Insurance Protection -- NOT For Self Storage

[evansr]

Over this year, one of our RV & Self Storage locations has pushed the protection plan that we offer to our Self Storage customers and have achieved a 90% Protection Plan penetration and adding some really nice extra revenue to the bottom line. The majority of the location houses RV & Boat Storage and obviously cannot push the protection plan to them.

Does any one know of some type of protection plan offered to vehicle storage customers so that they are protection WHILE storing on the grounds and not some type of auto insurance. Something like the protection plan / insurance plans for Self Storage customers. With all the new RV Sites that have popped up, I am hoping that something like this will come out (or is already out) to help cushion the bottom line. If anyone has any ideas, advise, thoughts, it is all welcomed, thanks!

[Tall Terri]

Re: Insurance Protection -- NOT For Self Storage

To my knowledge, the insurance that THEY carry on their vehicle is the only insurance offered on vehicles.

[MusicCity Gal]

Re: Insurance Protection -- NOT For Self Storage

Tall Terri is correct. The vehicle owners need to check with their auto insurance (or boat, or RV) to make sure they are covered for storage. Some may require an addendum of some sort but I am not an agent.

Also, you do NOT want to be responsible under your protection plan for a $100K RV if there was a claim.

We require ALL vehicle owners (no matter what type) to provide proof of insurance.

[evansr]

Re: Insurance Protection -- NOT For Self Storage

We demand insurance for all vehicles (if they don't have it, we don't rent), what I am looking for is something similar to protection for a self storage unit, but to their vehicle, while ONLY stored on the facility grounds, not for driving or insurance to operate on the road. And is someone puts a claim in for $100,000.00, again, something like storage unit protection with coverage up to $XX.xx amount just like a self storage claim. Agian, just looking to see if there is something like that on the market.

[A-team]

Re: Insurance Protection -- NOT For Self Storage

We demand insurance for all vehicles (if they don't have it, we don't rent), what I am looking for is something similar to protection for a self storage unit, but to their vehicle, while ONLY stored on the facility grounds, not for driving or insurance to operate on the road. And is someone puts a claim in for $100,000.00, again, something like storage unit protection with coverage up to $XX.xx amount just like a self storage claim. Agian, just looking to see if there is something like that on the market.

Have you tried calling a car insurance agent or perhaps your facility insurance agent?

[MamaDuke]

Re: Insurance Protection -- NOT For Self Storage

I don't think that exists, because they already have coverage with their own insurance. There is no need for them to be double covered just because a storage property wants to pad their bottom line.

[teesee150]

Hate to bump a really old thread but have been looking into this as well. I have a insurance company pushing me to offer a program that covers the CONTENTS of RVs/Vehicles we store. It's a real similar coverage to standard storage insurance but it basically offer protection on the personal property in the vehicle while in storage.

[KrisinCali]

Hate to bump a really old thread but have been looking into this as well. I have a insurance company pushing me to offer a program that covers the CONTENTS of RVs/Vehicles we store. It's a real similar coverage to standard storage insurance but it basically offer protection on the personal property in the vehicle while in storage.

Interesting. I thought the vehicle insurance would cover that already-would someone pay insurance twice?

[teesee150]

Interesting. I thought the vehicle insurance would cover that already-would someone pay insurance twice?

I know my personal vehicle insurance doesn't offer anything on personal property in the vehicle. Learned that the hard way when I had a vehicle burn to the ground.

But it's the same as offering standard storage insurance, extra revenue for the business and also keeps claims off of tenants personal insurance. Making a claim on storage insurance isn't going to effect your future premiums on your homeowners/renters/vehicle insurance.

[KrisinCali]

I know my personal vehicle insurance doesn't offer anything on personal property in the vehicle. Learned that the hard way when I had a vehicle burn to the ground.

But it's the same as offering standard storage insurance, extra revenue for the business and also keeps claims off of tenants personal insurance. Making a claim on storage insurance isn't going to effect your future premiums on your homeowners/renters/vehicle insurance.

It doesn't show on the CLUE report? I put in a CALL for roadside service but cancelled before I even ended the call and it was INCLUDED on my CLUE report.

[T_Champeau]

TeeSee150 is correct which is why I tend to loathe insurance stuff because it's all in the fine print. Your car insurance in general covers the car only and sometimes not all of the car. Not anything in it. So if someone breaks in and steals a laptop or your purse or tools, your auto insurance will normally not cover that. Now there are probably auto insurance companies that have add-ons that will do exactly that, but that's extra. Interestingly, renter's insurance WILL usually cover contents in several locations (including self storage units and a car). Not sure about homeowner's though.

Additionally you have to pay close attention to the type of damage the insurance will cover and the proof needed to file a report and claim. I find it amusing that if someone breaks into your unit to steal stuff if they cut a lock and take it leaving no evidence of a break in, you have no claim. If they leave the cut lock behind, you have a chance since you have 'proof" (sec. camera feed aside).

Also as an aside, regardless of inflation, I expect all insurance is going to increase a lot in the next few years regardless of claims you've made. Underwriters are paying out too much for natural disasters in places that have never gotten them before that they have to make up the money elsewhere.

[GM - StacieJ. - BSS]

We offer Storsmart, 2 years ago had this discussion with one of their reps. The rep that was here was trying to train on storsmart (had previous training and used storsmart for 6 yrs). Anyhow, while the rep was going through her spiel, she mentioned outdoor car storage. So, I basically reminded her that I'm familiar with storsmart and am aware it doesn't cover vehicles. The rep proceeded to tell me that it does. I quickly asked if this is something new storsmart does, she replied no that it's always been like that. I then told her; I believe she is mistaken. This went back and forth until I asked if she was new to storsmart, her reply was no, she had been with the company for years. Again, I told her I believe she was wrong, and I will not sell insurance to my outdoor tenants knowing they are not covered. So, the rep called her boss, who proceeded to look into the situation, (about 30 mins of researching it) the boss finally stated that they do not cover vehicles parked outdoors, but insisted we sell it to cars inside units. They stated it would cover the exterior of the car inside a unit for example if a roof were to collapse. This is the first I have heard of storsmart covering a vehicle inside a unit, seeing how the rep and the boss had to research whether the insurance covers outdoor parking, I'm a little wary to take their word for it. In CT, we don't allow any vehicles inside units or outside parking on the property without valid registration and insurance. (Most ppl here that are putting their car inside a unit, have full coverage as these are usually expensive or classic vehicles). This is also something we state to the tenant, and recommend they contact their vehicle and homeowner insurance to make sure they are fully covered for their own security.