Vacant Property Insurance Coverage Basics
Owning a vacant property can pose serious risks because vacant properties are more susceptible to vandalism, undetected repairs, fire and other losses. If you own vacant property, it is advisable to purchase specialized Vacant Property Insurance Coverage as your organizations existing property insurance may exclude coverage because of the vacancy.
Vacant Property Insurance Coverage Risks
The following are the most prevalent risks that can be covered by Vacant Property Insurance Coverage:
- Lightning damage
- Windstorm or hail damage
- Riot or civil commotion damage
- Sprinkler leakage
- Sinkhole collapse
- Malicious mischief on the property and general property destruction
- Presence of squatters on the property causing damage without owner knowledge
Vacant Property Insurance Coverage Solutions
Under certain policies, Vacant Property Insurance Coverage can provide protection if your building goes unoccupied for as few as four days. It also protects against liabilities in the event someone is injured on your property and sues for damages. It may also be a viable option if the property is in the process of being sold, filing for bankruptcy or if it is under construction and/or not suitable for a use.
In addition to purchasing specialized Vacant Property Insurance Coverage for a vacant property, taking some or all of the following actions is also encouraged:
- Regularly inspect it for damage or threats of damage or hire third party security to monitor or regularly physically visit and inspect the building.
- Seal off windows, doors and remove valuable inventory and or goods
- Install alarm systems that are triggered by intruders, fires or floods
- Hire a contractor to erect temporary fencing
Value of Vacant Property Insurance Coverage
A typical Vacant Property Insurance Coverage policy is one and a half to three times the cost of regular Property Insurance Coverage due to the increased risks associated with owning a vacant building. Understand that unfavourable incidents may occur, but Vacant Property Insurance Coverage can offer necessary protection to protect your assets.
To Learn More About Vacant Property Insurance Coverage Speak To An ALIGNED Insurance Advocate Or Connect With Us Today At www.alignedinsuranceinc.com
|ALIGNED Across Canada 100% Canadian owned, ALIGNED is a premiere insurance brokerage that serves more than 1,400 clients across the country. ALIGNED’s offices in Toronto, Calgary and Vancouver are supported by a national operations centre in Cambridge, Ontario. Uniquely within the industry, ALIGNED creates, negotiates and delivers the best business insurance and risk management strategies/solutions to organizations like yours.