Unoccupied Commercial Property Insurance for Vacant Commercial Properties
If you own an unoccupied commercial property, it’s important to understand that traditional commercial property insurance may not provide adequate coverage during periods of vacancy. Unoccupied commercial properties are often considered higher risks due to the increased likelihood of vandalism, theft, and other potential perils in the absence of regular occupancy and maintenance. As a result, specialized insurance coverage may be necessary.
Here are some key considerations and types of insurance coverage you might need for an unoccupied commercial property:
Here are some key points about unoccupied property owners insurance:
Unoccupancy Period: Most policies specify a maximum period that a property can remain unoccupied while still maintaining coverage. If the property is vacant beyond this period, coverage may be reduced or even suspended.
Coverage: Unoccupied property insurance typically provides coverage for limited risks such as fire, lightning, earthquake and impact by aircraft. However, coverage can vary between insurance providers, so it’s essential to review the policy terms and conditions carefully.
Higher Premiums: Insurance premiums for unoccupied properties are often higher than those for occupied properties. The increased cost is associated with the higher perceived risks.
Inspections and Conditions: Some insurers may require regular inspections of the unoccupied property to ensure that it is well-maintained and secure. Failure to meet these requirements may impact coverage.
Public Liability Coverage: Liability coverage may still be included in unoccupied property insurance, protecting the property owner in case someone is injured on the premises.
Notification: Property owners are usually required to notify their insurance provider if the property becomes vacant. Failing to inform the insurer about the vacancy might lead to coverage issues.
Risk Management: Property owners may need to take steps to reduce risks associated with an unoccupied property. This could include installing security systems, winterizing the property, and keeping the property well-maintained.
We are pleased to be able to offer three separate levels of cover for unoccupied property risks. This product is available online and for every quotation, you submit we will provide you with a quotation for each level of cover available.
Risk types available are:
- To be sold
- Awaiting letting
- To be owner-occupied
- Pending probate settlement
Scottish Landlord Insurance specialises in unoccupied property insurance to cover all eventualities – awaiting tenants, working away or undergoing renovation. Get a quote now from Scottish Landlord Insurance.
Quotes are available for 3 / 6 / 12 months, depending on your circumstances.