Update 12/24/14 − Ohio Governor John Kasich signed House Bill 430 into law last week, according to the “Monday Globe” newsletter published by the National Self Storage Association (SSA). The new law enables self-storage operators to offer over-the-counter insurance coverage to their tenants. It will take effect in 90 days, provided the Ohio Department of Insurance is ready to accept applications, the SSA reported.
4/11/14 − Officials from the national Self Storage Association and the Self Storage Association of Ohio testified in front of state lawmakers last week in favor of a bill that would enable storage-facility operators to offer tenant insurance if they obtain a limited-lines license.
If House Bill 430 passes, self-storage operators currently offering tenant insurance to customers will have 90 days to apply for a license if they wish to continue. It stipulates that storage employees authorized to offer tenant insurance undergo a training program in accordance with state regulations.
The bill would also require operators to make certain disclosures to customers, including a statement that insurance coverage may duplicate coverage in a policy already held by the tenant. If tenant insurance is listed as a conditional requirement on a rental agreement, customers would be able to satisfy the requirement by purchasing the insurance offered through the self-storage facility or by producing evidence of other applicable coverage.
The bill is similar to recent legislation introduced in Kentucky and Maryland and passed last year in Indiana, Oregon and Tennessee.
- Ohio General Assembly: House Bill 430
- Self Storage Association Monday Globe: Governor Kasich Signs Ohio Storage Insurance Bill Into Law
- The Monday Morning Globe, 4/7/14: Legislative Updates