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  • #16
    Originally posted by T_Champeau View Post
    Does anyone know of an insurance company that covers water damage or rodent issues? I have seen several protection programs, but so far haven't found an insurance program.
    Safestor provides coverage for leaking water and vermin. Tenants can obtain contents only flood insurance from an authorized flood insurance sales person.

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    • #17
      Originally posted by T_Champeau View Post
      Does anyone know of an insurance company that covers water damage or rodent issues? I have seen several protection programs, but so far haven't found an insurance program.
      MiniCo covers rodent damage and water damage "from above" (in other words, not flood damage).
      MamaDuke

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      • #18
        We currently offer a Tenant Insurance plan, through a 3rd party provider. We go through annual training through the provider, and we answer zero questions about the coverage. It's all on the up and up. Our company earns a commission on every policy sold, and at the property lever we earn a portion of that.
        "Anything worth doing, is worth doing right." ~Hunter S. Thompson

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        • #19
          Originally posted by MamaDuke View Post

          MiniCo covers rodent damage and water damage "from above" (in other words, not flood damage).
          Most offer coverage for "falling water" but not "rising water." Some companies will offer flood (rising water) coverage, for an extra charge.
          "Anything worth doing, is worth doing right." ~Hunter S. Thompson

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          • #20
            I can assure you that your employer is making quite a bit of money off of these sales. In my very limited experience with people that come to me AFTER they've been burglarized or sustained damage at other facilities, is that these "policies" don't pay anything when a claim is made. My anecdotal research shows that they never pay out, people don't like them, and they're just a way for the facility to pad their bottom line using the scent of protection. This is based on the 20 or 30 people I've dealt with that have tried to make a claim, I'm sure there are situations where some settlements have been made.

            I don't offer "insurance", and I certainly don't require it. This is one of my top 3 or 4 selling points I hit on my phone pitch, and it resonates with potential customers. I have my tenants sign a statement that I do not insure any of their belongings and any insurance they may or may not have is up to them. I'm also not the insurance police. Store at your own risk. I carry insurance on my facility, not customer belongings.

            In my opinion, it's a thinly veiled money grab, and I call it as such.
            Last edited by Storman; 23rd January 2020, 02:54 AM.
            In no way affiliated with Storman software.

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            • #21
              Originally posted by Storman View Post
              I can assure you that your employer is making quite a bit of money off of these sales. In my very limited experience with people that come to me AFTER they've been burglarized or sustained damage at other facilities, is that these "policies" don't pay anything when a claim is made. My anecdotal research shows that they never pay out, people don't like them, and they're just a way for the facility to pad their bottom line using the scent of protection. This is based on the 20 or 30 people I've dealt with that have tried to make a claim, I'm sure there are situations where some settlements have been made.

              I don't offer "insurance", and I certainly don't require it. This is one of my top 3 or 4 selling points I hit on my phone pitch, and it resonates with potential customers. I have my tenants sign a statement that I do not insure any of their belongings and any insurance they may or may not have is up to them. I'm also not the insurance police. Store at your own risk. I carry insurance on my facility, not customer belongings.

              In my opinion, it's a thinly veiled money grab, and I call it as such.
              Your post is the first I have heard of these companies denying claims. I have to say that I have been offering insurance for a decade or so and not a single person has ever made a claim on one of the policies. Now I don't require insurance so participation is not high with my tenants.

              I am curious if other owners or operators have a similar experience as Storman has?

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              • #22
                Originally posted by Storman View Post
                I can assure you that your employer is making quite a bit of money off of these sales. In my very limited experience with people that come to me AFTER they've been burglarized or sustained damage at other facilities, is that these "policies" don't pay anything when a claim is made. My anecdotal research shows that they never pay out, people don't like them, and they're just a way for the facility to pad their bottom line using the scent of protection. This is based on the 20 or 30 people I've dealt with that have tried to make a claim, I'm sure there are situations where some settlements have been made.

                I don't offer "insurance", and I certainly don't require it. This is one of my top 3 or 4 selling points I hit on my phone pitch, and it resonates with potential customers. I have my tenants sign a statement that I do not insure any of their belongings and any insurance they may or may not have is up to them. I'm also not the insurance police. Store at your own risk. I carry insurance on my facility, not customer belongings.

