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What You're Losing by NOT Offering Tenant Insurance

Written by Chuck Vion on September 17, 2015 under Industry Webinar & Tenant Insurance

What You're Losing by NOT Offering Tenant Insurance

Tenant insurance, much like a door alarm, security camera, fenced perimeter, or coded access is an added value to your facility's safeguard features. You add value to your rental package by including an option for your tenants to enroll in a tenant insurance program that allows them to obtain coverage immediately upon move in. A good insurance company grants your tenants the benefits of a zero deductible, primary coverage, and a quick turnaround for the claims process. With an attractive feature like that at your facility, you can't help but observe the growth in your bottom line.

Mitigate Your Liability

As a self-storage owner or operator, you know very well the culture and psychology of your tenants. We know you understand how stressful an unfortunate event such as a burglary or fire can be to your tenants when their hard earned property is lost or damaged. One can find over 8000 articles on Inside Self-Storage website relating to fires alone. Unfortunately, in those devastating times a tenant may feel victimized and point the blame on you! Some operators have been called negligent or unsafe and the word of mouth spreads fast.

However, by offering your tenants the option to obtain tenant insurance at your facility, you become their hero in the event of a claim. By having an insurance benefit available at your facility, you mitigate your liability by providing a simple solution for your tenants. The best part of all, you move the tenant's frustration from you to the insurance company. It's the responsibility of the tenant insurance company to handle the claims of your tenants, thus relieving you and your staff of that burden.

Customer Satisfaction

When you reflect on the impact word of mouth has on your company, you want to feel confident knowing your tenant's experience was nothing short of amazing. Your goal is to have each of your tenants tell at least one of their friends or family to come rent at your place because their experience with you was terrific. You may already have all the bells and whistles such as security cameras, coded access, door alarms, etc., but so do many of your competitors. By adding tenant insurance at your facility, you truly become a one stop shop.

Think of it this way, tenants are already dealing with the stress of moving, planning, and the logistics of their transition. They may not have the time or the will to obtain homeowner's or renter's insurance to protect their belongings once in storage. So once again, you can be their hero by having a simple and quick insurance option for them available at your facility. Even if your tenants already have their own insurance, a good tenant insurance program will pay out a claim first and in most cases not involve the other insurance company, thus saving your tenants the headache of shelling out cash for their deductible.

In conclusion, by not having tenant insurance available at your facility, you omit a valuable safeguard feature, expose yourself to more risk of litigation from upset tenants, and allow your competition to gain the upper hand in the market. We want to see you succeed; the opportunity is out there and it's yours for the taking!

Want To Learn More?

Watch The On-Demand Webinar Now

Watch the on-demand webinar Benefits of Tenant Insurance for Both Small and Large Operators now. Tenant insurance, much like a door alarm, security camera, fenced perimeter, or coded access is an added value to your facility's safeguard features. You add value to your rental package by including an option for your tenants to enroll in a tenant insurance program that allows them to obtain coverage immediately upon move in.

Watch The Webinar Now

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