Tenant insurance isn’t just about safeguarding your customers’ property—it’s about giving your storage facility an edge.
It strengthens customer trust, amps up your operational game, and even opens the door to fresh revenue streams. And that’s not all. Explore the benefits of partnering with a tenant insurance program as an owner or operator, along with tips on how to kick-start your journey towards revolutionizing your approach to risk management and fueling your financial success.
The Tenant Insurance Difference: Benefits for You & Your Customers
Guarding Against Natural Disasters & Weather Risks
Mother Nature is unpredictable and can cause extensive damage to stored property. Whether your area experiences hurricanes, floods, earthquakes, or all of the above and more, the right tenant insurance partner can help mitigate the financial impact of these events. Not every policy will cover geographical weather risks, but by choosing the right policy for your area’s environment, you can ensure that your customers’ stored belongings are covered and you don’t have to handle claims by yourself. Savvy, for example, offers flood damage coverage—a standout feature that most tenant insurance plans don’t include. So, if you experience heavy rain or even unexpected storm surges, Savvy would be a smart choice for your customers’ stored property.
Streamlining the Once Painstaking Claim Filing Process
Dealing with property damage and loss can be stressful, but tenant insurance can make the claim process a lot less painstaking for you and your customers. When customers have their own insurance, they can file claims directly with their provider, reducing the administrative burden on you. This streamlined approach ensures repairs or reimbursements happen swiftly, minimizing disruptions and fostering positive customer relationships.
For instance, with the Savvy Storage Insurance Program, filing claims is a breeze. It goes a little like this:
- Customer gathers their storage account information and a list of their damaged items.
- Customer conveniently reports their claim, either online or over the phone.
Dollars & Sense: Boosting Your Bottom Line While Offering Insurance
Offering tenant insurance can be more than just a proactive risk mitigation measure—it can also be a profitable one. Most insurance providers are commission-based, so you earn on each policy sold. With Savvy, you’ll earn monthly compensation for each occupied unit regardless of whether your customers are enrolled in our program. No matter the tenant insurance program you choose, the additional revenue stream can enhance your business’s profitability without requiring significant effort or investment. Plus, offering tenant insurance can be a valuable selling point to attract more customers who appreciate the added peace of mind.
Taking Action: Implementing Tenant Insurance at Your Facility
At this point, you might be thinking “Ok I get it. When it comes to tenant insurance, there are lots of benefits for both me and my customers. So how do I implement this, what else should I consider?” Here are a few tips to get set up for tenant insurance success:
- Partner with a Reputable Insurance Provider
Look for an insurance provider that offers comprehensive coverage options tailored to storage facilities like yours. Check out reviews and research on the web to ensure they have a good reputation with a track record of reliable service. Savvy offers coverage for a wide range of risks and is competitively priced, making it a great option to consider. - Educate Your Customers
It’s important to inform your customers about the benefits of tenant insurance and how it can help ensure their belongings are covered. When you partner with Savvy, we supply the marketing and educational material, like this customer policy brochure, you need to make the enrollment process as easy and informative as possible. - Integrate Insurance into Your Process
Make it easy for customers by including tenant insurance as a required part of your rental agreement. With Savvy, your customers are auto-enrolled into the program at the time of move-in and the insurance company waives the premium for the first rental month. This allows your customer time to weigh their options and the opportunity to cancel at anytime. - Train Your Staff
Ensure your employees understand the tenant insurance program offered at your facility and can confidently explain it to customers. You can provide training sessions and resources to keep everyone informed and prepared to answer coverage questions. By choosing Savvy as your tenant insurance partner, our insurance experts will train your employees on the program and their role during the rental process. - Monitor and Review
Regularly review your tenant insurance program to ensure it meets your needs and those of your customers. Stay informed about any changes in coverage options and adjust your offerings accordingly. Savvy’s continued support will ensure you are aware of coverage updates and can even help you understand which policy features match your needs as your business changes and grows.
What about protection plans? Is there a difference between protection plans and tenant insurance?
Most people don’t know that there are crucial distinctions between typical tenant protection plans and tenant insurance programs. Here’s a simple overview: A protection plan is not insurance. Insurance is highly regulated and is administered by insurance companies. Regulated insurance companies have reserves to pay customers in case of a claim. In the case of a protection plan, a catastrophe such as a fire could trigger a lot of claims that you would be responsible for paying directly.
Is offering specific tenant coverage necessary?
Without tenant insurance, customers may resort to homeowner’s insurance, leading to increased premiums, coverage cancellation, and unhappy customers when claims arise. And if your customers opt for no coverage at all you’re both vulnerable to major financial losses and liabilities.
Building Your Facility’s Risk Management Playbook with Tenant Insurance
By implementing tenant insurance at your storage facility, you can build a more resilient business. The additional revenue stream, easy enrollment, and simplified claims process Savvy offers can enhance your operations, while the added layer of insurance can give you and your customers peace of mind.
Get Savvy and get paid for the offer of tenant insurance. Take proactive steps today to incorporate tenant insurance into your facility’s offerings and reap the dual benefits it brings.
To learn more about the benefits of integrating tenant insurance into your storage facility and Savvy’s unique insurance offerings, talk to a representative today.