SBOA Tenant Insurance

What SBOA Tenant Insurance does

SBOA Tenant Insurance (SBOATI) is a specialty insurance program that provides coverage to tenants of self-storage facilities in the United States. It was founded in 2011 by self-storage owners for self-storage owners and is administered by Alchemy Insurance Solutions LLC, a Pennsylvania limited liability company headquartered in Lancaster, PA that serves as the exclusive managing general agent (MGA) and Third Party Administrator. The program is licensed across all 50 states plus the District of Columbia and Puerto Rico (with some coverages available through surplus lines insurers) and is backed by an A-rated carrier.

The core product is a monthly tenant insurance policy that pays out alongside the storage unit rent and automatically renews each month the tenant pays, featuring a $0 deductible on all claims (a first in the self-storage tenant insurance market). The platform integrates directly with the dominant self-storage facility management systems — SiteLink, StorEdge, Yardi/Centershift, eMove/WebSelfStorage, SSM, and Cubby — to automate premium collection at the point of sale and eliminate manual monthly reporting by facility staff. SBOATI also provides online training modules for operators, marketing materials, regulatory compliance support, and 24/7 claims reporting via toll-free hotline and online filing.

SBOATI monetizes through recurring commission-based revenue on monthly tenant premiums and administrative fees paid to participating operators, with larger portfolio operators eligible to share underwriting profit through a captive arrangement. In 2025 the company expanded beyond tenant insurance with the launch of Commercial Property & Casualty Insurance for self-storage operators. SBOATI distributes primarily through self-storage facility operators (channel partners) with a direct-to-tenant enrollment at lease signing, supplemented by independent insurance agents, phone sales, and field sales outreach — and has been recognized as Best Tenant Insurance in the Inside Self Storage (ISS) Readers Poll every year since 2012.

Name

SBOA Tenant Insurance

Legal name

Alchemy Insurance Solutions LLC

Website

https://sboati.com

Company type

Private

Founded year

2011

Operating status

Operating

Headcount range

1–10 employees

Short description

SBOA Tenant Insurance is a specialty insurance program, administered by Alchemy Insurance Solutions LLC, that offers $0-deductible tenant insurance to self-storage operators and their tenants across all 50 states, DC, and Puerto Rico via integrated facility management software.

Ownership category

akta.pro rank

Product category

Self-Storage Tenant Insurance

NAICS

Direct Property and Casualty Insurance Carriers (524126), Insurance Agencies and Brokerages (524210), Other Insurance Related Activities (52429)

SIC

Fire, Marine & Casualty Insurance (6331), Insurance Agents, Brokers & Service (6411)

akta.pro primary industry

Renters Insurance (FSAJACAB)

akta.pro secondary industries

Captive Insurance Advisory & Management (FSAEADAF), Real Estate / Lessors Risk BOP (FSAJAFAI)

Keywords

• Tenant insurance
• Self-storage insurance
• Commercial property insurance
• Insurance administration
• Storage facility insurance

Headquarters

HQ city

Lancaster

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Personnel, Technology or R&D, Marketing or Sales, Others

Revenue model

1. Tenant Insurance Premiums: Monthly insurance premiums collected from tenants alongside their rent payments. Coverage is renewed monthly when rent and premium are paid together. Tenants enjoy low monthly costs with zero deductible.
2. Operator Administrative Fees: Participating operators receive equal administrative fees. Large portfolio operators have opportunities to earn underwriting profits through a captive arrangement.

Pricing tiers

Go-to-market motion3 records

Distribution channels4 records

Marketing channels5 records

Core offering

SBOA Tenant Insurance (SBOATI) provides tenant insurance products specifically designed for the self-storage industry, offering coverage to individuals and businesses renting storage units. The program is administered by Alchemy Insurance Solutions LLC as managing general agent, backed by an A-rated carrier, and integrates directly with facility management and point-of-sale systems to automate premium collection along with monthly rent payments. Coverage includes $0 deductible on all claims, multiple coverage limits and endorsements, and 24/7 claims reporting via toll-free hotline, online, or email.

Product overview

SBOA Tenant Insurance offers a unified insurance platform centered on its core SBOATI tenant insurance product, recently expanded to include Commercial Property & Casualty Insurance. The main SBOATI program provides comprehensive coverage for self-storage tenants with zero deductibles, integrating directly with facility management systems to automate tenant transaction collection. The program is administered by Alchemy Insurance Solutions LLC and backed by an A-rated carrier.

