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Legislation Allows New Mexico Self-Storage Operators to Sell Tenant Insurance

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The New Mexico Legislature has passed Senate Bill 301 (SB 301), which would allow self-storage operators in the state to sell tenant insurance to customers. The measure would grant operators a limited-lines license to sell only policies covering the loss of contents stored in rented storage units. The bill will make its way to Gov. Susana Martinez after passing the Senate 28-4 and the House 64-0.

The bill mandates that operators selling tenant insurance provide a training program for any employees “who are directly engaged in the activity of selling or soliciting limited lines self-storage insurance.” Training programs must be submitted to the state superintendent of insurance for approval, according to the bill.

SB 301 is supported by the New Mexico Self Storage Association and national Self Storage Association (SSA). “The Land of Enchantment delivered our first legislative victory this year,” SSA officials said in a March 27 e-mail newsletter to its members.

New Mexico passed new lien-law legislation in 2015. A similar tenant-insurance bill in Kansas is facing opposition from local insurance agents.

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