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01 Jul 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, utilities 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.