Differentiator

Problem solved

Functional benefit

Products and services

• SBOA Tenant Insurance (SBOATI) A tenant insurance product for self-storage facilities, providing coverage to individuals and businesses renting storage units against theft, fire, water damage, and other covered losses. Features $0 deductible on all claims, multiple coverage limits and endorsements, monthly premium paid with rent, and 24/7 claims reporting by phone, online, or email.
• Commercial Property & Casualty Insurance Commercial property and casualty insurance product introduced in 2025 as an expansion of insurance services for self-storage operators, providing coverage for facility-level commercial risks.

Named customers5 records

Segments2 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration6 records

Feature3 records

Partnerships

Three partnerships are on record, tiered core and major.

• Alchemy Insurance Solutions LLCcoreStrategic or Co-development Partner · 1 January 2011Alchemy Insurance Solutions LLC, a Pennsylvania limited liability company, administers the SBOA Tenant Insurance program. They serve as the exclusive managing general agent (MGA) since the program's inception in 2011. The company handles claims processing as a Third Party Administrator (TPA) and is licensed in all US jurisdictions. They transact business as CIP Insurance Agency LLC in California and Cornerstone Producers LLC in New York, Alabama, and Mississippi.
• Storage Business Owners AlliancecoreStrategic or Co-development PartnerSBOA Tenant Insurance was created by SBOA leadership and top operators with a vision to design an insurance product tailored for operators and their tenants. Ian B., President & Co-Founder of Storage Business Owners Alliance, has been a long-term partner and client of the SBOATI program.
• Atlantic Self StoragemajorChannel Partner/ Reseller/ DistributorAtlantic Self Storage has partnered with SBOA Tenant Insurance since early 2017. They offer the tenant insurance program at their facilities, providing customers with coverage against unforeseen circumstances or challenges while storing items.

Scale indicators4 records

Recent moves6 records

Expansion highlights4 records

Others

• Public Storage: Public Storage is the largest self-storage REIT in the US and offers tenant insurance to its customers through a partner program. It is a distribution-side ecosystem participant that shapes demand for SBOA's product but does not directly underwrite.
• Extra Space Storage: Extra Space Storage is a major self-storage REIT that markets tenant insurance to its renters. As an operator-led ecosystem participant, it is a potential partner or competitor depending on program structure.
• CubeSmart: CubeSmart is a large self-storage REIT that offers tenant protection plans at its facilities. Comparable as a storage operator ecosystem participant that influences how tenant insurance is purchased in the channel SBOA serves.

Broad incumbents

• Cincinnati Financial: Cincinnati Financial writes specialty commercial and personal lines, including self-storage and inland marine products, via independent agents. Comparable as a broad incumbent in the P&C space that touches self-storage.
• Hanover Insurance Group: Hanover's Specialty and Personal Lines businesses include inland marine and small commercial products used by self-storage operators and their tenants. It is a larger P&C carrier with adjacent specialty offerings.
• Great American Insurance Group: Great American's Specialty Property & Casualty division has long offered self-storage operator and tenant insurance programs through MGAs. It is a broad incumbent in the same specialty insurance space, with deeper balance sheet but less vertical focus than SBOA.
• National Storage Affiliates: NSA is one of the largest self-storage owner-operators in the US and operates tenant insurance programs at its facilities. Comparable as a broad incumbent that both consumes and competes for the same tenant insurance dollar.
• State National Companies: State National is a specialty P&C carrier and program administrator with embedded insurance products across multiple verticals, including collateral protection and tenant-related coverages. Comparable as a broad incumbent in specialty insurance programs.

Direct peers

• Barrett-Johnson & Associates: Barrett-Johnson & Associates is a specialty insurance agency focused on self-storage operators and tenants, providing tenant protection and operator insurance products. It competes head-to-head with SBOA in the same vertical distribution channel.
• MiniCo Insurance Agency: MiniCo is a specialty MGA that historically offered tenant insurance programs specifically to the self-storage industry. It is the closest direct competitor to SBOA in vertical-specific self-storage tenant insurance.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Facebookfacebook.com/sboati
• LinkedInlinkedin.com/company/sboa-ti
• Xx.com/sboati

Revenue estimate

Valuation estimate

Number of profiles

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about SBOA Tenant Insurance