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Insurance Office of America Launches Tenant-Protection Program for Self-Storage Operators

Insurance Office of America (IOA) has added a self-storage tenant-protection program to its suite of insurance and risk-management solutions. The product will help self-storage renters protect their belongings, while facility owners can reduce their business-loss exposure, according to a press release. It’s intended to be offered by self-storage operators and third-party management companies.

“With the Tenant Protection Program, the facility sets the protection-plan limits and pricing based on local market conditions,” said Joseph Torrisi, self-storage specialist. “The program is streamlined, so startup can be accomplished without much friction.”

The protection program is underwritten by an unidentified “AM Best A-rated carrier,” the release stated. The insurance carrier insures the risk, and tenant claims are handled by licensed adjusters on behalf of the storage operator. IOA provides start-up training and assists with the implementation of the program, according to the company website.

The IOA Self Storage Division offers custom-tailored insurance programs that can incorporate traditional insurance coverages, alternate risk financing techniques, human-resource outsourcing, and additional combinations thereof.

Founded in 1988, IOA is an independent, full-service insurance agency. It has more than 1,000 associates in more than 50 offices, with some in London and many across the United States.

Source:
IOA Self Storage Division, Website

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