As a self-storage operator, offering the Storage Shield tenant protection plan to your tenants is beneficial to both you and your customers. For a small extra fee each month, the Storage Shield tenant protection plan is simple to implement and offers your tenants peace of mind knowing that their belongings are covered with no deductible.
A tenant protection plan shows your tenants that you have their best interests in mind. You’re offering them an extra layer of protection for their possessions with the assurance that they will be reimbursed at replacement cost for their damaged or lost property (clothing and household linens are subject to depreciation). There are no deductibles and the fees can be collected with their monthly rent.
Advantages to Offering a Tenant Protection Plan
Ease of Implementation
A tenant protection plan requires no state license requirements. The plan is offered by way of a lease addendum, which is signed by tenants during the rental transaction. There is no insurance policy to be sent by a carrier, and the revenue collected is additional rental income, increasing the value of your facility.
This is not a one-size-fits-all program. Each operator is allowed to set his own protection plan limits and pricing. You can drive sales through value pricing, generating the same money that you could earn through third-party tenant insurance.
Strong Profit Margins
The cost of a protection plan is reasonable. Depending on the monthly pricing, a facility operator can realize a profit margin of up to 90 percent.
Flexibility to Expand
A tenant protection plan can be extended to boat and RV storage as well as your wine and antique car enthusiasts. Many operators target these prospects to advise them that extra protection is available for their treasured items.
A protection plan can be leveraged in your strategic marketing programs. You can choose to offer a discount on packing and moving supplies or a free month’s rent to those who enroll in the plan at move-in.
Give your tenants peace of mind by offering them a Storage Shield tenant protection plan. It’s an affordable, dependable way for tenants to store their belongings with the comfort of knowing they have an extra layer of security against loss or damage.