Vacancy provisions
Many property forms restrict or reduce coverage after a specified period of vacancy.
Vacant Building Insurance
Vacancy can materially change both the likelihood of a loss and how a property policy responds. Owners should address it before a building sits empty for an extended period.
What to Review
The details that can change the insurance program.
Commercial real estate insurance is highly dependent on the building, occupancy, leases, valuation, protection and income exposure. A useful review goes beyond simply quoting the same limits.
Security & inspections
Locks, alarms, lighting, cameras and documented inspections can matter to underwriters.
Utilities
Whether heat, water and electrical service remain on changes the exposure.
Renovation plans
Construction activity may shift the appropriate solution toward builders risk or renovation coverage.
Key Exposures
Questions worth answering before renewal.
Vandalism & theftUnoccupied properties can attract trespass, copper theft and intentional damage.
Water damageUndetected leaks can become severe when no tenant is present.
Freeze lossesHeat and winterization procedures are especially important in cold climates.
Fire responseVacancy can delay discovery of a fire and increase severity.
Related Topics
Go deeper on the exposures that matter.
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