Vacant Commercial & Residential Property Liability Insurance
As a building owner, you worked hard to acquire property and maintain it. Whether you rent it out as commercial or residential space, it’s been a consistent source of revenue over the years. As you know, the commercial and residential real estate markets have taken a hard hit in this recession, and it’s very possible that you now have a vacant property in your posession. In addition to the loss of income, these vacant commercial or residential properties can be difficult to insure for a number of reasons. The main concern for traditional insurance underwriters is the increased likelihood of damage due to vandalism, flooding or fire, and that if that does occur, there will be nobody on-site to react. There is also the potentially increased risk of squatters moving in or causing damage.
When you Insure Vacant Property, the coverage fills in the gaps of your preexisting property insurance. Take steps to better fortify your vacant property and subsequently lower your rates. This might include routine check-up arrangements, updated alarm systems, utilities inspections, etc. The custom plans will be specific to the type of building you own, its condition, the neighborhood it is in, and other factors that need to be taken into account for a fair and accurate rate. Your building may currently be without tenants, but it doesn’t have to be without proper vacant building insurance coverage.