Insuring a vacant building could be a costly proposition.
Vacant buildings present special problems and concerns when it comes to obtaining fire and liability insurance. Many insurers avoid vacant buildings because of their increased risk for vandalism, damage and fire. However, owners of unoccupied properties can still get insurance coverage by knowing where to turn for help. The key to successfully insuring a vacant building is to locate an independent insurance agent who has the resources to connect you to the right insurance company.
Instructions
1. Locate an independent insurance agent who specializes in insuring commercial real estate. An independent insurance agent can quote insurance coverage from many different insurance companies at one time. Many agents are captive, meaning they can only write business for one particular company. A search on the Internet will help you find a good agent.
2. Contact the independent insurance agent to discuss your coverage needs for the vacant building. The agent will either represent an insurance company that is willing to insure vacant buildings or knows of a company you can contact to obtain coverage.
3. Prepare the building for an inspection by the insurance agent or insurance company representative. Almost all commercial insurance policies require that the property be physically inspected before coverage is provided. Make sure all of the landscaping around the property is neat, all graffiti is removed and that the interior is clean.
4. Pay the insurance policy premium. The cost of insuring a vacant building is often more expensive than traditional building coverage because of the increased risks associated with vacant properties.
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