Storable Launches Insured-to-Value Tenant-Insurance Technology for Self-Storage Operations

Storable, a supplier of various products and services for the self-storage industry, launched a new insured-to-value tenant-insurance technology that dynamically adjusts a renter’s minimum-coverage requirements based on unit size. The goal is to avoid having tenants who are underinsured while helping facility operators generate more revenue through higher premiums, according to a press release. It also eliminates manual program enrollment and upsells.

Previously, self-storage operators were limited to setting a single minimum-coverage requirement for tenant insurance across an entire facility. This meant that a customer who rented a drive-up, 5-by-5 unit was charged the same—and received the same coverage—as one who rented a climate-controlled 10-by-20.

“Insured-to-value redefines what tenant insurance can do for [self-storage] operators,” said 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.”

Based in Austin, Texas, Storable offers cloud-based access control, management software, marketing and website services, payment processing, tenant insurance, and other self-storage products. Its family of companies includes Bader, CallPotential, Easy Storage Solutions, SBOA Merchant Services, Select Merchant Solutions, SiteLink, storEdge and Storsmart. The company is backed by Boston-based private-equity firm Cove Hill Partners, which was founded in 2017 and manages an inaugural fund of more than $1 billion.