Storable Edge allows for you to add a monthly recurring insurance premium charge to tenants' accounts who have enrolled in your facility's insurance program. Once you've set up the insurance program and options in your Insurance Settings, adding insurance to a tenant's account is simple at move-in or at any time during their rental with your facility.
📖 Setting up insurance in your software is simple. Read about editing your Insurance Settings on our help site.
Adding store insurance during move-in
1. At the bottom of the second step of the move-in process, you will see the INSURANCE / SERVICES header. Below that, you will see an area to add insurance information for the tenant you are currently moving in.
2. Select Store Insurance from the dropdown menu.
3. Select the coverage amount from the dropdown menu. (Don't see the coverage amount you need? Set up additional coverages in Insurance Settings.) The insurance company name and coverage limit will be auto-filled based on the coverage amount selected.
4. Add optional items like policy #, types of goods stored and description of goods.
5. Complete the move-in process. The insurance premium will be added to the move-in total and charged monthly.
Adding private insurance during move-in
If you allow tenants to provide information about their private insurance in lieu of purchasing store insurance, you can enter details about that coverage through the move-in process. First, enable Private Insurance in your Insurance Settings. Then follow these steps:
1. At the bottom of the second step of the move-in process, you will see the INSURANCE / SERVICES section.
2. Select Private Insurance from the dropdown menu.
3. Enter additional information specific to the customer's private insurance plan including the insurance type, the company, the policy number, limit, term, type of goods stored, and description of goods.
4. Complete the move-in process. The insurance information entered will be stored in the tenant's profile.
Adding insurance to an existing tenant account
Store Insurance or Private Insurance can also be added after the move-in process is complete.
1. Navigate to the tenant's profile and click the Edit Rental button from the tenant's General page.
2. Click the Manage Insurance button.
3. Make your selections in the popup and click Add Insurance.
Note that if you do not have any Insurance information filled in, you will see Next in place of the Add Insurance button. In order to add the insurance, you will need to fill in fields within this pop-up.
5. Click the Update Ledger button once complete.
If Store Insurance is selected, premium billing will begin on your selected effective date. If Private Insurance is selected, the insurance details entered will be recorded in the tenant's profile.
Removing insurance from a tenant's account
To cancel insurance premiums from a tenant's billing or to remove private insurance details, follow these steps:
1. Navigate to the tenant's profile and click the Edit Rental button from the tenant's General page.
2. Click the Cancel button in the Insurance section.
3. You'll have the option to enter a note about the cancellation. Then confirm the cancellation by clicking the Cancel Insurance button.
4. Click the Update Ledger button. If Store Insurance has been cancelled, the premium billing will stop based on the effective date. If Private Insurance is selected, the insurance details entered will be removed from the tenant's profile. Note: the tenant's profile history page will retain the insurance company name, coverage amount, policy number, and effective date from the private insurance information.
Automatically cancel insurance for nonpayment
If you'd like insurance to be automatically cancelled if the tenant doesn't pay the premium after a certain number of days, update your Delinquency Stages to include the Cancel Insurance action.
📖 You can read about Setting up Delinquency Stages on our help site.