On The Move Inc., which provides turnkey rental-truck and tenant-protection programs for self-storage and other industries, has added a new policy type to its insurance offerings. SecureLease was created for small self-storage operators who want to generate profit from a tenant-insurance plan.
Being sold on behalf of a Lloyds of London syndicate, SecureLease allows self-storage operators and third-party management companies to accept limited responsibility for tenants stored property, with the policy insuring the risk. It also increases the allowable limit of stored property in most rental agreements from $5,000 to $50,000, covering personal and commercial goods.
SecureLease has no deductible. It offers protection against common self-storage perils such as accidental discharge of sprinkler systems, vermin and rodent infestation, earthquake, fire, windstorm, leaking or collapsed roof, and theft through forcible entry. Incidents like this can destroy the hard-earned reputation of a local facility, said Joseph Torrisi, account executive. If there ever was an argument for mandatory self-storage protection, its now.
On The Move officials believe the plan will be popular with customers because SecureLease offers terms more generous than most homeowners policies or other tenant-protection programs.
Self-storage owners also stand to benefit. While there is no fee-based sharing plan, the policy carries a low annual premium. Self-storage operators pay the premium to On The Move and charge customers as they see fit. They can even opt to offer it for free, absorbing the cost or building it into the rental payment.
Operators can also use the plan as a promotional item, perhaps giving away a month of free protection as an incentive to store at the facility. More information can be found at GetSecureLease.com.