#United States #Newport Beach #Storelocal #Tenant Protection #NOI Growth

Storelocal's Extraordinary Tenant Protection Program

In a significant advancement in the self-storage industry, Storelocal has proudly announced that its members-only Tenant Protection Program, aptly named Storelocal Protection, has now expanded its reach to over 600 facilities nationwide. This impressive milestone not only reflects Storelocal's dedication to providing top-tier protection solutions but also underscores its commitment to maximizing revenue for storage operators. As of March 2025, more than 82,000 tenants are now under this extensive coverage, showcasing the program's popularity and efficacy.

Initially launched in 2020, Storelocal Protection aims to revolutionize the economic landscape of tenant protection. Traditionally, self-storage operators retained only about 30% of the revenue generated from tenant insurance models. However, with Storelocal Protection, operators now have the opportunity to keep up to 80% of the revenue, making this program a vital profit center for businesses, often second only to unit rentals. The innovative structure of this program allows for adaptable pricing, enabling operators to adjust to market conditions effectively.

Emily O'Leary, Program Manager for Storelocal Protection, expressed her enthusiasm: "Operators are embracing Storelocal Protection because it directly addresses the shortcomings of the traditional tenant insurance model. We designed this program to put the majority of the revenue back into the operators' hands, recognizing that their success is paramount. We're extremely proud to see our partnership approach resonating throughout the industry."

One of the standout features of Storelocal Protection is that it is not merely another form of insurance. The program offers key advantages including zero deductibles, claims paid at current replacement value rather than depreciated value, and a straightforward claims process that does not affect tenants' personal insurance rates. The program employs a fully integrated online claims portal that simplifies and expedites the claims filing process for tenants.

Enhancing Efficiency with Automatic Enrollment

To bolster operator revenue and streamline operations further, Storelocal Protection has introduced Automatic Enrollment. Leveraging the integrated platform of Tenant Inc., this feature simplifies the enrollment procedure for tenants needing coverage.

O'Leary highlighted the benefits: "A significant advantage for operators is the Automatic Enrollment capability available through the Tenant Inc. platform. By automating the notification and enrollment process, we enhance participation rates, often achieving 70% or more—directly boosting revenue from the protection program and significantly lightening the administrative load for on-site staff."

Financial Impact on Operators

A case study involving a 300-unit self-storage facility provides a clear illustration of the financial advantages of Storelocal Protection. By attaining a 70% enrollment rate facilitated by Automatic Enrollment through Tenant Inc., this facility saw 210 units (priced at $12 each) enrolled in the monthly plan. With operators retaining 75% of the plan revenue, the total revenue amounted to $1,890 Monthly (or $22,680 Annually).

The financial benefits extend well beyond immediate revenue. Using a 6% capitalization rate, the increase in Net Operating Income (NOI) translates to an impressive estimated facility value increase of $378,000. This highlights how Storelocal Protection can empower operators to create substantial, recurring revenue streams while boosting the long-term asset value of their facilities with minimal operational effort.

Conclusion

Storelocal Protection exemplifies a transformative approach to tenant coverage, enabling self-storage operators to achieve newfound financial heights while ensuring tenant security. As this innovative program continues to grow, its potential for widespread industry impact becomes increasingly apparent. For more information about Storelocal Protection and to determine the potential earnings for your facility, visit Storelocal Protection.

Storelocal continues to be at the forefront of empowering independent self-storage owners and operators to compete effectively against larger market players. By leveraging enhanced technology, improved buying power, and a collaborative network, Storelocal is redefining success within the self-storage industry.