Page 1 of 3 123 LastLast
Results 1 to 8 of 19
  1. #1
    Amy_ISS is offline Community Manager
    Join Date
    Jan 2008
    Location
    Phoenix
    Posts
    918

    Default Mandatory Tenant Insurance

    Does anyone make mandatory tenant insurance a condition to rent at your facility?

    If so, how do you approach it? Is the price rolled in with the rental rate or an add-on? Do customers accept or grumble about it? Has it hurt closing sales?

    If you don't, would you consider it? Why or why not?
    Amy Campbell
    Editor
    Inside Self-Storage
    acampbell@vpico.com

    @AmyCampbell_ISS

  2. #2
    Lisa T's Avatar
    Lisa T is offline Senior Member
    Join Date
    Jan 2008
    Location
    Happy to be in Myrtle Beach, SC!!!
    Posts
    2,854

    Default Re: Mandatory Tenant Insurance

    you forgot an important question Amy....if you do require that they have tenant insurance, do you do so even if the insurance specifically does not cover the particular items they are storing? (that's the one that always "gets my goat")

  3. #3
    Amy_ISS is offline Community Manager
    Join Date
    Jan 2008
    Location
    Phoenix
    Posts
    918

    Default Re: Mandatory Tenant Insurance

    Good point, Lisa!
    Amy Campbell
    Editor
    Inside Self-Storage
    acampbell@vpico.com

    @AmyCampbell_ISS

  4. #4
    delsolrp13 is offline Member
    Join Date
    Feb 2008
    Posts
    73

    Default Re: Mandatory Tenant Insurance

    We just ran a trial month of mandatory insurance. We reverted back to required to have insurance as of 9/1.. There is a difference in required and mandatory....We did lose a few rentals but the biggest issue I had was how the customer's reacted to us demanding they buy or provide proof of insurance on their own items at time of signing the lease...We strive to excel in customer service and you could feel the tension and negativity it created. We work very hard to make customers feel "good" about renting from us and make it a positive experience...We get a large number of rentals from referrals from current or previous customers...
    Last edited by delsolrp13; 6th September 2011 at 06:29 PM.

  5. #5
    w.walker is offline Member
    Join Date
    Mar 2011
    Posts
    77

    Default Re: Mandatory Tenant Insurance

    Sounds like a bad idea to me. Good way to drive your business into the ground IMO. Most have homeowners coverage and storage contracts generally limit storage to a value of $2,500 or so anyway.

  6. #6
    jcarlisle's Avatar
    jcarlisle is offline CM Emeritus, Reg. Member
    Join Date
    Feb 2009
    Location
    Chicago, IL
    Posts
    2,345

    Default Re: Mandatory Tenant Insurance

    Check out the poll (and vote!), as well as the older, related discussion we have going on already: Does anyone else mandate that tenants have insurance?
    John Carlisle
    Community Manager Emeritus
    Still a Big Fan of Self-Storage!
    www.chicagoprowriter.com

  7. #7
    unclelourocks's Avatar
    unclelourocks is offline Senior Member
    Join Date
    Jan 2010
    Location
    Texas
    Posts
    231

    Default Re: Mandatory Tenant Insurance

    We just started manditory insurance here. I did have a lot of move outs this past month (Not sure if because of insurance) If they told me they were leaving because of it, then I got their rent fixed and they were happy.
    When new customers come in, I will quote the price including the insurance. Seems to make it a lot better. I tell them it is a special price with insurance included (makes it sound like its free)
    Be bold-and mighty forces will come to your aid. Basil King

  8. #8
    delsolrp13 is offline Member
    Join Date
    Feb 2008
    Posts
    73

    Default Re: Mandatory Tenant Insurance

    From what I understand you can not quote it together. It must be clear they are two totally different charges..I questioned this recently, I suggested we give them X amount of insurance and increase rental rates accordingly but told this is not allowed.. Also we say we are offering insurance not selling because we are not licensed insurance agents...

 

 
Page 1 of 3 123 LastLast

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •