Self Storage Tenant Protection Plans

Self storage operators nationwide are talking about the california legal case heckart v.

Self storage tenant protection plans.

A self storage protection plan should in no way be confused with insurance. 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tenants that some insurance providers and even some of the largest operators in self storage are trying to hide their outdated insurance products by naming them self storage protection plans. 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. This article provides a summary of the conflict and its significance to the storage industry.

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. There s profit to be had. 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.

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

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. Those payments are pooled by the insurance carrier to pay claims within that pool. 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.

Ioa offers the self storage industry leading tenant protection program that allows facility owner operators to earn high profit margins. They provide protection for tenants stored belongings without the added cost or hassle of dealing with a homeowner s or renter s insurance policy. 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.