Q: Why do facilities require tenants to provide “proof of insurance”?
Tenants need storage unit protection for the same reason they need homeowners insurance…. things can go wrong. Insurance or Protection plans protect the tenant against things like floods, fires and break-ins…. And it’s for lease compliance.
Tenants that use their homeowners declaration as proof of coverage – usually comes with limitations for “off-premise” coverage meaning the coverage can either not cover their property “off-premise” or they impose a 10% limitation of the policy’s personally property limit. Add on top of that their out-of-pocket deductible when the unexpected happens, and remember, their insurance usually reimburses only for the “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 their declaration page, you need to tell them their household property in off-site storage is actually not covered by their policy … You’re doing them a favor by offering our protection plan!
Q: Isn’t RV Gap Coverage just a duplicate vehicle insurance?
No, RV Gap Coverage is not a replacement for RV vehicle insurance. It’s “gap” coverage to protect recreational vehicle owners while their vehicle is in storage. A lot of RV owners select their insurance “storage option” to reduce their monthly premium, and when they do this, it reduces or eliminates any insurance liability for on-site accidents while in storage. Our RV Gap Coverage fills the “gap” between minimum insurance coverage because of limited usage.
Q: If 2 RV tenants accidentally hit one another at the storage facility, and both have your RV Gap Coverage plan, who is responsible for filing a claim?
The tenant that accidentally hit the other tenant is the one responsible for filing the claim. In other words, whomever is going to be financially out of pocket for the damage needs to file the claim.
Q: Are items like bikes or ladders that are secured to the RV/Boat/Trailer covered under the RV Gap Coverage plan?
Any item not permanently affixed to the vehicle is covered under contents with a sub-limit up to $500. All permanently affixed parts are $350 for aftermarket replacement cost. For example, if the ladder is bolted to the RV (as most have one) that is considered as a permanently affixed part and is covered at $350.
Q: If an RV/Boat is stollen from the storage facility, is that covered under the RV Gap Coverage?
Theft of the entire vehicle from the storage facility is covered up to policy limit only.
Q: Does the RV Gap Coverage plan cover accidents to the facility tenants cause when pulling into or out of the storage facility?
Yes, we cover all on-site dings, dents, scratches, scrapes to other tenants AND the facility itself – security gates, entry keypads, columns etc. The tenant is financially responsible for the damage and can file a claim to offset the financial burden.
Q: What is a protection plan and how is that different than having “insurance”?
Don’t confuse a “tenant-protection” plan with tenant insurance. They are completely different products. With a protection plan, you actually have protection similar to an extended “warranty” on your stored property in a locked unit or outdoor storage space with favorable terms and conditions for just a few dollars in addition to your monthly rent payment.
Q: Do you have a protection plan that covers my stuff in storage?
Yes, TPP Secure is our protection plan specific for content protection. It’s a simple-pay-with-rent and the benefits are:
- NO Deductible
- NO Depreciated Value
- NO Worry or insurance rate increases in the event of a claim
- WE PAY REPLACEMENT COST
Q: What does replacement cost mean?
Insurance policies use the item’s depreciated value or cash value in the event of a loss. Our protection plans use replacement cost. Here’s 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!
Q: Why do I need this protection plan? Doesn’t the facility have their own insurance that cover my stuff?
Facilities have their own Property & Casualty insurance for their buildings/dwellings but the tenants’ property is not covered under this policy. You will need to protect yourself with either a protection plan or homeowner’s insurance that cover your stuff in storage.
Q: Why is this suddenly required?
Coverage for stored items has always been a requirement for lease compliance whether it’s a protection plan or insurance.
There are many benefits with a protection plan that outweigh using your homeowner’s policy:
- Not all Homeowner’s policies cover contents in a stored unit – make sure you contact your insurance to confirm coverage
- We settle claims at replacement cost not “cash value”. That means you will receive the amount needed to replace the lost or damaged item
- The best part – you avoid your $500, $1000 or even higher insurance deductible for just pennies a day!
- With Tenant Property Protection your claim is processed quickly and more importantly; you get what you pay for!
Q: Why am I being forced to pay an extra $12 a month for my stuff?
The lease you signed requires you to carry some form of protection or insurance on your stored belongings. Be sure to check with your insurance provider as not all homeowners’ policies cover contents in storage. A protection plan was added to your month’s rent to give you protection/coverage while you investigate your insurance policy. You have the option to decline or opt-out of the coverage if you can provide your homeowners insurance declaration page as proof of coverage.
Q: Where can I find information about your protection plans?
There are many ways to get information about our programs, you can stop by and grab a brochure or rack card from your facility or visit our website and bounce around or give us a call at 877-575- 7774 and speak with one of our industry experts.
Q: I just found mold on my couch, does my protection plan cover mold?
