As a self-storage owner, protecting your business and tenants is a top priority. One of the most effective ways to do this is through a tenant protection plan. Choosing the program that’s right for you can be an overwhelming process, but it doesn’t have to be. Here are some key points to consider when selecting a tenant protection plan for your self-storage property.
Maximize Annual Revenue Consider the impact a protection program will have on incoming revenue. Look for a plan with a 60-70% revenue share, plus an average of 80% tenant enrollment. This ensures that you have a steady stream of income coming in while still providing your tenants with affordable coverage options.
Transfer Risk Choose a protection plan that covers you, the facility owner, and transfers any risk you assume to a reliable insurance carrier. You have a responsibility to protect your investment, and the opportunity to do so while ensuring your tenants are protected from unexpected events. Select a protection plan where the program’s insurer covers theft and the most common causes of damage.
Weigh Coverage Options and Pricing for Tenants Tenant protection programs provide you with the unique opportunity to add real value to your tenants in exchange for a small rate increase. Look for a program with comprehensive coverage at an affordable price. The best coverage on the market covers damage others won’t such as mold and mildew or rodent and vermin. Choosing the right plan makes it a no-brainer for your tenants when it comes to enrollment.
Effective, Hands-Off Program Lastly, it's important to select a protection program that operates effectively with little-to-no burden on you or your staff. Program setup should be streamlined and hassle-free. And when a claim is filed, it’s efficiently managed and resolved directly by the protection program provider. Look for a plan that leverages technology to make the claims filing process easy for your tenants and provides you useful insights into claims details to keep you abreast of what’s going on at your site.
Selecting the right protection plan for your rental property is essential to protecting both your business and your tenants. Consider the positive impact on your revenue, who carries the risk, comprehensive coverage options and pricing for your tenants, and efficient program operations when choosing a protection program. By doing so, you can rest easy knowing that you have taken the necessary steps to protect your property and tenants.