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  • Required Tenant Insurance

    Our lease requires that each tenant have some sort of insurance. Renters, Homeowners, or Business & if it covers self storage facilities and they want to use it & put in on file, great. Send us a copy of the Declarations Page or some sort of proof.

    Or you can choose our 3rd party insurance for a monthly fee. I have only had 1 or 2 original move outs and only a few decline to rent with us. I let them go.

    I now have a problem with a customer who moved in 12-2017 and signed up for insurance but now doesn't want it. He hasn't sent a copy of his insurance paperwork and he is insisting that we remove the insurance because " he does have insurance ". He is proving to be difficult and I do not care if he leaves. Word will get around in our town that they SAY you need insurance but really you just have to sign the waiver and you can decline the insurance. For those of you who require insurance and the tenant doesn't give you proof do you let them sign the waiver declining insurance or do you tell them to hit the road?
    The future depends on what you do in the present.

  • #2
    I most times will say
    Okay, you state to me today that you have your own insurance, that's great.
    I will NOT sign you up today.
    I will allow you 5-7 days to provide to me your copy of your declaration page, if you chose to not provide me, our protection plan will be auto added to your account.

    This just happened to me with a new tenant.
    She stated at the time of her move in that she had her own insurance.
    I was unable to contact her, that was until she came in to pay her rent.
    No declaration page.
    Our protection plan was added to her account nad she paid.
    She is still telling me that she has her own and I informed her that when I have her proof I will gladly remove the protection plan.

    I only have those that provide their POI to sign my "deny insurance form"


    Don't put off until tomorrow, what you can do today.

    Comment


    • #3
      Luckily I don't have to deal with that. I tell all tenants we do not provide insurance but do give them the MiniCo Insurance brochure and they HAVE to sign, not initial, that I told them about it and any insurance choices will be made by them. I have only been approached by a tenant one time for mold on the sofa fabric that was uncovered in a drive up unit. I showed her the copy where she had signed about getting her own insurance. She said, "OK", and left the office. She moved to the east coast about 6 months later.
      "Never let the inmates run the asylum!"

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      • #4
        We tell them they will be charged for the insurance and when they bring in the declarations page we will credit them back. Every one must have some kind of insurance. I just dealt with a fire on this property this summer. People were thanking me for making them have insurance.
        Janice - Maxi-Space Storage and Business Solutions

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        • #5
          Originally posted by jlemke View Post
          We tell them they will be charged for the insurance and when they bring in the declarations page we will credit them back. Every one must have some kind of insurance. I just dealt with a fire on this property this summer. People were thanking me for making them have insurance.
          I am confused about the fire coverage. Would not the facility fire insurance coverage take care of the tenants belongings? Or does the required tenant insurance cover the items? Or do the two coverage's work in tandem and between the two they are better coverage than each one separate?
          "Never let the inmates run the asylum!"

          Comment


          • #6
            Originally posted by pacnwstorage View Post

            I am confused about the fire coverage. Would not the facility fire insurance coverage take care of the tenants belongings? Or does the required tenant insurance cover the items? Or do the two coverage's work in tandem and between the two they are better coverage than each one separate?
            Business property and liability insurance does not usually coverage tenant property, no matter the disaster. Which we explain to each of our tenants.

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            • #7
              Ok, got it now. Thanks Randy.
              "Never let the inmates run the asylum!"

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              • #8
                Randy is correct.
                The properties insurance covers the buildings.
                No property insurance covers the tenants belongings.
                That is why properties should always inform each and every tenant that they need to protect themselves!
                A lot of people assume that their belongings would be covered under the business insurance and this is just not true.

                And this is why properties have their tenants sign up.
                Don't put off until tomorrow, what you can do today.

                Comment


                • #9
                  Then, it is also why I tell them they are responsible for their own insurance, even though I was confused about the facility insurance. It is covered with the tenant, they sign off and too bad if they let it go. Sorry, but I cannot live their life for them. I agree that them having insurance is a great thing and should be a no brainer but I am not getting involved with the tenant's personal decisions for item protections.
                  "Never let the inmates run the asylum!"

                  Comment


                  • #10
                    I have mentioned this before-but at the last facility, like Pac, we had them sign a waiver if they decided not to opt in for our insurance (Mini-co form has a tear off that we'd have the tenant sign and place in their file). A gal (lawyer ) moved to AZ from San Diego and called to complain that her stuff was water damaged and moldy. I told her that we didn't have liability and to check with her insurance. She was super upset, said she'd never sign such a thing because she was a LAWYER. I scanned and emailed both her contract and her little slip that she SIGNED that said she opted out of her insurance. Later on Yelp, she inferred that it was a fake.
                    I was born to be wild, but only until about 9:00 pm.

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                    • #11
                      Originally posted by pacnwstorage View Post

                      I am confused about the fire coverage. Would not the facility fire insurance coverage take care of the tenants belongings? Or does the required tenant insurance cover the items? Or do the two coverage's work in tandem and between the two they are better coverage than each one separate?
                      Pac - our insurance only covers the property. We have it in our agreement that we are not liable for anything in the unit. That is why they need some kind of insurance.
                      Janice - Maxi-Space Storage and Business Solutions

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                      • #12
                        Kris, I remember that thread. Think about it, have you ever heard ANY lawyer admit they made a mistake? NEVER! By the way, you went to a lot of trouble to "FAKE" her contract and slip to get out of her insurance claim. Again, that is why I don't want to HAVE to MAKE them prove insurance. There will always be a tenant that says you misled them to the wrong insurance or wrong amount or even assumed they couldn't take care of their own things. With it all on their shoulders, it is all on them and none on us. You can lead a horse to water...............................
                        "Never let the inmates run the asylum!"

                        Comment


                        • #13
                          Back to original question, until they provide proof of insurance, keep them enrolled in your pay with rent plan. If they truly do have it, they can bring in proof.

                          Also we never offer to credit back. We simply say that once proof is provided, we will cancel their policy with us.

                          Another Tip - be sure to note expiration dates for tenants who provide proof. (SiteLink has a tool for this) You should be requiring updated insurance for tenants whose coverage is about to expire. Another good thing about tenant insurance programs; there is no expiration date until they move out.
                          Stephanie Tharpe
                          Senior VP of Operations
                          A+ Storage of Tennessee, LLC
                          Nashville, TN
                          http://www.aplustorage.com
                          615.288.2162

                          TNSSA Board of Directors
                          www.tnssa.net

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                          • #14
                            Thanks everyone. Last night at 7:55pm the tenant emailed his renters insurance declarations page with his name and address as proof to us and I took our insurance off. Guess what day he got insurance? February 20th and it took effect February 21st (yesterday).

                            MusicCity Gal I do like that Sitelink lets me know when the insurance is about to expire.
                            The future depends on what you do in the present.

                            Comment


                            • #15
                              Originally posted by Iamkathleenj View Post
                              Thanks everyone. Last night at 7:55pm the tenant emailed his renters insurance declarations page with his name and address as proof to us and I took our insurance off. Guess what day he got insurance? February 20th and it took effect February 21st (yesterday).

                              MusicCity Gal I do like that Sitelink lets me know when the insurance is about to expire.
                              They will probably cancel it today too! Haha. But you covered your butt by having them send that to you. We require insurance too. No dec page when they rent and we enroll them in the program. We take them off if they provide us a dec page.

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