A recent TV story in the San Francisco Bay Area singled out a Public Storage self-storage facility for allegedly defrauding tenants in regard to insurance, which it requires all tenants to purchase. With the investigation ongoing, no conclusions of wrongdoing have been drawn for this particular facility; but this type of negative press causes concern in the industry and discussions about whether to require or provide tenant insurance to customers.
A notable discussion is occurring on Self-Storage Talk, the official online forum of Inside Self-Storage, about which methods are best when it comes to tenants and insurance. Several members have noted they do not provide insurance but they require tenants to attest to the fact that they will obtain their own coverage.
One member goes out of his way to explain to tenants that his insurance policy covers only the storage physical structure, not the contents of the unit. He also provides customers with numerous brochures for tenant-insurance providers and lets them decide which to use.
The discussion is also providing several opinions about Public Storage Inc., a self-storage real estate investment trust, and its policies. Several of the posters have experience working for the company.
Would you like to say your piece regarding requiring insurance? Are you looking to learn more on the topic from your peers? If so, log on to the discussion thread. You must be one of Self-Storage Talk's 3,700-plus registered members to post, but registration is free and takes only a few minutes. Visit www.selfstoragetalk.com for details.