                In my opinion, it's a thinly veiled money grab, and I call it as such.
                I was at a property where we had an issue with burglaries (so glad I'm not there anymore!). MiniCo was fantastic with paying and the customers were always satisfied with the end result...as much as you can be when you've had your belongings stolen.
                MamaDuke

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                • #23
                  Maybe the issue is with the company my local competition is using for their "protection" agreements. Most of their refugees end up coming to me after an event like a burglary (or two...one customer was burglarized 3 times before they came to me)

                  In the cases I'm familiar with, the unit latches had been tampered with so that the whole door could be moved sideways to clear the hole in the track and the door could be opened with the lock still locked. When these people called their "insurance" carrier to make a claim, they were asked if the lock on the door was still locked. When they answered that yes, that's what was so distressing about the situation, the carrier immediately denied their claims and told them they had obviously left the lock in the open position at some point allowing access by a bad guy. I've heard this same story a number of times from customers of that and other facilities. I also saw it firsthand, as a new elderly tenant at my facility asked for some help loading some things from the facility she was leaving after being burglarized. I saw for myself the cut and shortened latch rod, the cut alarm wire and the extreme flex in the sheet metal door frames to allow the door to move a few inches to one side.

                  In other situations, I've listened to stories from customers about how their items were damaged by rain, mold and people coming over the walls to steal their stuff. I've not heard of one happy outcome, the people have finally just given up the runaround and fight and absorbed their own loss.

                  I shouldn't paint the whole industry with a broad brush, but my experience informs my opinion that it's mostly garbage and nothing more than adding to the bottom line of two companies. I wouldn't feel very good about the services I offer if I had to require the customer to buy insurance against the very service I'm asking them to buy from me.
                  In no way affiliated with Storman software.

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                  • #24
                    Wow. That's unfortunate. I know the company we use now, Sage, does require "evidence" of a break-in such as a broken lock or latch. I guess a good camera system would help, too, if you could prove the door being pushed over to gain access.

                    Of course, the insurance industry as a whole has quite a reputation for paying out as little as possible.
                    MamaDuke

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                    • #25
                      So if the bad guy cuts off the tenant's lock and replaces it with his own so the manager is not alerted to an unlocked unit, and then takes the cut lock with him, is the tenant denied payment because there is no evidence of a damaged lock or latch?

                      To be honest, to require proof of a damaged lock or latch to prove a burglary occurred seems to be a designed means by which to deny claims.

                      In no way affiliated with Storman software.

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                      • #26
                        I totally agree with that.
                        MamaDuke

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                        • #27
                          All insurance companies (reputable ones at least) that I've looked at recently require proof of forced entry. A missing lock by itself, which is what usually is the clue there was a break in, isn't significant proof in and of itself according to industry standards.

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                          • #28
                            We place a tamper resistant sticker on each tenant's lock. Although we do not offer any insurance or protection plans, that might be away to get around the lock issue some of ya'll might be having. If it's missing and can be attested to by the manager (we also put it in the tenant's notes the type of lock and security sticker), you would think there would be a higher rate of them seeing, OK, maybe the lock was replaced after the unit was burglarized?

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                            • #29
                              Originally posted by T_Champeau View Post
                              All insurance companies (reputable ones at least) that I've looked at recently require proof of forced entry. A missing lock by itself, which is what usually is the clue there was a break in, isn't significant proof in and of itself according to industry standards.
                              So the means by which the vast majority of burglaries are performed (cutting off a lock) is not covered by the "insurance" many customers are required to pay for month after month after month after month. Only if your thief is extra special super stupid and tries to crow bar the latch or saw through the door will you have even a shot at getting your claim approved.

                              Money grab.

                              I wonder how many managers understand or explain that to the customer.
                              In no way affiliated with Storman software.

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                              • #30
                                Originally posted by T_Champeau View Post
                                All insurance companies (reputable ones at least) that I've looked at recently require proof of forced entry. A missing lock by itself, which is what usually is the clue there was a break in, isn't significant proof in and of itself according to industry standards.
                                This is the first I have heard of this and is certainly something I will be checking in with my tenant insurance plan. Some people are capable of breaking into a unit with a disc lock without leaving a mark on the latch.

                                I wonder would video surveillance of the lock cutting happening be enough?

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