Protecting Renters' Assets With Collateral Insurance
Secure your assets confidently!
Our collateral protection insurance (CPI) and safe insurance services are your trusted partners in safeguarding your interests. With CPI, you're not just protected, you're empowered. Contact us to learn more about our tenant protection plan. Fortify your tenant storage and ensure your peace of mind. Reach out now!
Schedule a DemoCollateral Protection Insurance
What is Collateral Protection Insurance?
Collateral protection insurance is a type of coverage designed to safeguard renters' interests in case their insurance policy lapses or becomes inadequate to protect their stored assets. It serves as a safety net for tenants, providing coverage for any damage or loss to the property being stored.
Who is Eligible for the Program?
- Self Storage Renters: Individuals who have leased a storage facility.
- Self Storage Real Estate Owners: Owners looking to generate tax-free extra income through a captive insurance program.
-
What is Covered by the Insurance?
This insurance covers damage or loss to the property being stored, including incidents such as accidents, theft, vandalism, and natural disasters. The coverage amount typically aligns with the value of the collateral.
- Property Type: Automobiles and other equipment
- Coverage Limit: $10,000
- Personal Property
- Coverage Limit: $5,000
- Other Property
- Coverage Limit: Varies
- Costs and Fees Associated with the Program
- How to Enroll in the Program
- Managing and Making Claims
| By the Numbers… | |
|---|---|
| Facilities Nationwide | 58,000 |
| Units Nationwide | 2,300,000 |
| Average Units Per Facility | 40 |
| National Occupancy Rate | 78% |
| Penetration Rate | 60% |
| Average Self Storage Insurance Cost | $20.00 |
| Rentals Occupied | 1,794,000 |
| Penetration | 1,076,400 |
| Potential Premiums | $21,528,000.00 |
| Owner Percentage | 75% |
| Firm Percentage | 25% |
| Owners Monthly Potential | $16,146,000.00 |
| Company Monthly Potential | $5,382,000.00 |
| Company Yearly Potential | $64,584,000.00 |
| CPI vs. Regular Self-Storage Insurance | |
|---|---|
| Units | 100 |
| Monthly Receipts @ $20.00 with 60% Penetration | $900 |
| Yearly Owner | $10,800 |
| Claims (25%) | -$2,700 |
| Yearly Income With Reinsurance | $8,100 |
| Regular Insurance | |
| Current Insurance Cost | $10 |
| Penetration of Occupied Units (100×85% Occupancyx60% Penetration) | 51 |
| Insurance Income 40% | $204 |
| Yearly Income with Regular Insurance | $2,448 |
Why is CPI better than regular Insurance?
The owner of the facility will lose a profit of $ (1,965.60) after claims.
Common Questions and Concerns
Several common questions and concerns revolve around collateral protection insurance:
-
Can I cancel my collateral protection insurance?
Yes, renters can usually cancel their insurance but may be required to provide proof of alternative insurance coverage.
- What if I don't want collateral protection insurance?
- What if the insurance does not cover all the damages?
We offer self-storage protection and collateral protection insurance services across the USA.