May 5, 2022

Enforcing your insurance requirement

Self-Storage case study download
Click to download the case study referenced in this article

The most effective way to increase tenant participation and maximize revenue

Requiring coverage of stored belongings is the perfect way to bring value to your tenants and create new revenue channels for your business. There’s just one problem — if the coverage requirement isn’t enforced, and new tenants aren’t continuously enrolled in tenant protection, you’re not getting the full benefit.

Let’s look at an example from a current SafeLease partner operating on the East Coast. They had more than 2200 units with only 560 tenants enrolled in their protection plan. Why the low enrollment? The answer is simple — they weren’t enforcing their tenant insurance requirement.

SafeLease solves this problem by automating tenant protection plan enrollment for new and existing customers. Through automation, our technology eliminates the burden of selling contents coverage to every tenant, allowing your store manager to focus on managing your property.

Here’s how it works

  1. SafeLease provides your tenants with a lease addendum that includes the insurance requirement.

  2. Tenants receive clear email communications that explain how the program works, protection level options, associated costs, and activation dates. These emails are sent directly from your property management software to ensure timely delivery.

  3. Tenants are provided with three coverage level options. They are automatically enrolled in the minimum-coverage plan with the option to upgrade. Tenants may opt-out of the tenant protection plan by providing proof of private insurance to the store. This information must be entered into the management system by the store manager to successfully opt-out.

  4. SafeLease continuously monitors updates within your property management software to ensure new tenants are enrolled upon move-in and existing tenants remain compliant.

  5. New tenants are automatically enrolled in a minimum-coverage plan at move-in unless they opt-out by providing proof of private insurance. 

Within 30 days of program activation, our partners have historically seen 80 - 90% enrollment of occupied units. 

That’s exactly what happened with the East Coast facility mentioned above. Just 30 days after enforcing the insurance requirement, the property increased program enrollment by 239%. To see how SafeLease helped drive revenue gains for this partner, download the full case study.