risk management: tip of the week

Pre-Wildfire Mitigation

Wildfires are unplanned events that burn in forest, grassland, prairie, or other natural areas. Lightning can trigger burns, but they are frequently initiated by humans through intentional or unintentional means. Wildfire is a serious concern for self-storage businesses across the country and one of the costliest causes of loss for property owners and insurance carriers. In California alone, insured property losses from wildfire were estimated at $85 billion in 2017, $400 billion in 2018 (the year of the devastating Camp Fire), and over $25 billion in 2019.

In addition to the cost of repairs and loss of business income while spaces are unavailable to rent, the toll a fire can take on your operation can be devastating. The sight of a damaged, burned-out building can make it difficult to rent units to prospective customers, and customer retention could be impacted negatively. It is critical for business owners to adopt a mindset of pre-wildfire mitigation and take steps to mitigate the potential risk of wildfire on their properties.

Next week, we'll review tips to help prevent fire at your facility.

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Make it a safe day!

Mike Schofield
President & CEO