Tenant Protection

What is the MINIMUM coverage we require tenants to provide for their stored items?

$5000

$2500 TPP/$2000 GAI

$2000

A Renter's or Homeowner's policy

Do we sell insurance? (check all that apply)

Yes, at facilities with Great American.

No, all we do is collect the Great American premium.

TPP is not insurance.

A tenant asks, "Is INSURANCE required?" What is the best answer?

"You can use your homeowner's if you want."

Yes. It is a lease requirement.

SCENARIO: (select the best answer) A tenant asks if their homeowner's policy will meet our coverage requirement & waive the TPP/GAI requirement. After you have explained our requirement that we need proof of coverage, the tenant says, "I will drop it off Monday. Do I still have to pay for this 'insurance stuff' today?"

Sure, give them the benefit of the doubt. Do not add coverage to the account.

Post the payment without applying any payment to the coverage.

"We must have proof of coverage at all times, so we will just put this on now. When your homeowner's policy comes in, we can cancel this policy going forward."

SCENARIO: A tenant leases on Friday (with coverage added). On Saturday, you receive their Declarations Page. 1) Do they get a pro-rated refund/credit for what they paid? & 2) Are they covered for the whole month, even though the policy was canceled after one day?

Yes/No

Yes/Yes

No/Yes

No/No

SCENARIO: A tenant is sent a re-enrollment letter at the start of May. The effective date of coverage is July 1. They come in July 1 with the Declarations Page in hand, ready to make a payment, and they want the coverage plan cancelled. Do they have to pay for July's coverage?

Yes. (Once the month begins, the charge for the coverage is not waived.)

No. (It's before the 5th, so it's okay.)

A tenant pays for their coverage plan on the 3rd. Their Declarations Page arrives on the 4th. You cancel their policy, effective the 4th. Does the coverage plan protect them the entire month?

Yes

A tenant asks you, "Does my Renter's Policy cover me?" You answer: (select only the best)

Yes

I don't know

Only your insurance agent can tell you if you are covered.

I can't answer that.

When sending out re-enrollment letters, which of the following MUST be done? (select all that apply)

Print one copy & email one copy

Print a copy to mail & a copy to file

Make sure to select the correct effective date

Stamp the letters with at least 30-days' notice.

Create a new minimum policy to start on the effective date.

True or False: TPP is not a commodity that we have to “sell.” It is a provision of the lease we have to enforce.

True

False

Tenant Protection

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