Expand Your Business Without Adding Space or Raising Rates

Running a successful self-storage operation takes more than simply keeping units full. Occupancy rates are declining – in fact, since the pandemic, Cushman & Wakefield has seen a 5% to 10% drop in occupancy - while rising costs, increased competition, and growing customer expectations are squeezing margins. To stay profitable, operators need new ways to boost revenue streams.

A New Revenue Opportunity: Insurance

One often-overlooked opportunity? Offering tenant insurance. Tenant insurance protects your customers’ belongings, but it also protects your business. When operators offer insurance directly, they gain three key benefits:

• Improved cash flow through consistent, recurring revenue
• Added leverage to reinvest in operations or growth
• Stronger customer relationships by providing peace of mind

Many of your competitors drive significant ancillary income from insurance. By introducing tenant insurance at your facility, you can level the playing field and create a steady, predictable revenue stream that directly impacts your bottom line. Plus, if you are looking to sell your operation, this stream of revenue can greatly improve your NOI,

The results of offering insurance can be transformative. Consider the table below:

The Revenue Impact: A Closer Look

This isn’t hypothetical math; these numbers illustrate how quickly tenant insurance revenue adds up and directly offsets operating expenses. By transforming tenant insurance into a reliable revenue driver, operators gain more flexibility to adapt to changing market conditions. 

Improving the Customer Experience

Tenant insurance isn’t just about revenue; it’s also a value-added service. Customers appreciate having a simple, affordable way to protect their belongings at move-in, and offering coverage directly builds trust.



• Convenience: You simplify the process by making enrollment seamless.
• Protection: Customers know their belongings are covered in case of damage or theft.
• Peace of mind: A satisfied, confident tenant is more likely to stay long-term.

When done right, insurance programs strengthen customer loyalty while boosting profitability.

Best Practices for Maximizing Impact

To get the most out of a tenant insurance program:

1. Require tenant insurance at move-in. Present insurance options clearly during the leasing process and how it is of benefit to them
2. Choose a partner that can train your staff. Ensure your team understands the benefits so they can confidently explain value to customers.
3. Promote with visuals. Include signage in your office, on your website, and in email communications.
4. Monitor adoption rates. Use reporting tools to track sign-ups and measure revenue growth. Also, look for customers who cancel policies as a sign of possible churn