The Airbnb of Storage

Earlier this year, Utah-based Neighbor announced a $2.5m Seed round to disrupt the $38b storage industry with its P2P storage marketplace. Founded in 2017 and led by Joseph Woodbury, Colton Gardner and Preston Alder, Neighbor allows people to earn extra cash by listing their homes as storage units, while saving an average of 50% for those who store with a Neighbor host, compared to traditional self-storage.

Those who want to list their homes as storage units are required to verify their email, phone and identity, to later create a storage profile which includes photos and description of the space, along with the requested price.

Enter Insurance. For hosts, Neighbor provides a $1,000 Host Guarantee to cover any damage caused by a renter, or the renter’s stored items in case their own insurance does not cover the costs. For renters, Neighbor states the following: “While Neighbor hosts do a fantastic job of keeping your stored items safe, you can also purchase optional renters insurance. Depending on the amount of coverage, it costs roughly $10 per month. If you are interested in purchasing renters insurance, please contact Neighbor. You can also contact your current homeowners or renters insurance policy holder to check if possessions stored off premises are covered.”

Bottom Line: Renters insurance is offered via Hill Insurance and Investments.