Vacant Commercial Residential Property Liability Insurance
As a building owner, you’ve worked hard to acquire property and maintain it effectively. Whether you rent it out as commercial or residential space, it’s been a consistent wave of revenue over the years. However, 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 piece of vacant property on your hands. In addition to the loss of income, these vacant commercial or residential properties can be particularly difficult to insure for a number of reasons. The main concern for traditional insurance underwriters is the increased likelihood that if damage due to vandalism, flooding or fire does occur, there will be nobody on-site to react promptly. There is also the potentially increased risk of squatters moving in or causing damage.
Custom vacant commercial or residential insurance coverage plans are available to fill in the gaps of your pre-existing property insurance or to supply coverage to property that traditional companies deemed uninsurable. Also obtainable is advice on steps you can take to better fortify your vacant property and subsequently lower your rates. This might include routine check-up arrangements, updated alarm systems, utility inspections, etc. The custom plans will be specific to the type of building you own, its condition, the neighborhood it is in, and any other factor 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.
Authored by Rick J. Lindsey, President, Chairman, and CEO of XINSURANCE
Rick J. Lindsey hails from Salt Lake City, Utah. He began working in the mailroom of his father’s Salt Lake City insurance firm, getting his introduction to the business that became his lifelong career. Rick J. Lindsey quickly rose through the ranks while working in nearly every imaginable insurance industry job. As an entrepreneur, specialty lines underwriter, claims specialist, risk manager, and a licensed surplus lines broker, Rick J. Lindsey is highly skilled in all levels of leadership and execution. As he progressed on his career path, Rick J. Lindsey discovered an urgent need for insurers willing to write policies for high-risk individuals and businesses. He was frequently frustrated that he could not provide the liability protection these entities desperately needed to safeguard their assets. He also formed the belief that insurance companies acted too quickly to settle frivolous claims. Rick J. Lindsey decided to try a different approach. He started an insurance company and became the newly formed entity’s CEO. This opportunity has enabled Rick J. Lindsey to fill a void in the market and provide a valuable service to businesses, individuals, and insurance agents who write high-risk business. XINSURANCE also specializes in helping individuals and businesses who live a lifestyle or participate in activities that make them difficult for traditional carriers to insure. If you’ve been denied, non-renewed, or canceled coverage, don’t give up quite yet. Chances are XINSURANCE can help.