Unfortunately, no, our protection plans do not cover mold, mildew or wet/dry rot.
Q: I have an RV, do you have a protection plan for my vehicle in storage?
Yes, RV Gap Coverage is our pioneering “deductible reimbursement” burden relief plan that provides comprehensive protection for tenant’s outdoor property like RVs, boat, auto, trailers that are exposed to damage from on-site accidents, smoke/fire and includes up to $500 for theft or content damage on-site and off-site with a police report.
Q: What does “deductible reimbursement” mean?
Deductible reimbursement means we remove the “out-of-pocket” insurance deductible expense associated with an “insurance claim” in the event of an on-site accident/loss/damage. It’s a “Deductible Burden Relief” plan.
Q: What happens if another tenant hits my Boat while trying to park their camper?
Assuming one or both have enrolled in RV Gap Coverage, we would pay your out-of-pocket insurance deductible costs for the repairs. If you need to use your vehicle insurance, we pay your deductible and the insurance company will pay the remainder of the loss. If you chose not to use your insurance, we will pay up to the limit of your plan with a receipt for the repairs.
Q: I just had my RV battery stolen? Is that covered under my protection plan?
Yes, there is a one-time $500 content coverage for replacement of stolen content items on-site and off-site like batteries, generators, propane tanks etc. A police report is required. Proof of purchase of item stolen may be required. To learn more visit: rvgaptermsandconditions.com
Q: Someone just stole my catalytic converter – am I covered?
Stolen vehicle parts permanently attached are covered for deductible reimbursement up to 50% of total replacement cost, not to exceed $350 of the deductible reimbursement. Proof of replacement will be required before any reimbursement will be made.
Q: Am I covered if I hit the security gate while pulling my boat in for storage?
If you have RV Gap Coverage, Yes. We can legally cut checks to two people. 1) you the tenant or 2) a vendor to repair the damage. We will cut the tenant a check with proof they’ve already paid for the repair. The only time we will cut the check directly to the facility is if they are acting as the vendor for the repair. The tenant has to sign off on the loss in either example.
Q: If I forget to include my protection amount in my monthly rent am I still covered?
At the facilities discretion, the Tenant’s 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.
Q: Do I need to notify you when I move out to cancel my coverage?
No, your coverage plan terminates when you move out.
Q: I just found out my storage unit was broken into. What do I do now?
Immediately notify the Manager so they can fill out an incident report and contact the police so they can file a report as well. Take pictures of everything: broken lock, destroyed items etc and then visit tppclaims.com and submit your claim. Notice of loss and/or damage must be made to the Manger at the time of the discovery. All claims must be submitted within 30 days to be honored. Claims processing may take up to 30 days after the completion of tenant’s reporting and claim adjudication.
Q: Where do I go to file a claim?
Q: I just filed a claim, how long before I get my money?
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, our goal is to release a check within 72 hours of receipt of your signed claim release. Easy. Quick. No Hassles!
Q: Is this tenant insurance?
Make no mistake, Tenant Property Protection (TPP) is not insurance. TPP is an agreement between the storage facility and the tenant. In the agreement, the storage facility agrees to pay the tenant’s covered loss with no deductible. TPP is the same in all 50 states. It’s simple, effective coverage you can count on.
Tenant Insurance is exactly what it says it is – an insurance contract between the tenant renting self-storage and an insurance company. Details and coverage vary too much from state to state to go into specifics of exactly what is covered, what is not covered or how they pay self-storage insurance claims. It can be confusing and frustrating for owners and managers of self-storage systems, and tenants of a self-storage unit – especially in the event of a claim.
Q: Do I need an insurance license to sell Tenant Property Protection Plans?
There’s no insurance license required. Sign up with TPP and say, “R.I.P. Insurance!”
Q: How much can I earn?
No matter what size self-storage facility you own or manage, through TPP, earning potential is virtually unlimited. The more you sell, the more profit from administration fees you earn.
Q: How important is it to have my tenants’ contents protected?
Equally as important as the design, construction (or conversion), and fit of your self-storage facility when you first opened for business is the need for you to offer protection for your tenants’ contents. When a loss occurs in today’s social media environment, an owner’s reputation may be destroyed by the lack of understanding of who is responsible for the replacement of one’s loss. Tenants with a protection plan require less ‘babysitting’ during a loss and cause less torture for the owner or manager(s).
Q: What is paid for tenant’s damaged or stolen item(s)?
We will pay to repair or replace up to the limit of the tenant protection plan purchased for damaged or stolen item(s) from a self-storage unit.
If you don’t see your question listed, we promise an answer is just a phone call away. 877-575-7774 or you can submit your question to firstname.lastname@example.org for an immediate response. At Tenant Property Protection, we’re here to help so ask anything.