Insurance for Vacant Buildings: Why an Empty Space Isn't Void of Risks Even an unoccupied structure deserves protection.

The Gaps in Standard Commercial Property Insurance.

A typical commercial property insurance policy will have clauses specifying the implications of a building’s vacancy. Most standard policies might curtail certain coverages—like water damage, theft, and vandalism—after the building has been vacant for 60 consecutive days. Additionally, if any damages happen during this vacancy period, your claim payout might suffer a reduction, sometimes by a significant percentage.

The Perils of an Empty Building.

An unoccupied commercial space inherently carries amplified risks—be it fires, thefts, vandalism, or unforeseen damages like sprinkler leaks. Reports suggest that fires in empty commercial structures alone can cause hundreds of millions in damages annually. Without regular oversight, minor issues in a vacant building can rapidly escalate, making robust insurance coverage indispensable.

Recognizing the Need for Vacant Building Insurance.

When the majority of your commercial building remains unutilized, you’re essentially stepping into the territory of “vacancy.” That’s when vacant building insurance becomes non-negotiable to ensure you’re not left unprotected.

Coverage Scope.

Vacant building insurance is designed to shield your unoccupied property against specific threats, from fires and wind to water damage and vandalism. Depending on your unique risk exposure, tailored coverages can be carved out. Additionally, this insurance can offer liability protection for any incidents that transpire on the premises during its vacant state.

If your building is currently vacant—whether expectedly or not—it’s prudent to fortify it with vacant building insurance. Reach out to us to navigate through this specialized insurance terrain.

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