If your facility provides insurance, your Insurance Settings will allow you to set up and edit your various plans. Your Insurance Settings are located in the Corporate section of your software. You will need Corporate software permissions in order to make changes to insurance, but you can view plan information from the facility level of your software by accessing your Settings tab and clicking Insurance under the Tenant heading.
This article will instruct you on:
- Setting up an insurance provider
- Adding and removing insurance policies for a facility
- Deleting insurance policies
- Adjusting insurance settings
- Requiring insurance at move-in
- Uploading insurance documents
Setting up an insurance provider
To set up an insurance provider at your facility, access your Corporate Software Settings and click Insurance under the Tenant heading.
You’ll notice three tabs within your Insurance Settings. Click into the Policies tab. Any policies that have already been added will appear here. If you’re setting up a policy for the first time or adding an additional policy, select Add new insurance policy.
Next, you’ll add provider and policy information. First, select your provider from the list of insurance providers.
Available providers include:
- Alliant Insurance Services, Inc.
- Bader Company
- Great American
- MiniCo Insurance Agency, LLC
- Protection Plan
- Safeguard Insurance
- SAGE Insurance Servicing
- Safestor Insurance
- SBOA Tenant Insurance
- StorSmart Insurance Company
- The Storage Center Protection Plan
- Xercor Insurance Services LLC
Then, enter a Plan Name and the Master Policy Number. If insurance is taxable in your state, select a tax type. Then, select Add insurance plan to add plan details.
From here, you can add your different coverage options. Enter the Amount (the max payout), the Coverage Percentage (the percentage the policy will payout), and the Premium (monthly cost). To add a second plan, click Add insurance plan and enter details.
Once you’ve added all coverage options for the provider, click Save.
Adding and removing insurance policies for a facility
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 who enroll in the options after the edit is made. Editing insurance options will not change anything for 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.
Adding insurance policies
Adding an insurance policy to your facility’s offerings to tenants is simple. From your Corporate Insurance Settings, access the Insurance tab. You can edit a single facility or multiple facilities at once. Check the box next to each each facility you’d like to edit and click Edit Insurance.
On the next screen, select a policy from the dropdown menu under Add Insurance. You’ll see the details about the plans set up for that policy and provider. If you’d like, you can add an optional Facility Policy Number for each facility. When you’re finished making changes, click Update Facilities.
Changing or removing policies
If a facility already has insurance set up and you’d like to change the policy or remove the policy, select the facility from the Insurance tab and click Edit Insurance, just like you would if you were adding a policy to a facility. The next screen will show you the current policy setup for the facility.
To change the insurance policy, select the new policy from the dropdown, enter the new facility policy number, and click Update Facilities.
To disable a policy, click the Disable button next the policy details and confirm that you’d like to disable it by clicking Continue. This will not delete the policy from your software - it will still be available to add to facilities. However, you will not be able to add it to tenant accounts unless you re-enable it.
Deleting insurance policies
If you want to ensure that an insurance policy can no longer be used by any facility at your company, you can delete it from your software.
The first step to deleting the insurance policy is to disable it. You cannot delete an insurance policy that is currently being used. After it has been disabled, access the Policies tab of your Corporate Insurance Settings and click the Delete button and confirm you’d like to delete it by clicking Continue.
Once deleted, the insurance option will be removed from your software and will no longer be available to add to a facility or to be purchased by a tenant. Tenants who are already enrolled in that insurance plan will continue to receive coverage until it is removed from their tenant page.
Adjusting insurance settings
The Settings tab within your Corporate Insurance Settings enables you to define several aspects of how you use insurance at your facility. To enable or disable these settings for a single facility or multiple facilities, select the >Facilities link to expand your facility list, check the box next to the facilities you’d like to adjust, change the setting to Yes or No according to your preference, and then click Save.
Facility Insurance: Enable policy number facility insurance
Checking Yes will enable the policy number field when adding insurance to a tenant, and choosing No will disable the policy number field.
Private Insurance: Allow tenant to use private 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, check Yes. To disable it, check No.
Prorate premium insurance on move in
Checking Yes will prorate insurance premiums at move-in. Checking No will charge the full premium at move-in, regardless of the time during the billing cycle that insurance is purchased.
Prorate premium insurance on move out
Checking Yes will prorate insurance premiums at move-out, which will warrant a refund for the portion of the billing cycle the that the tenant is not occupying the unit. Checking No will not warrant a refund at move-out.
Retain 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.
Requiring insurance at move-in
If you’d like to require your tenants to purchase insurance at move-in, you can enable this feature and adjust the parameters of the requirements by visiting the Required Fields section in Corporate Software Settings.
Uploading Insurance Documents
Upload Insurance documents by visiting the Documents and Emails settings, located on the Settings tab on the facility level of your software.
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.
*Contact storEDGE Support for assistance.