Abstract: A storage bag formed from a flexible, highly insulative, water repellent, double-faced pile material. The flexible bag includes a main body having an opening in a top portion thereof. A drawstring is provided for closing the opening in the top of the bag, thereby allowing the bag to accommodate various sized containers or objects. A multi-function divider flap is provided that can serve as an insulating cover for a container enclosed within, or protruding out of, the bag, and/or as a divider to vertically or horizontally separate a plurality of different containers or objects within the bag.