October 15, 2018

Would You Rather? Tenant Property Protection vs. Insurance plans

Who loves Insurance (besides Flo?)

Selling tenant insurance is kind of a cringe moment for many managers. So much so that they may even gloss over it and just hand tenants the paper with a checkbox ‘yes’ or ‘no’ and not say a word. It’s not the selling point you’d hoped it would be, and your managers aren’t exactly Flo from Progressive. So how do you get the extra income that you thought insurance would bring?

Why is it a pain?

As we discussed in a previous blog, your tenants are coming to you because of a big life change most of the time. Changes as big as moving can make anyone a little over cautious and for those who have been burned by various insurance companies before, it’s a hard sell. Can you see the nostrils flaring and the arms crossing? Most managers hate having to upsell ‘add-ons’ like insurance simply because it’s one more ask in the conversation. Or, they are simply undertrained. Or not properly licensed to be able to sell insurance. (If you’re partnered with one of the crooked insurance companies they’ll inconveniently leave that little regulation out).

Protection Plans for the win

The easiest way to remedy the situation is to offer a more amiable plan, especially if it’s a little more profitable. That’s where Tenant Property Protection plans come in. A protection plan has more earning potential. They’re also fundamentally better for tenants because there’s no fine print trickery or loopholes to exploit. They’re covered to the dollar amount they choose, they get replacement cost instead of depreciated value, and there’s not deductible. They add a nominal fee to their rent to ensure if something happens, they still have the equivalent of what they lost. If you think about it yourself, would you rather sell insurance or protection plans?

Closing the Sale

The best part of making the switch is that offering a protection plan is actually a huge selling point for your facility. It makes it easier for your manager so close the sale and get the tenant to sign a lease. This is especially true if you choose Tenant Property Protection as your protection plan of choice. We do most of the marketing work for you. We train your managers easily online, we provide materials and we’ve been rated the best protection plan in the business.

Now don’t just take our word for it. Fill out a comparison form and see how much of a difference TPP can make at your facility!