Self Storage Tenant 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.

Self storage tenant protection plans.

Self storage operators who solely offer protection plans are cutting out the third party insurance carrier. Payments are pooled by the insurance carrier to pay claims within the pool. This is a two party contract. This article provides a summary of the conflict and its significance to the storage industry.

Self storage insurance protection plans add value and peace of mind by offering integrated tenant insurance or a protection plan. We can also cover existing tenant protection programs with little to no changes to your current program. Self storage tenant insurance or protection plans help you in several ways. 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. 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. Those payments are pooled by the insurance carrier to pay claims within that pool. A 1 self storage inc which aims to determine whether tenant protection plans constitute insurance.

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. There s profit to be had. 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. 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.

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. Let us provide a proposal with our zero deductible policy.