Insurance Settings

If your facility provides insurance, the Insurance Settings section will allow you to set up and edit the various plans.

To access your facility’s insurance settings:

  • Click the Settings Tab in the lower left of your screen.
  • Under the Tenants section, click the Insurance button. The insurance settings screen will appear.


Store Insurance Provider

In order to add monthly recurring insurance premiums to your tenant's account, you first need to setup the Store Insurance Provider.

  • Click the Setup button

Setup Provider

  1. Using the drop-down menu, choose a provider from the list (Alliant Insurance Services, Bader Company, Great American, MiniCo Insurance Agency, Safeguard, SAGE, SafeStor, SBOA,  StorSmart, TRAC, Xercor or a Protection Plan).

  2. Enter your Facility Policy Number in the field provided. (optional)

  3. Enter Your Master Policy Number in the field provided. (optional)

  4. Choose your plan settings
  • Prorate premium on move-in: With this box checked, a tenant’s insurance charge will be prorated at move-in.

  • Prorate premium on move-out: With this box checked, a tenant’s insurance charge will be prorated at move-out.

  • Retained admin fee: Retained admin fees are your commissions for selling insurance. Use this field to set the dollar or percentage amount of each premium that is retained by the facility. This is for reporting purposes only. There will be no financial transactions posted to the general ledger for retained fees. The Insurance Activity and Insurance Statement reports will calculate your commission from each unit's insurance premium and display it as Retained Fees on the report. Note: editing the retained admin fee field will not update the retained admin fees for current tenants.


Insurance Options

Once you have the Store Insurance Provider setup, add insurance options for each of the coverages you offer.

Adding Insurance Options

  1. Click +Add new insurance option at the bottom of the screen. A new screen will appear, allowing you to set up specific information for the new insurance option.
  2. overage amount which is the dollar amount to be covered by this insurance option.

  3. Enter the percent covered by this insurance option. (Typically it is 100%.)

  4. Enter the premium your tenants will pay monthly, in dollar or percentage amount, for this insurance option.

    To set a variable dollar or percentage rate:
    1. Click the green + button.
    2. Using the drop-down menu, choose either dollar ($)  or percentage (%) amount for the first line.
    3. Enter the dollar or percentage amount in the field provided.
    4. In the next field, you will need to enter the criteria specifying the highest rental rate to which the fee will be applied.
    5. In the last row, enter the dollar or percentage amount that will be applied to the rental rates entered above.
    6. You can click the green + button to create as many steps or variations as you need.

  5. Check the appropriate tax rate box, if applicable, that will be applied to this insurance option. (Typically insurance is not taxed but check with your insurance provider for more information.)

  6. Click the Save button to save the new insurance option.


Editing or Deleting Insurance Options 

You can edit or delete insurance options, but there are important things to consider when doing so.

Editing existing insurance options will only affect tenants enrolled in the options after the edit is made. Editing insurance options will not change existing tenants who are already enrolled in the option. To change existing tenants' insurance you will need to cancel the tenant's insurance coverage and then re-add the new insurance coverage to their rental.

It is best practice to not delete insurance options that are in use. Before deleting any insurance options, run the Insured Tenants Roll report to ensure no tenant is enrolled in the insurance option you want to delete. Once deleted, the insurance option will be removed from the options list in Insurance Settings and cannot be recovered. Tenants who are already enrolled in that insurance plan will continue to receive coverage until it is removed from their tenant page.


Advanced Insurance Settings

If you want to disable the policy number field when adding insurance to a tenant, turn on the setting for Disable policy number for store insurance.

When a tenant declines your store insurance due to coverage through their own private insurance, you can set up your account to collect details about their private insurance. To enable this functionality, turn on the setting that allows tenants to use private insurance. 



Requiring Insurance On Move-In 

To enable this feature and adjust the parameters of the requirements, visit the Required Fields section in Corporate Software Settings.


Uploading Insurance Documents

Upload Insurance documents by visiting the Documents and Emails section, located in your facility Settings. 


Once the documents have been uploaded, input the replacement fields into the documents*. This will ensure that when the documents are generated, it will include the tenant's specific insurance information. 

*Contact storEDGE Support for assistance.



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