle small repairs yourself and not file claims for minor property damage. To make sure this doesn’t happen to you, review your credit record and work to build a solid history of timely bill payments.
That may completely offset the cost of the facility’s commercial insurance premium, he said. However, new laws in several states require an owner or operator to obtain a license to offer pay-with-rent insurance. By requiring the customer to carry insurance, there’s a clear understanding of who will cover the cost of any damage or loss to the items in storage. Many homeowner’s or renter’s insurance plans provide some form of coverage for items stored away from the house or apartment. When using self storage, be sure to ask your insurance agent about what is and isn’t covered, and if there are any limits on coverage. If you're not sure where to start, begin by reading this post about the best neighborhoods in Denver for young professionals! Here a few tips and tricks to maneuvering your way about the city in order to safely arrive at your storage unit. In her current role, Christy has implemented innovative programs to train Bader clients and their employees in the company's tenant-insurance program and train the Bader in-house sales team to provide the very best client service. As the account executive, Chuck works to build close relationships with clients, helping them maximize their bottom line through Bader insurance programs. Christy works to grow, not only Bader Co., but it clients' businesses, and to make Bader the best choice for self-storage insurance needs. Chuck continues to work toward company growth by being a leader and trend-setter in the insurance industry.



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