The Value of Limiting Value
A news release that ran in today's Santa Clarita Valley (Calif.) Signal is a case in point for the argument supporting value limitation in self-storage. It's also timely for our readers, since next week's free Legal Learning webinar addresses this very topic: "Limitation on Value Clauses for the Self-Storage Lease."
The scoop is $18,500 worth of goods—three cars, a trailer and several tools—were stolen from Sand Canyon Self Storage in Canyon Country, Calif., last Wednesday morning. Two men were caught on tape taking the goods from four units. It's not clear from the article how much each victim lost, but even if the loss were spread equally among them all, that's more value per unit than many self-storage operators are comfortable with.
Do you limit the value of goods customers can store at your facility? If so, what's your maximum? If not, do you make it very clear to tenants that you are not liable in the event of theft or damage? A value-on-limitation clause can be essential to protecting your business.
If you want to learn more, join us on the 13th for Jeff Greenberger's presentation. He'll talk about the reasons for having a value limitation, what your lease should include, and how to put it in force with your customers. You'll even get a lease clause to adapt for your own purposes. The event starts at 11:30 a.m. ET and, as always, it's free and easy to register. For more info, visit www.insideselfstorage.com/webinars.
Anyone have an argument against a value limitation? I'd be curious to know if any operators have found this clause to be detrimental to their business in any way.
- Simply Self Storage President Buys 5 A+ Storage Facilities in Tennessee for $33.6M
- Use Permit for Self-Storage Expansion Project Denied in South Middleton Township, PA
- Sovran Self Storage to Participate in Western New York Investors Conference
- Private Investor Buys All Star Self Storage in Crowley, Texas
- Self-Storage Construction Begins on Disputed Richmond, VA, Church Property