Real estate owners know that vacant properties pose risks that are different than what could be expected from an active, utilized location. But what are those hazards, and how can they be mitigated? Let’s take a look at the two biggest areas of concern:
Threat of Vandalism: Vacant properties are frequently targeted for vandalism and trespassing because there is no one around to notice.
Water-Related Damage: Without someone there to monitor temperature changes, pipes can freeze or break– this is in fact, the second-largest cause of property claims.
Insurance for vacant land can be pricy, but adequate coverage is critical when considering addresses not currently occupied. Below are a few ways to ensure you’re doing everything you can to mitigate the above risks:
- Notify local authorities to keep a close eye on the vacant property.
- Make vacant property appear occupied (lights on, cars present, etc.)
- Ensure that all maintenance is complete in case someone does come by.
- Install security precautions (floodlights, cameras, etc.)
- Meet with your Advisor and make sure your policy insures your vacant property.
Contact us today to connect with an expert on our team who can evaluate your needs and help you ensure your vacant real estate property coverage can protect you in the event of a loss.
Disclaimer
This material has been prepared for informational purposes only and was generated from information provided to BKS from the client and/or third-party sources. Therefore, BKS makes no warranty or representation(s) as to the accuracy or appropriateness of the data and/or the analysis herein. This information is not intended to provide, and should not be relied on for, tax, legal, or accounting advice. You should consult your tax, legal, and accounting advisors for those services.
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