Do you own a vacant building? If so, your building faces serious risks. Vandalism, fire, and leakage are just a few of the liabilities your property may fall victim to during vacancy. Not only are these liabilities common, they’re also costly!
To protect your investment and your pocketbook, it’s recommended that you purchase Vacant Property Insurance.
Here are some of the most common risks to your vacant property:
- Lightning Damage
- Sprinkler Leakage
- Hail Damage
- Sinkhole Collapse
- Riot or Civil Commotion Damage
- Mischief and Property Destruction
Did you know that some Vacant Property Insurance policies can protect your building if the property goes unoccupied for as little as four days? Additionally, it can protect you against damages from a lawsuit if someone is injured on the property and decides to sue.
Vacant Property Insurance is also a good idea if your property is undergoing construction or renovation and is uninhabitable, or if it is in the process of being sold. Sometimes, if the owner of the building dies, Vacant Property Insurance may be required when the property goes to an estate sale.
But an insurance policy is just one piece of the puzzle! You should also take the following steps:
- Seal off all windows and openings
- Install an alarm system that is triggered by intruders, fires, or floods
- Regularly inspect for damage
Typically, the cost for a Vacant Property Insurance policy is about 1.5 – 3 times that of a regular Property Insurance policy. This is because of the increased risks involved with owning a vacant building.
When an occupied property becomes vacant, you must notify your insurance broker immediately. This is necessary because the required notice is usually about 60 days and if you suffer any damage or loss, your coverage may be denied.
Contact ERM Insurance Brokers in Irvine, CA today to discuss coverage for your vacant property! (949) 222 – 0444