Storelocal's Tenant Protection Program Surpasses 600 Facilities, Maximizing NOI

Storelocal Protection Now Safeguards 82,000+ Units While Delivering up to an 80% Revenue Share to Participating Operators

NEWPORT BEACH, Calif., April 18, 2025 /PRNewswire/ -- Storelocal announced today that its innovative, members-only tenant protection program, Storelocal Protection, is now providing coverage to more than 600 facilities nationwide. This exclusive offering - available solely to Storelocal members - now protects over 82,000 tenants as of March 2025. This milestone highlights Storelocal's ongoing commitment to delivering industry-leading protection solutions to its members while maximizing revenue for storage operators, further enhanced by new automation features.

Debuting in 2020, Storelocal Protection fundamentally reshapes the economics of tenant protection for participating operators. Unlike traditional tenant protection and insurance models where operators often keep only 30% of revenue, the Storelocal Protection program enables operators to retain up to 80%. This structure makes tenant protection a significant profit center, often second only to unit rentals. As a protection plan distinct from regulated insurance, it also affords operators greater flexibility in market-specific pricing and program implementation.

"Operators are embracing Storelocal Protection because it directly addresses the shortcomings of the traditional tenant insurance model," said Emily O'Leary, Program Manager for Storelocal Protection. "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."

Storelocal Protection is not insurance and operates differently, providing key advantages. For tenants, this means features like zero deductibles, claims paid at current replacement value (not depreciated value), and a process that won't impact personal insurance rates. The program utilizes a fully integrated online claims portal, allowing tenants to file claims quickly and easily.

Enhancing Efficiency with Automatic Enrollment through Tenant Inc. 

To further boost operator revenue and efficiency, Storelocal Protection now includes Automatic Enrollment. This feature leverages the integrated Tenant Inc. platform to simplify the process of enrolling tenants who require coverage.

"A significant advantage for operators is the Automatic Enrollment capability available through the Tenant Inc. platform," O'Leary added. "By automating the notification and enrollment process for tenants needing coverage, it optimizes participation – helping achieve high penetration rates, often 70% or more. This directly enhances revenue generation from the protection program, while considerably reducing the administrative workload for onsite staff."

Tenant Inc. Software Combined with Storelocal Protection Drives NOI and Facility Value Growth for Operators

A recent example from a 300-unit self-storage facility demonstrates the significant financial impact Storelocal Protection can deliver. With a 70% penetration rate resulting from Automatic Enrollment through Tenant Inc., 210 units were enrolled in the monthly protection plan priced at $12. The operator retains 75% of the plan revenue, equating to $9 per enrolled unit.

This translates to a monthly Net Operating Income (NOI) increase of $1,890, or $22,680 annually.

Beyond immediate income gains, the impact on asset valuation is substantial. Using a 6% capitalization rate, the annual NOI boost equates to an estimated facility value increase of $378,000.

This example highlights how Storelocal Protection empowers operators to create meaningful, recurring revenue while enhancing the long-term value of their facilities - with minimal operational burden.

To learn more about Storelocal Protection and see how much your facility could be earning, visit https://members.storelocal.com/protection.

About Storelocal Protection: Storelocal Protection is an innovative tenant protection program designed for operator success and tenant peace of mind. Participating operators benefit significantly, retaining up to 80% of revenue and gaining operational flexibility unavailable with traditional insurance. Tenants receive excellent coverage featuring zero deductibles and replacement value payouts, processed efficiently through a streamlined online claims system.

To learn more about Storelocal Protection, visit members.storelocal.com/protection.

About Storelocal: Storelocal is a membership organization dedicated to empowering independent self-storage owners and operators. It helps operators leverage "The Power of More" to compete against larger players by providing access to enhanced buying power, industry-leading technology, educational resources, networking opportunities, and optional brand licensing.

For more information about Storelocal, visit members.storelocal.com.

SOURCE Storelocal Storage