Owning a vacant building can pose serious liabilities because vacant buildings are more susceptible to vandalism, undetected repairs, fire and other losses. If you own vacant property, it is advisable to purchase Vacant Property Insurance, also known as Vacant Building Insurance or Vacant Dwelling Insurance, to protect against risks.
The following are the most prevalent risks to vacant properties:
Under certain policies, Vacant Property Insurance 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. In some cases, it is required when a property owner dies and the property goes to an estate sale. It may also be a viable option if the property is in the process of being sold or if it is under construction and is uninhabitable.
In addition to purchasing coverage for a vacant building, take the following actions:
A typical Vacant Property Insurance policy is one and a half to three times the cost of a Property Insurance policy due to the increased risks associated with owning an uninhabited building.
If your occupied property becomes vacant, it is imperative that you notify OTC Insurance immediately. If you fail to give us adequate notice (in some cases, the required notice is 60 days after it becomes vacant) and you suffer a loss, coverage may be denied.
We understand that unfavourable incidents can occur, but Vacant Property Insurance can provide necessary protection. Contact us today for more details.
Insurance brokers do not work for an insurance company, they work for you. That’s the key thing that separates them from all other purchase options. It means you have more advice, more choice, better pricing and a representative that’s on your side in the event of a claim.