Storable Launches Insured-To-Value Technology

Posted by Modern Storage Media on Jun 13, 2024 5:02:27 PM

Storable, a leading provider of integrated technology solutions, has just announced the launch of an Insured-To-Value (ITV) technology for the self-storage market. 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 new solution, widely used in property insurance but never before available in self-storage, offers a way to safeguard tenant assets and boost 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-by-5 storage unit would have the same minimum coverage requirement as a climate-controlled 20-by-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 COO David Hurless has no regrets. “Around 85 percent 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.”