Did you know this hurricane season is shaping up to be one of the most active and intense ever recorded in recent history?
In fact, hurricane seasons have shown a worrying trend of increasing activity and severity year after year. And even if hurricanes don’t typically impact your area directly, flooding is never just a coastal concern. Heavy rains and storm surges can wreak havoc on storage properties far inland too, making the growing threat of flood and water damage something no one can afford to ignore.
As a storage facility owner or operator, understanding the risks of aggressive weather in your area and implementing effective mitigation strategies that fit your needs can make all the difference.
Hurricanes and Flood Damage Risks in the Self-Storage Industry
As a self-starter in the self-storage industry, you can run into a seemingly endless list of risks when severe weather strikes. The following risks are just some of the ways weather or flood damage can not only endanger your facility, employees, and customers but also cost you millions of dollars in losses.
- Facility Damage: Extensive (or should we say expensive) damage to storage facilities, like structural harm, roof leaks, and flooding can result in costly repairs and downtime for your business.
- Loss of Inventory: In the event of a hurricane or severe storm, you’re bound to experience the loss or damage of stored goods and inventory, resulting in financial losses for both your business and your customers.
- Safety Concerns: Falling debris, flooding, and structural damage can pose immediate dangers to individuals within the facility.
- Business Interruption: Severe weather events can disrupt business operations, leading to temporary closures or reduced functionality of the storage facility leading to lost revenue and unhappy customers.
- Legal Liability: If employees or customers are injured on the facility during severe weather events due to unsafe conditions or other causes, you might face legal liability and potential lawsuits.
- Bogus Coverage: Hurricane or flood-related coverage may vary depending on the specific terms of your insurance policy and inadequate coverage or disputes can complicate your recovery efforts.
Navigating these risks and preparing for Mother Nature’s worst can feel overwhelming. But you don’t have to do it alone — we’re here to help.
Mitigating Risks and Prepping Your Property for the “Storm”
Don’t wait until a weather warning to safeguard your self-storage business against the risks posed by hurricanes and flood damage. Proactive measures are essential and weatherizing in advance can significantly mitigate the impact of severe weather events on both your facility and your customers’ property stored within it.
While proactive weatherizing tactics will depend on your specific needs, geographical weather threats, and facility architecture, these are a few good places to start:
- Roof Check-Up: Keep an eye on your roof for any issues and don’t wait for tiny leaks to turn into major leaks to fix them.
- Reinforce Structures: Make your building(s) stronger against storms with reinforcements like hurricane straps, sturdy garage doors, and proper passageway sealing.
- Backup Power: Invest in a backup generator or two to keep things running smoothly when and if the lights go out.
- Stock Up: Storms always inspire a mad dash of shoppers. Avoid the sold-out signs and stock up regularly on supplies and safety equipment.
- Flood Reduction: Apply waterproof sealants, keep a sump pump on hand, and even modify your surrounding landscape to redirect water.
- Review Coverage: Evaluate your insurance, review your offerings, and prioritize mitigation. Typical tenant and home insurance policies exclude damage caused by flood, but Savvy Storage Insurance insures your customers’ stored property against loss or damage caused by a wide range of weather‑related perils.
- Create a Plan: Document exits, property access points, utility information, general safety measures, and vendor contact lists that can help with the aftermath.
In the case you do have to act quickly, a general rule of thumb to remember in the case of an encroaching catastrophe is the “3 R’s Hurricane Checklist”
Remove
Remove any critical technology, cash, documents, or files from the facility in the case of potential irrevocable damage.
Raise and Seal
If you can’t remove it, raise it up and seal it shut! Elevate critical equipment and seal surrounding doors and windows.
Remain Calm
It’s important you remain calm and communicate with employees and customers any action plans to be aware of.
Building Resilience Through Communication
So, you’ve taken our advice and made an effort to prepare for hurricane season — now what? The next crucial step is to ensure that both your customers and employees are well-informed and ready to navigate it. People panic in times of extreme weather. Effective communication can make all the difference in minimizing risks and ensuring everyone’s safety.
Customers
Clear and timely communication with your customers is vital before, during, and after a hurricane. Reach out to them about the steps you’re taking to prepare and provide updates on potential disruptions like changes in hours of operation or construction. A robust communication plan that includes email alerts, social media updates, and on-site notices can ensure all your channels are covered.
And when it comes to filing claims if damage does occur, it’s a good idea to support your customers through the process. The Savvy Storage Insurance Program provides guidance to assist your customers filing a claim with our “What’s the Process if I have a Claim” document.
Employees
Make sure your employees are fully briefed on your company’s emergency procedures and their roles and responsibilities during a crisis. Conduct training sessions if necessary and provide clear guidelines on how to respond to different scenarios, including evacuation procedures, communication protocols, and safety measures.
Overall, building resilience through communication is not only about providing information but also about fostering a sense of community support among your customers and employees during challenging times.
The Importance of Awareness and Reading the Fine Print
Not every storage owner or operator will face the same weather crises or have the same insurance coverage.
While hurricanes may be a primary concern in coastal areas this year, your region might face other threats like tornadoes, earthquakes, or severe winter storms.
Understanding your unique geographical weather risks can ensure you safeguard your facility effectively and know what coverage types to look out for when evaluating your insurance terms and conditions.
And as always, no matter the weather Savvy’s got your customers covered — literally.
With a comprehensive range of coverage, your customers can protect their property from many weather-related perils and beyond. This includes Savvy’s unique flood damage coverage that goes beyond what the majority of typical tenant insurance or homeowner’s policies can offer.
Remember, preparation is a continuous process. Stay vigilant, stay informed, and prioritize the safety of your assets and people. By staying proactive, you not only protect your facility and people but also ensure peace of mind — something we build our policies on.
To offer the Savvy Storage Insurance Program at your facility, contact the Savvy team for additional information.