Beware Of Insurance Coverage On Vacant Buildings
If you have Vacancy in a House, Apartment, Building. Your coverage could be limited if the building was vacant.
“When a property owner moves its business out of a building or loses a major tenant, the building may sit vacant for an extended time. Aside from enduring the pain of lost revenue and having to pay real estate taxes and other expenses to carry a building that doesn’t produce revenue, the owner also needs to think about a possible pitfall in its insurance coverage.
When an insurance company issues a typical property insurance policy, the company looks at the insured building and assesses the risks of that building. If the building is actively occupied and someone conducts business there, the risks of vandalism and “malicious mischief” against that building are relatively low. But if nothing is going on in the building, then it’s an invitation for vandalism and “malicious mischief.”
For more on this story go to https://www.forbes.com/sites/joshuastein/2021/06/29/beware-of-insurance-coverage-on-vacant-buildings/?sh=4868b0d130a7
The Lesson here is:
Your Property may need to be covered by Vacant Property Insurance. For your:
Vacant Commercial Property quote go to https://insurancesaverhq.com/commercial-dwelling-property
Vacant Homeowners quote go to https://insurancesaverhq.com/vacant-home