Tenant Insurance or Protection Program

[Amy_ISS]

Do you offer ...

[MamaDuke]

I not only offer it, I require it. We added it in 2018 and existing customers were allowed to provide their own proof of coverage if they didn't want ours. And anyone renting from online was allowed to do the same.

Now, if you rent, you must take the minimum policy we offer. It's standard in this area, so no one ever complains, and it makes us decent extra money.

When I first added insurance requirements to a facility (like maybe 2013 or so), I got a lot of complaints...UNTIL...we had a break-in and the customers were covered. I was told how thankful they were that we made them take insurance!

We've never had even a break-in attempt here at this property due to incredible security features, but you just never know.

[lady5563]

We also require protection OR their own POI.

[Shortie720]

Curious.... have you guys noticed that requiring insurance/ protection program has changed the clientele to a more responsible group of paying people?

[lady5563]

I can't say that it is a better group of people.
I think it is just that my new tenants are no longer offered any options.
If they choose to rent, this is what they now must do.

I still get my fair share of joker tenants!

Sure-they can sign up for protection AND leave a card on file for autopay, that doesn't mean that the card will go through on the due date due to NO MONEY!

My existing tenants, the lot of them are pushing back on obtaining protection, I mostly hear it's junk in there!
So I generally say but it must be important to you as you continue to pay!

8 out of 10 existing tenants already have their own insurance whether it is renters or the homeowners policy.
So mostly, I have been educating them in their policy already convers self storage and get them to send the declaration page, so it has been mostly successful in getting the existing tenants to sign up for protection OR they must provide their own.

[Shortie720]

My existing tenants, the lot of them are pushing back on obtaining protection, I mostly hear it's junk in there!
So I generally say but it must be important to you as you continue to pay!

Its only junk until something is damaged... then it's a priceless family heirloom from 1802, lol.

Thank You. I've thought about offering insurance thru our office, but still too new to this industry. Mentioned it to the owner, but he's leaving that up to the renter to either carry it or not with signature on agreement.

[lady5563]

My existing tenants, the lot of them are pushing back on obtaining protection, I mostly hear it's junk in there!
So I generally say but it must be important to you as you continue to pay!

Its only junk until something is damaged... then it's a priceless family heirloom from 1802, lol.

Thank You. I've thought about offering insurance thru our office, but still too new to this industry. Mentioned it to the owner, but he's leaving that up to the renter to either carry it or not with signature on agreement.

I hear ya!
As long as you are telling them BEFORE they sign, that their belongings ARE NOT and WILL NOT be covered if the worst thing happens.
Initial here that you understand!
LOL

[BusyProperties]

Its only junk until something is damaged... then it's a priceless family heirloom from 1802, lol.

We do not require insurance but advise on it. This is the best statement ever because it is so true. I just got a phone call from a tenant and was yelled at for at least 10 minutes that she has damage from mice and at least $5k in damage. This facility in particular is surrounded by cornfields & we are in the middle of harvest. I asked what she had out for bait & she said she had many bait blocks and they were all gone & asked me how that happened. I had nothing, I am pretty sure I giggled and said "how would I know." I wasn't trying to be difficult. She has had these 3 units (only 1 of which had damage) for almost 20 years. I asked if she had insurance and she said yes but $1k deductible (unheard of for renters ins) and that she shouldn't have to pay it. She wanted me to pay the deductible & have someone come clean out her unit. I had notes from 2016 where she tried the same complaint (our site manager met her at her unit & explained that she had everything in cardboard boxes for at least 15 years with no movement & that she needed to file a claim if she felt that there was enough damage to do so. I brought that up & she backpaddled, yelled at me some more & told me to have a good day. Is it Friday yet

[lady5563]

Its only junk until something is damaged... then it's a priceless family heirloom from 1802, lol.

We do not require insurance but advise on it. This is the best statement ever because it is so true. I just got a phone call from a tenant and was yelled at for at least 10 minutes that she has damage from mice and at least $5k in damage. This facility in particular is surrounded by cornfields & we are in the middle of harvest. I asked what she had out for bait & she said she had many bait blocks and they were all gone & asked me how that happened. I had nothing, I am pretty sure I giggled and said "how would I know." I wasn't trying to be difficult. She has had these 3 units (only 1 of which had damage) for almost 20 years. I asked if she had insurance and she said yes but $1k deductible (unheard of for renters ins) and that she shouldn't have to pay it. She wanted me to pay the deductible & have someone come clean out her unit. I had notes from 2016 where she tried the same complaint (our site manager met her at her unit & explained that she had everything in cardboard boxes for at least 15 years with no movement & that she needed to file a claim if she felt that there was enough damage to do so. I brought that up & she backpaddled, yelled at me some more & told me to have a good day. Is it Friday yet

Happy Friday!!!
LOL

[Shortie720]

Happy Friday FOR SURE!

[helenatim]

We offer but don't require Tenant Insurance. It is currently generating about $800/month in additional revenue in a completely passive manner. My state does not allow me to solicit my existing tenants, so the only ones with insurance are the more recent tenants who chose it during the last year or so. As soon as the law changes and I can start promoting this option I will.
My favorite tenants are the ones who rent online, pay full price of $119 for a 10x20 unit, then add $32 Insurance. That's a net of about $140 from one unit.