In the self-storage industry, a tenant-protection plan is not the same as tenant insurance. Facility operators can learn the difference between the two as well as benefits to a protection plan in a new whitepaper titled, "Tenant-Protection Plan: A Storage Operator's Secret to Increase Rent Roll, Profit and Portfolio Value," offered by Inside Self-Storage (ISS) and On The Move Inc./SecureLease.
A tenant-protection plan takes advantage of the lessor/lessee contractual relationship and modifies the "Release of Liability" provisions found in most self-storage rental agreements. The operator, for an additional monthly fee, assumes responsibility for a tenant's property up to a stated amount. He then insures the additional risk by purchasing insurance for himself.
The free downloadable whitepaper provides more detailed information for self-storage owner/operators who may wish to offer a tenant-protection plan. It addresses plan advantages, sample financials, methods of insuring protection-plan risk, implementation strategies, regulatory compliance and more. It can be downloaded at www.insideselfstorage.com/whitepapers.
Based in Boerne, Texas, On The Move Inc. is the provider of a commercial truck-leasing program for self-storage and other industries and the new SecureLease tenant-protection program, a turnkey plan that allows self-storage operators to accept limited responsibility for tenant's stored goods. SecureLease allows a self-storage business to offer different levels of protection to customers while collecting added rent charges.
For more than 20 years, ISS has provided informational resources to self-storage owners, managers, developers and investors. Its educational offerings include a monthly magazine, annual tradeshows, an extensive website, the Self-Storage Training Institute, the online community Self-Storage Talk, and the Inside Self-Storage Store, an e-commerce website providing on-demand insight and education products for self-storage professionals.