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Risk Management

From criminal activity to onsite injuries to natural disasters, self-storage operators must predict and and mitigate all manner of business threats. Important aspects to managing risk include understanding legal issues, practicing theft prevention, investing in insurance coverage, and keeping pace with laws that affect the industry.

Roof Blown Off Sumiton, AL, Self-Storage Building

Dec 02, 2022

High winds this week in Sumiton, Alabama, blew the roof from a self-storage building and sent it careening onto a nearby home. Emergency responders were called to Sumiton Mini Storage early Wednesday morning following reports of straight-line...

How to Draft a Self-Storage Rental Agreement That'll Protect Your Business in Today’s Booming Market

Nov 17, 2022

Many self-storage operators are enjoying record occupancies, which means having an up-to-date rental agreement has never been more important. A well-written lease will protect your business against unnecessary lawsuits. Here’s how to draft one.

Criminal Charges Expected Following Mexico, MO, Self-Storage Fire

Nov 16, 2022

Criminal charges are expected to be filed following a Nov. 8 fire at a self-storage facility in Mexico, Missouri. The inferno was ignited inside a single unit at Corner Storage before spreading and damaging 17 other spaces, according to sources...

Understanding Eminent Domain and What to Do if Your Self-Storage Property Is Targeted

Nov 11, 2022

Just because you own a self-storage property doesn’t mean it can’t be taken away from you by force. This article explains the government’s right to exercise eminent domain and offers pointers for the facility owner whose facility is targeted.

Pennsylvania Updates Self-Storage Lien-Law Legislation

Nov 09, 2022

Pennsylvania Gov. Tom Wolf signed House Bill 1103 (HB 1103) into law on Nov. 3, which will allow self-storage operators to advertise lien sales on online-auction websites in addition to a newspaper of general circulation. The measure also...

The Perils of Property Damage: Mitigating Loss and Potential Risk at Your Self-Storage Facility

Nov 09, 2022

Property damage at a self-storage facility can cause significant monetary loss, untimely business interruption and liability concerns. Here’s an overview of the perils that can impact your business and advice for mitigating their effects.

Thousand Oaks, CA, Officials Put Permanent Limits on Self-Storage Development

Nov 07, 2022

Update 11/7/22 – The Thousand Oaks, California, City Council voted unanimously on Oct. 25 to exclude self-storage development from prime commercial areas. Industry projects will now be limited to industrial zones as well as parcels that are at...

Good Function, Long Life: A Simple Maintenance Plan for Your Self-Storage Security System

Nov 05, 2022

When a spider takes up residence in one of your security cameras or your keypad buttons start to stick, it leaves your self-storage facility vulnerable to crime. This lack of care can also displease tenants, who expect you to keep the property...

Stanwood, WA, Temporarily Bans Self-Storage Development

Nov 04, 2022

The Stanwood, Washington, City Council unanimously voted last week to temporarily ban self-storage development. The six-month moratorium won’t affect existing facilities but will pause new applications, according to the source...

Renting Self-Storage Under False Pretenses: Operators Discuss Cases of Tenant Fraud

Nov 01, 2022

Identity theft can happen to anyone. While most of these thieves use stolen information to purchase extravagant items, open new credit accounts or gain access to cash, there’s no limit to the crimes they might commit. In fact, they could even rent...