Protecting Tenants in Self Storage Units: Strategies and Insights

Offering tenant protection is crucial in the self storage industry to ensure your customers feel secure and valued. This article explores various methods to enhance tenant safety, including partnerships with specialized insurance companies and understanding the role of insurance brokers. We will delve into the benefits, strategies, and steps to implement tenant protection measures.

Partnering with specialized insurance companies

One effective way to provide tenant protection is by partnering with companies that have experience in tenant insurance. For instance, DeepRent has partnered with Storage Protectors for over a year, and the results have been quite satisfactory.

These partnerships offer comprehensive plans with different coverage tiers, allowing you to tailor the protection to your needs. For example, a plan that provides $2000 in coverage for a tenant might have a wholesale cost of $9. You can then set your own retail cost, which is the profit you retain. While clear communication with your insurance company is essential, forcing tenants to get insurance can alienate them.

Understanding StorageShield

Another option to consider is the StorageShield tenant protection plan. This plan limits the facility's responsibility for renters' belongings, providing additional protection for an extra fee. The coverage includes common issues such as water damage from roof and pipe leaks, fire-related damage, natural disasters, and theft due to forced entry.

StorageShield offers a lightweight yet affordable alternative to traditional tenant insurance. It not only protects tenants to a considerable extent but also safeguards your interests as a self-storage owner. Facilities that have successfully implemented this policy have found it to be a smoother and more customer-friendly solution.

Exploring Insurance Brokers and Agents

Another avenue to explore is working with local insurance brokers and agents. Insurance brokers have a broader knowledge of the industry and can search for various policies that might suit your facility. Agents, on the other hand, work for specific companies and are well-versed in their products.

Brokers can often provide faster and more comprehensive solutions. They know the industry inside out and can help you navigate the complexities of tenant protection. Agents, on the other hand, are thorough in their knowledge of the specific policies offered by their company.

When contacting these professionals, it's important to understand the costs involved. You are typically already insured for things that are your responsibility. Additionally, you are reasonably protected from claims resulting from losses beyond your control.

Steps to Implement Tenant Protection Measures

Implementing tenant protection measures involves several steps:

Engage with insurance companies and brokers to understand the available options and costs. Choose a plan that aligns with your facility's characteristics and tenant needs. Set up the plan, whether through a direct partnership with a company or through a broker's recommendation. Communicate the protection measures clearly to your tenants to build trust and satisfaction. Review and update the protection measures periodically to ensure they remain effective.

Being proactive in providing tenant protection not only enhances your facility's reputation but also ensures that both your tenants and your business are well-protected.

Conclusion

Offering tenant protection in self storage units is a vital aspect of customer service and business operations. By partnering with specialized insurance companies, leveraging the StorageShield plan, and collaborating with insurance brokers, you can create a comprehensive and customer-friendly protection framework. Proper implementation and clear communication will help build trust and satisfaction, leading to a more secure and prosperous self storage business.