Self Storage Tenant Protection Plans

This article provides a summary of the conflict and its significance to the storage industry.

Self storage tenant protection plans.

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. 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. Payments are pooled by the insurance carrier to pay claims within the pool. Ioa offers the self storage industry leading tenant protection program that allows facility owner operators to earn high profit margins.

A 1 self storage inc which aims to determine whether tenant protection plans constitute insurance. Self storage operators nationwide are talking about the california legal case heckart v. Let us provide a proposal with our zero deductible policy. They provide protection for tenants stored belongings without the added cost or hassle of dealing with a homeowner s or renter s insurance policy.

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. 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. A self storage protection plan should in no way be confused with insurance. There s profit to be had.

Self storage tenant insurance or protection plans help you in several ways. Self storage insurance protection plans add value and peace of mind by offering integrated tenant insurance or a protection plan. Self storage operators who solely offer protection plans are cutting out the third party insurance carrier. 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.

Those payments are pooled by the insurance carrier to pay claims within that pool. 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. We can also cover existing tenant protection programs with little to no changes to your current program.