Protect your Vacant Commercial Property

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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.

The property is a vacant apartment/condominium building with five or more residential units
The property had prior commercial occupancy, now is 100% vacant and not being used for storage
The property is a brand new construction
The vacant commercial property is undergoing repairs, remodeling or renovations

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:

Named peril coverage – fire, wind, hail, vandalism, smoke, sprinkler leakage, lightning, explosion, sinkhole collapse, volcanic action, etc.
All risk coverage – usually excludes buildings being renovated and new constructions
Vandalism and Malicious Mischief Coverage – physical damage or defacing of the home
Landlord Flexibility – provides easy transition to a commercial Dwelling Fire/Landlord insurance policy
Pro-rated cancellation – refund for the remaining balance of the policy term when the property is sold or rented
General liability coverage – new constructions are typically excluded
Flexible policy terms – options for 3, 6, 9, or 12-month policies