Increasing your Cap Rate | How TPP Brings Value to Your Offering
We can help you earn more money on each unit.
And we don’t make that statement lightly. Increasing your cap rate with insurance is limited, increasing your cap rate with Tenant Property Protection is essentially unlimited. But we’ll put our money where our mouth is.
The Hidden Costs of Insurance
Some of the insurance companies that sell Tenant Insurance for Self-Storage facilities fail to mention some of the most important facts about their plans. For example: in many states, anyone selling tenant insurance must maintain an insurance license. This is a breakdown of what is involved in obtaining and maintaining an insurance license (or limited license)::
- Pre-license Education – average cost $225*
- Insurance license test – average cost $75*
- Fingerprinting – $30*
- License – Average cost $75* + filing fees if applicable
- Continuing Education – average cost $100*
- “Opportunity cost” – potentially in the $1000’s for education and legal fees if sued
- Limited license cost – $250-$350* every 2 years
- E & O INsurance – $3750- $3850*
The fact that some insurance companies forget to clarify these obligations from the start can leave you in a legal bind, not to mention an expensive one. TPP incurs NONE of these costs and has unlimited earning potential since our plans are not limited by insurance cost restrictions.
The Unlimited Earnings of TPP
The biggest benefit of property protection plans versus tenant insurance for self-storage owners and operators is the ease of use and flexibility of Tenant Property Protection. You do not have the headaches of licensing and filing with the insurance commissioner of your state which is far more difficult to maintain than most self-storage owners want to deal with or admit.
The Owner Benefits
When owners ask “How much can I earn?”, with TPP your earnings are directly proportional to your tenants’ participation. The more you sell the more you make. Your income is not based on some state-regulated commission or any under the table dealings. It’s easy. You sell X – you earn x. It’s up to you!
The Tenant Benefits
Tenants are the real winners when you choose Tenant Property Protection. They benefit from a full replacement cost, coverage for everything from burglaries to fires. And our claims process is the fastest and best in the business. Tenants love their TPP plans for the value we bring and the care we take during claims time.
The Manager Benefits
Selling insurance isn’t most people’s favorite thing in the world. (sorry insurance brokers, it’s the truth). So when you give your managers easy online training and a protection plan that keeps its promise, selling TPP becomes a no brainer. We provide some of the best marketing materials in the business.
It’s not just better it’s smarter
The truth is, Tenant Property Protection plans are not just better than insurance plans, they’re smarter. Tenant Property Protection eliminates all the headaches, all the hassles, all the paperwork, all the broken promises, and all the nonsense of insurance programs. And with the back-to-back title of Best in the Business, you can’t go wrong!
Do an obligation free comparison for yourself and find out just how much more YOU could be adding to your cap rate:
*Numbers estimated as of 2017