MiniCo Expands Insurance Offerings With Tenant Protection Plan

MiniCo has launched a Tenant Protection Plan designed to provide self-storage operators with an alternative to traditional tenant insurance programs while creating a new opportunity for insurance agents.

Unlike conventional tenant insurance, protection plans are structured through a lease addendum in which the facility agrees to cover a tenant’s stored goods up to a specified limit. The risk is then transferred to a contractual liability insurance policy (CLIP), which ultimately handles eligible claims.

MiniCo said its new program is the latest addition to its portfolio of specialty insurance solutions for the self-storage industry and is being offered exclusively through its agent network.

Under the program, CLIP is distributed through MiniCo's agents, who can receive a standard commission of up to 10%, paid monthly. The participating self-storage facility pays a fixed rate for each protection-plan addendum sold, while premiums are agency billed on a monthly basis.

The program does not require supporting MiniCo policies, according to the company.

For self-storage operators, the structure provides a way to incorporate tenant protection into the rental agreement while shifting the associated risk through the CLIP arrangement. For insurance agents, MiniCo is positioning the program as an additional specialty product that can be offered to self-storage clients.

MiniCo's launch comes as tenant protection plans receive increased attention across the self-storage industry, where operators and insurance providers have continued to explore alternatives to traditional tenant insurance models.

Agents interested in the program can contact MiniCo for additional information or a quote.