Technology ensures tenants’ property is appropriately covered in instances of loss or damage, while boosting revenue for operators.
June 13, 2024 – Storable, the leading technology provider for the self-storage industry, has launched a revolutionary Insured-To-Value (ITV) technology. This innovation eliminates a longstanding challenge for self-storage operators: ensuring their tenants have adequate insurance coverage. By dynamically adjusting minimum coverage requirements based on unit size, ITV protects tenants from being underinsured while unlocking a new revenue stream for operators through higher premiums. This groundbreaking solution, widely used in property insurance but never before available in self-storage, represents a substantial leap in safeguarding tenant assets and boosting profits.
Previously, technology limitations required operators to set one-size-fits-all minimum coverage requirements for tenant insurance across entire facilities. This meant that a basic 5×5’ storage unit would have the same minimum coverage requirement as a climate-controlled 20×20’ unit.
As a result, tenants renting larger units often had coverage gaps that left them underinsured. And because facility owners typically collect a percentage of monthly premiums to cover administrative fees, inadequate coverage requirements meant operators were leaving money on the table.
“Insured-To-Value redefines what tenant insurance can do for operators,” said Storable CEO Chuck Gordon. “Fundamentally different than anything else in the marketplace, ITV better protects tenants while allowing operators to combat declining occupancy rates with a previously untapped revenue stream. It’s a win-win for tenants and operators alike.
After beta testing Storable’s ITV technology in the spring of 2024, Stor-It Self Storage Chief Operating Officer David Hurless has no regrets. “Around 85% of our rented units have a policy in place, so this has been a tremendous profit center for us,” he said. “If anything, I think customers expect a larger policy to be in place with a larger unit.”
ITV’s trailblazing technology provides an alternative. Operators now have the flexibility to set coverage requirements that provide stronger protection to tenants from potential loss, while also optimizing earnings.
With the launch of our Insured-To-Value technology, Storable is proud to offer an insurance tool that helps today’s self-storage operators simplify and enhance their tenant insurance program.
About Storable
Storable is the leading provider of integrated technology solutions, powering the self-storage industry. Storable is committed to pushing the boundaries of innovation, offering a suite of products that includes management software, marketplace, websites, access control, insurance, payments, and more. Storable takes pride in supporting operators and managers along each step of their journey and enabling them to achieve their goals. For more information, visit storable.com.
Storable Tenant Insurance consists of the StorSmart and Bader Tenant Insurance Programs offered and administered by affiliated insurance agency, Property First Group, LP (NPN 15974922) doing business in California as Property First Insurance Agency (CA license #: 0H93939). Coverage may not be available in all jurisdictions and is subject to actual policy language.
