Read Our FAQ
A: Equally as important as the design, construction, and management of your storage facility, is the need for you to offer protection and a sense of security for your tenants’ property.
When damage or loss occurs in today’s social media environment, an owner’s reputation may be destroyed by the lack of understanding of who is responsible. Tenants with a protection plan require less ‘babysitting’ during an insurance claim and cause less torture for the owner or manager(s).
A: Your current rental lease should have an “insurance obligation” clause that requires the tenant to show proof of coverage with a homeowners or renters insurance declaration page with personal property liability coverage that extends to their property being stored away from the main dwelling. In lieu of that, they can enroll in a protection program for lease compliance. Be sure to have the tenant confirm with their insurance provider that their homeowner/renters’ policy covers their personal belongings while in storage – some do not.
A: Don’t confuse a “tenant-protection” plan with “tenant insurance.” With tenant insurance, you are required to become a licensed insurance agent to “sell” it, have a background check with fingerprints taken and are restricted by your states Department of Insurance for rates. With a protection plan, no licensing, background checks or fingerprints are required, and you have more flexibility with pricing, so you are providing more options for your tenants’ protection and peace of mind.
A: No matter what size storage facility you own or manage, partnering with TPP, your earning potential is virtually unlimited. The more you sell, the more you make.
A: Facilities have Property & Casualty insurance for their buildings/dwellings, but the tenants’ property is not covered under this policy. Your tenants will need to protect themselves with either a protection plan or maintain a homeowners/renters insurance policy and provide that as proof of coverage to protect you and them.
A: You need storage unit protection for the same reason you need homeowners or renters’ insurance…. things can and do go wrong. Insurance or protection plans protect you against things like floods, fires, and burglary, and it is for rental lease compliance.
Tenants using homeowner or renters’ insurance declaration as proof of coverage – usually come with limitations for “off-premises” coverage meaning the coverage can either not cover their property “off-premises” or they impose a 10%-50% limitation of the policy’s personally property limit. Add on top of that your out-of-pocket deductible when the unexpected happens, and remember, insurance companies usually reimburse only for the “actual cash value” at the time of the loss – which is an amount that is insufficient to replace it. If “off-premises” is listed as a limitation on your declaration page, your property in storage may actually not be covered by your policy.
A: Loss or damage may be caused by, but not necessarily limited to: Fire, explosion, smoke, or hail; burglary, vandalism, or malicious mischief (specific provisions applying to burglary claims); water damage caused by a leaky roof. PLEASE NOTE: flood, surface water, underground water or water that backs up through or overflows from a sewer, drain or sump or accidental discharge of substances from within plumbing, heating, air conditioning or fire protection system is NOT covered; windstorm that first causes damage to the building; collapse of the building where your property is stored; non-flammable inventory for business conducted away from the facility and rodent damage (covered up to $500).
Insurance policies use the item’s depreciated value or actual cash value in the event of a loss. Our protection plans use replacement cost. Here is an example of the benefit:
Protection Plan Example: Tenants 5-year-old couch was purchased for $1,000 5 years ago. A comparable couch: brand and model were found in today’s market for $800. The tenant was reimbursed $800 to purchase a replacement.
Insurance Example: Same couch but the insurance company depreciates the property at 10% per year:
$1,000 (original price)
$500 (10% depreciated value after 5 years)
$500 (insurance deductible)
0.00 (Reimbursement Amount)
= NOT SO HAPPY Tenant!
A: At the facility’s discretion, the tenant protection plan may be reinstated upon payment in full of all rents and charges due and owed. Any loss or damage that has occurred during the period of non-payment will NOT be covered.
A: No, your coverage plan terminates when you move out.
A: All Claims are filed online at TPPClaims.com
A: Upon submitting your claim, an adjuster is assigned within minutes, and you are quickly notified by email and/or text with additional instructions if required. Once the claim is adjusted and we receive your signed claim release form, our goal is to release a check within 72 hours of receipt. Easy. Quick. No Hassles!