Protect Your Vacant Building By Choosing The Right Insurance Coverage

by George Willis Insurance Agency

When your commercial building is vacant due to any reason like you are waiting for your tenants or the building is in the renovating process, the chances of risk for the property increases. Vacant property is more vulnerable to some serious losses therefore you should search for some specific vacant building insurance coverage for your empty building.

If your commercial property is vacant for a long time then it becomes vulnerable to vandalism and fire, due to the occasional maintenance security oversight. In many commercial property insurance plans, you will find different vacancy clauses which state that a building is considered vacant unless 31 percent of the total square footage of the building is occupied and used for its intended purpose. It means if you are running a retail strip mall but less than 31% of the space is occupied by the retailers then the building is considered vacant. Since, vacant buildings are more at risk of accidents, vandalism, and theft so you need to understand the importance of vacant building insurance.

Understand about your vacant commercial property insurance limits

When your building is considered vacant, you should also pay attention to the property insurance limits during the vacancy. For example, after 60 days of being vacant, a normal policy will stop covering water damage, theft, sprinkler leakage, and vandalism. If any loss occurs when your building is vacant then your payment will be reduced by much as 15%. By finding your commercial property insurance limitations you can plan to choose the right insurance during a vacancy.

Risks associated with vacant building

It is not easy to keep an eye around the clock on your vacant property. You can predict unfortunate accidents like fire, theft, sprinkler leakage, and vandalism in the property. Even, a fire accident in a vacant property can lead you huge property damage of $500 million in a year. There is no one who can watch your property problem which could turn into the worst situation like sprinkler leakage. In such case of increased risk, you should choose the right vacant building insurance Texas which complements your commercial insurance.

What is covered by vacant building insurance?

This insurance will protect your vacant property from different perils like wind, fire, water damage, theft, etc. In case you need any specific coverage for a particular risk then you should discuss it with the professional insurance agent to choose the right vacant building insurance Texas to meet your customized needs. In case any accident occurs on the property then it provides liability coverage. Are you also planning to get vacant building insurance? If yes then you should approach a trusted insurance agent like Insurance Piggy Bank.

Whether you are looking for home insurance, umbrella insurance in Virginia, or vacant building insurance Texas, you need to choose the right insurance coverage to get its complete benefits. Insurance Piggy Bank is partnered with leading insurance companies like clearclover, hippo, lemonade, Nationwide, and more so that you can choose the right one within your budget. Contact them today to get your insurance policy and enjoy its complete benefits.