Offering insurance for the contents of your tenants’ storage units is one of the best ways to protect both you and your customers from financial loss in the event of a natural disaster, theft, vandalism, or any other unfortunate and unavoidable event. Offering storage insurance at your facility provides your tenants with the peace of mind that their belongings are safe without requiring them to find insurance for their unit elsewhere. Your software gives you the ability to sell insurance and gather signatures on required documents in just a few easy steps.
Adding store insurance
Store insurance is insurance sold by your facility. If you have the provider you’re using at your facility added to your Corporate Insurance Settings, you can add insurance to their account, gather their signature on their insurance documents, and process their first payment in just a few steps.
📖 Read about setting up store insurance on our help site.
⚠ If you need to gather tenant signatures on insurance documents, you’ll need to prepare insurance documents before adding insurance to a tenant’s account to ensure this step is not missed in the process.
If you offer Storsmart insurance at your facility, Storable Edge will take care of an extra step for you by sending insurance documents and information directly to Storsmart automatically when a new plan is added. This saves you the time of mailing or transferring this information yourself.
To sell store insurance (outside of move-in) and add it to a tenant’s rental:
Navigate to the tenant’s page.
Next to their unit details on the right of their page, click Edit Rental next to the unit you’d like to insure.
In the Insurance section of the unit’s details, click + Add Insurance.
In the + Add Insurance window, select Store Insurance.
Select a Coverage Amount. The coverage options you have set in your software will populate here.
Select a Company. In this context, Company refers to the insurance provider. The insurance provider that you have added to your facility in your Corporate Insurance Settings will populate here.
Enter the Policy #. This is optional. Your policy number is stored in your Corporate Insurance Settings, so adding it here is for reporting purposes only.
Select an Effective Date. This is the date that you want coverage for the rental to begin.
Select a Type of Goods Stored.
Add a Description of Goods (optional).
Click Next.
On the next screen, review the insurance premium charges to ensure everything is correct. If a tenant is to be covered immediately, you may notice that the tenant’s total amount due is prorated to the date in your billing cycle when coverage begins.
Click Next.
On the next screen, review the required documents. If you’d like to physically print an insurance document, you can do so from here.
Click Next.
On the next screen, you can gather signatures on documents prepared for e-sign. If the tenant is physically present, click Sign Now to have the tenant sign on your computer, or select Sign on Device to use a paired device. If the tenant is not physically present, you can click Send to Tenant via SMS or email to have a tenant sign on their own device. Alternatively, you can select Sign Later to skip this step until a later date.
Complete the payment on the next screen.
Once this process is complete, your tenant’s insurance details will be reflected on their tenant page and in insurance reports.
Adding private insurance
Private insurance is a policy that your tenants hold independently. You can add a tenant’s insurance policy details to your software to record that the tenant is insured and track their insurance expiration.
📖 Read more about managing expired insurance.
Navigate to the tenant’s page.
Next to their unit details on the right of their page, click Edit next to the unit you’d like to insure.
In the Insurance section of the unit’s details, click + Add Insurance.
On the next screen, select Private Insurance in the Insurance dropdown.
Under Type, select the type of insurance the tenant has.
Next, select their insurance provider under Company. If their provider is not listed, select Other.
Add the tenant’s insurance limit.
Add the tenant’s insurance expiration date.
Select an option in the Types of Goods Stored dropdown.
Add a Description of Goods (optional).
Click Add Insurance.
Once this process is complete, your tenant’s insurance details will be reflected on their tenant page and in insurance reports.
Preparing insurance documents for e-sign
In order to complete the Documents step of adding store insurance to a tenant’s account, you first need to prepare your documents. To do so:
Navigate to your Documents and Emails settings.
Click Edit next to your insurance document.
Ensure that your document is labeled as Insurance in the Document Type dropdown.
Next to Triggered By, click Resulting Actions.
Select Store Insurance.
In the email body, verify that you’re using the appropriate e-sign brackets if you plan to gather a signature.
Click Save.
Keep track of unsigned insurance documents
If you need to skip the e-sign process when you’re adding insurance or if you’ve sent the tenant an e-sign request via SMS or email, you can keep track of which documents have not yet been signed on the Communication tab. Just navigate to your Communication tab and click the E-sign tab. Any pending signature requests will be listed here.
From here, you can send the signature request by clicking Resend. If the tenant is physically present at your facility, you can click Sign to gather their signature on the spot using your computer or paired device.
Reporting on Insured Tenants
Your software’s Reports tab on the facility level of your software provides several reports that help you keep track of your tenants’ enrollment in store and private insurance:
Insurance Activity:
This report is based on a custom date range and provides a summary of store insurance activity for that period. It will show you which tenants purchased store insurance, their policy information, and associated credits. Additionally, it displays a Billing ledger for insurance-related charges.
Insured Tenants Roll:
This report provides insurance details for all insured tenants at your facility, including both store and private insurance.