01 Jul 2024
During the recent ISS Las Vegas World Expo, we had the opportunity to engage with industry experts, gaining insights into the current self-storage landscape. James speaks with Marshann from Savvy Insurance about their tenant insurance product. Marshann explains how they simplify moving into storage by providing automatic coverage for the first 30 days, with no premium for the first month. This lets tenants evaluate the coverage risk-free. This automatic enrollment relieves facility managers from pitching insurance, allowing them to focus on tenant service, ensuring peace of mind and a smooth transition for tenants.
James: Hey everybody, we're with Marshann from Savvy Insurance, who's honestly a trailblazer in this space and really innovated the way tenant insurance is doing things. So Marshan, can you talk a little bit about your product and how you sort of protect the tenant?
Marshann: Sure. Thanks so much. What we try to do is really simplify the process for when a tenant is moving into a storage unit. We provide coverage automatically for them. They can always cancel the next transaction, but it allows that kind of simplification, peace of mind. They can move in and know that they've got coverage for the first 30 days without having to pay any premium. Our insurance company waives the first month of premium. It allows our tenants to determine if it's the right coverage for them. They can compare their deductible versus the homeowner's deductible, or $100. They can compare our limits, the coverages. We offer flood at full limits, and most homeowners don't have flood. So it has a lot of different benefits to it. And the other thing I would say is that it's $5,000 in coverage for $15, which when you put it into how much gas costs these days, or even a Netflix subscription.
James: Right. That sounds like a no-brainer.
Marshann: I mean, it's pretty straightforward.
James: And tenant insurance is something you don't need until you need it. So the fact that you get out in front of it, give them that breathing room to actually think about whether they want to move forward with it, I think is an awesome service you provide at your facilities. Have you noticed that it helps streamline what your facility manager is able to do? So you just focus on servicing the tenant as opposed to adding another sales process, another loop?
Marshann: Oh, absolutely. And it really kind of relieves that pressure from the person behind the desk, your property manager, to make that pitch about insurance, because everyone's automatically enrolled, right? So it simplifies the whole process. We provide all the terms and conditions so that the tenant moving in knows exactly what they're getting for savvy. But it's just, as you say, it's just kind of ease of administration, right? And peace of mind. And it really allows that person to make a smooth transition into their storage unit.
James: Well, getting into a storage unit is never easy. So thank you guys for your service in making just one step easier and protecting the tenant.
Marshann: Well, thank you so much. Thanks for stopping by.
James: Absolutely. Thank you.
