What is Vacant Commercial Property Insurance?
As a commercial building owner, you need an appropriate insurance policy to protect your investment for the future. Your commercial property may be waiting for a new tenant, being renovated or maybe you’re constructing a brand new building.
If this applies to your property you need a Vacant Commercial Property insurance policy.
All insurance carriers have different approaches, but most of them will consider a property “vacant” or “unoccupied” if it’s left empty for 60 days or more.
Vacant commercial property insurance has most of the coverages that a traditional property insurance coverage has. The difference is that there’s a higher risk of certain events taking place on a vacant property than the property would experience if there were people on-site more often.
To avoid any potential liability issues, it's in your best interest to purchase insurance coverage for your vacant commercial property
When should I get Vacant Commercial Property insurance?
If your commercial property is vacant for any of the following reasons you need to protect your investment, and purchase a Vacant Commercial Property insurance policy.
If your property is under construction, or it’s being renovated or repaired you should consider a Builder’s Risk Insurance Policy
Vacant Commercial Property insurance coverage
The coverage options for a vacant commercial building vary between insurance carriers but most of them offer the following:
