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.
- 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