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Glossary-of-terms

Tenant

A tenant is a person or entity who temporarily occupies real estate that belongs to a landlord.

Storage Unit

Dedicated space, usually in the interior of an enclosed structure, for storing personal or commercial property that is remotely located from the tenant. A storage unit isn't equipped with the same types of amenities needed to constitute a residence suitable for living but may be climate controlled in some cases.

Contractual Liability Insurance Policy "CLIP"

A contractual liability insurance protects against liabilities that the policyholder has assumed from entering into a contract of any nature.

Capitalization Rate

Capitalization rate is calculated by dividing a property's net operating income by the current market value.

Tenant Protection Program

A standard Self-Storage lease agreement states that the operator is not responsible for the tenants' goods while in storage. Tenant protection allows you, through a premium lease addendum, to assume limited liability for their contents at the price and limits you choose.


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