Rental Industry News Today

According to a story released by The Auburn Reporter on August 27th, 2012, King County, Washington fire investigators have made an arrest in connection with the July 11th arson fire which destroyed much of a self storage facility in Auburn, Wa.

Mike Aguilar was arrested and charged with arson in the second degree, a class B felony. A charge of arson in the second degree means the suspect is accused of knowingly and maliciously causing a fire or explosion which results in damage to a structure. Aguilar faces a term of 10 years in prison, a $20,000 fine, or both if found guilty.

The four-alarm fire required the attention of over 60 firefighters from several departments to control and is estimated to have caused nearly a million dollars in damage to the building and contents. The fire raged for hours before being extinguished.

The story serves as a graphic reminder of the importance of adequate renters insurance for the possessions stored in a self storage rental facility. The fire consumed the contents of nearly two thirds of the units comprising the business, and most of the contents of the affected self storage units were destroyed. Any items stored in the damaged units were likely a complete uncompensated loss if they were not covered by adequate insurance.

Many self storage facilities offer their customers renters insurance as an additional charge to help protect them from loss in the event of an unexpected occurrence like fire, theft, or weather damage. It’s a safe bet that those who had renter’s insurance for items which were consumed in the fire are very glad they did.