If you are a commercial property owner, you may find there are times when your property becomes vacant. During that time of vacancy, you may be faced with some policy exclusions, provisions, and limitations if your property is vacant for a certain length of time. Typical commercial property insurance policies often have a vacancy clause that excludes coverage if a property is vacant for a certain period. Having vacant property can impose some financial and coverage concerns of which you need to be aware.
Vacant properties are especially vulnerable to theft, vandalism, and even arson. Some common scenarios of criminal activity include:
- A violent storm ensues and causes damage to the roof of your property. Because the building is vacant, nobody was there to notice the leaking roof and the damages it caused. Subsequently, you are now faced with serious expenses that could have been mitigated had someone known.
- Someone sets your vacant property on fire. Arsonists target locations that are vacant as to minimize the likelihood of being caught. Furthermore, the damages are typically worse since nobody is there to keep an eye on the property.
- Squatters creating damage to your vacant building.
Guidelines to Minimize the Risk of Coverage Concerns, but Not Limited to:
Communicate with your local N.Y. independent insurance agent- We, at Cameron Insurance, can assist you with the verbiage surrounding the vacancy clause and can make sure you understand all the policy provisions, limitations, and exclusions. Depending on your unique commercial property needs, we can assist you in obtaining the coverage protection you need at a cost you can afford.
Hire someone to routinely inspect your property- You may consider hiring a professional to regularly inspect your building for any issues that need to be corrected or addressed. Also, it is recommended you install a security system, motion detectors and extra lighting as a deterrent for theft, vandalism and squatters.
Maintain sprinkler systems, HVAC, refrigeration, and fire alarms- If you are out of town, schedule routine maintenance on the above to minimize risk exposures.
We Can Assist You With Vacant Property Insurance Concerns
The longer a property is vacant, the more likely it is to suffer a loss. If you have any questions or concerns about a vacant property, contact our offices at Cameron Group Insurance and we will be happy to assist you. We are here for all your New York commercial insurance needs. Don’t wait! Call today at 845-627-2130.