Boardwalk Insurance Group | Auto, Home, Commercial, Life and Health Insurance for Residents and Companies in the United States

TAG | vacant property insurance

Why You Need to Have Insurance on Your Vacant Property 4.80/5 (96.00%) 5 votes

Your property is empty, no tenants, and you are not using it.  You consider dropping the insurance on the property since the policy is so expensive and treats the property like it is occupied.  In addition, insuring a vacant property under standard homeowners insurance could be a violation of the terms of the policy.

Regardless of whether a property is occupied or not, insurance is still important to protect your investment in the property.  Vacant property insurance protects from many of the same perils as property insurance written for occupied properties without the same costs associated with insurance written for occupied properties.  Vacant property insurance protects from fires, storm damage (from wind, hail, and lightning), and damage from vehicles.  Optional coverage includes premises liability, vandalism, and other mischief.  Vacant property insurance can also be written for short and long-term periods, making it flexible enough that the owner is not paying for unneeded insurance when new tenants sign a lease.

Product Features:

  • 3, 6, 9 or 12 month Policy Term
  • Package or Monoline
  • Residential & Commercial
  • Buildings undergoing repair may be eligible
  • Special from and replacement Cost is available
  • No restrictions or Length of Vacancy

 

·

Reasons to Obtain Insurance On Purchased Land Leased to Others 4.33/5 (86.67%) 3 votes

If you own land, you may think that there is no need to carry insurance.  Whether your land is being used or not, it’s important that you know that claims can still arise.  There is vacant land insurance available to you.  However, in this article, we will discuss insurance for land you own, but lease to others.  It’s imperative that you also carry insurance.  Here’s why:

•    To protect your insurable interest as a landowner
•    In case a passerby trips and falls on a raised piece of sidewalk in front of  premises
•    No liability deductible
•    Defense costs provided outside the limit of liability
•    Hostile fire exception to pollution exclusion
•    Expanded definition of bodily injury to include sickness or disease caused by mental anguish or emotional distress
•    Credits Available:
1.    Applicant requires all commercial tenants to name the applicant as an additional insured
2.    Lease requires tenant(s) to maintain and/or repair the premises, including keeping the premises free of snow and ice, adjacent to any building e.g. sidewalks, driveway and parking lots

Product Features:
•    Limits available up to $1,000,000 per occurrence/$2,000,000 aggregate and up to $5,000,000 in excess
•    Low minimum premiums (starting at $400)
•    Credits available for:
1.    Applicant being named as an additional insured to tenant(s) general liability policy
2.    Applicant’s lease requires tenant(s) to maintain and/or repair the premises

Coverage Available:
•    Up to 1,000 acres per location
•    Lakes and ponds up to 25 acres in size
•    Land being used for:
1.    Equipment storage or vehicle parking
2.    Auto sales lots
3.    Building on the premises (Only land is leased-building owned by lessee)
4.    Animal grazing
5.    Crop farming
6.    Athletic fields
7.    Hunting

Vacant Property, Vacant Building, Vacant Home & Vacant Land Insurance 4.50/5 (90.00%) 2 votes

Do you own a vacant property or vacant building or even some undeveloped land? 

If so, it’s important you have insurance coverage in place.  Just because you have an unoccupied property, it doesn’t mean you are no longer susceptible to risk, losses or claims.  You can incur both property losses as well as general liability claims.

It’s also important that you have the right coverage in place.  For example, Boardwalk Insurance Group offers:

•    Rental Value Coverage
•    No Restriction on Length of Vacancy
•    Buildings undergoing minor renovations
•    Low Minimum Premiums
•    All types of buildings considered

Coverage Features:
•    Replacement Cost available
•    Special Form available
•    3, 6, 9 or 12 month policy terms available
•    Simple short-term policy extensions by endorsement
•    Equipment Breakdown coverage available
•    Loss of Income coverage when a lease is signed
•    Hired and Non-Owned Auto Coverage
•    Property limits available up to $3,000,000

Theme Design by devolux.nh2.me