Not carrying insurance on your vacant commercial building? It could cost you more than just losing the rents. According to Burns & Wilcox, a leading insurance broker, ‘each year, vacant commercial buildings experience more than $500 million in fire damage.’ Vacant commercial property insurance can help with restoring your building after a fire.
Burns & Wilcox also noted that ‘thieves recently stole $500,000 of copper from a vacant building, with resulting building damage estimates exceeding $3 million. Vacant properties are increasingly vulnerable to copper theft as the metal’s value has skyrocketed. Subsequent property damage can often far exceed the value of the stolen copper.’ Our agency have Insured’s that have experienced the copper theft loss and were extremely thankful that they had the forethought to contact us regarding insurance their property.
Beyond having an insurance claim for theft, there is vandalism and water damage exposures for vacant property. The insurance will also help in the event of pipes bursting or water entering the property from storms which often result in extreme damage to the vacant buildings.
As noted vacant property insurance coverage is designed to protect you against financial losses due to the damage of your property during the short-term or long-term vacancy. Please contact our agency about the occupancy status of your investment properties and perhaps we can alleviate your concerns of claim denial and major out-of-pocket costs in the event of a loss.