Tenant Property Protection, a leading provider of storage protection plans, is helping U.S.-based self-storage operators navigate the complexities of tenant insurance and tenant protection plans. The company tackles common myths and misconceptions to provide clarity for operators seeking the best options for protecting their tenants’ belongings, including RVs and boats.
One of the major misconceptions it addresses is that tenant insurance is the only legitimate option. While tenant insurance, which involves a two-party contract between the tenant and the insurer, is often regarded as the gold standard, it comes with considerable limitations. Each state’s self-storage operators must navigate licensing requirements and strict pricing rules, adding complexity and operational burdens.
Protection plans, on the other hand, offer a simpler solution. With a three-party agreement—tenant, facility, and plan provider—tenant protection plans eliminate the need for licensing and reduce regulatory oversight. They also provide operators with greater control, making them a preferable option nationally for RV protection and boat protection.
Another common myth is the belief that tenant insurance offers superior coverage. Tenant insurance typically pays out at actual cash value, meaning tenants receive payouts for their belongings based on their depreciated value, and the coverage may exclude certain risks, such as facility negligence.
For example, in Texas, where weather-related risks like tornadoes and hurricanes are common, protection plans offer a crucial advantage by covering storm damage, giving operators a competitive edge. Storage protection plans, however, provide full replacement cost coverage without deductibles, and they cover a broader range of risks, including negligence-related losses, such as damage from a leaky roof or security breaches.
Tenant Property Protection also addresses concerns about liability. Some operators fear that offering protection plans will expose them to significant liability. However, the liability is shifted to the plan provider, not the facility.
Protection plans are backed by a Contractual Liability Insurance Policy (CLIP) from top-tier insurers, such as Chubb. These companies ensure operators are not at risk for claims involving fire, burglary, or other covered events. This streamlined claims process reduces the operational burden for self-storage operators, allowing tenants to file claims directly through a portal.
Another myth is that tenants prefer insurance because it is a familiar option. In reality, tenants are often more concerned with convenience and affordability than the technicalities of insurance. Storage protection plans offer a simple and straightforward solution with no deductibles, no rate increases, and coverage that can be bundled into the tenant's rent.
Finally, Tenant Property Protection debunks the idea that insurance generates more revenue for self-storage operators. Recurring revenues can significantly boost an operator's bottom line, especially in a competitive market.
Tenant Property Protection emphasizes that tenant protection plans are a perfect fit for US operators, offering robust coverage, fewer regulatory hurdles, and a sustainable revenue stream. With 16 years of experience in the industry, Tenant Property Protection has proven that protection plans provide an ideal solution for the unique challenges faced by self-storage operators in the nation.
Learn more about Tenant Property Protection by visiting its website at https://tenantpropertyprotection.com/.
About Tenant Property Protection
Tenant Property Protection is a trusted provider of storage protection plans, offering tailored solutions for self-storage operators and tenants. The company’s flexible plans ensure operators can meet their customers' needs while increasing revenue and reducing operational complexities.
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Media Contact
Tenant Property Protection
1838 W. Parkside Lane, Suite 200, Phoenix, AZ 85027
(877) 575-7774
https://tenantpropertyprotection.com/
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