Self Storage Tenant Protection Plans

A 1 self storage inc which aims to determine whether tenant protection plans constitute insurance.

Self storage tenant protection plans.

If a tenant s property is lost or damaged and the loss is covered under the protection plan the operator is legally responsible for remitting money to the tenant up to the coverage amount specified in the agreement. Those payments are pooled by the insurance carrier to pay claims within that pool. Let us provide a proposal with our zero deductible policy. Protection plans self storage tenant insurance is the transfer of risk from one entity your tenant to another your provider s insurance carrier in exchange for payment.

This is a two party contract. Sitelink automatically adds coverage charges pro rates based on coverage rules and tracks program revenue so tenants can pay easily as part of their rent. A self storage protection plan should in no way be confused with insurance. Self storage insurance protection plans add value and peace of mind by offering integrated tenant insurance or a protection plan.

Just like your storage space the protection plan renews automatically each month protection continues as long as you are current on your monthly rent and stops when you vacate the unit. Self storage tenant insurance is the transfer of risk from one entity your tenant to another your provider s insurance carrier in exchange for payment. Purchased along with your storage rental your belongings are protected the moment you sign the protection plan addendum. Ioa offers the self storage industry leading tenant protection program that allows facility owner operators to earn high profit margins.

This article provides a summary of the conflict and its significance to the storage industry. Self storage operators nationwide are talking about the california legal case heckart v. Self storage operators who solely offer protection plans are cutting out the third party insurance carrier. There s profit to be had.

We can also cover existing tenant protection programs with little to no changes to your current program. It is simply an agreement between the customer and the self storage facility to provide monetary compensation in the event of a damage or loss. Storage property protection plans have become so popular with owner operators and tenants that some insurance providers and even some of the largest operators in self storage are trying to hide their outdated insurance products by naming them self storage protection plans.