A regular commercial property insurance policy provides coverage while the property is in use and occupied. While the coverage for unoccupied times varies by insurance company, most companies drop or reduce coverage after 60 to 90 days of vacancy. This leaves unaware commercial property owners in Englewood, Colorado uninsured. If your property will not be occupied for over 60 days, you should obtain Unoccupied or Vacant Commercial Property Insurance. An independent agent can help you understand your vacant property insurance needs.
Vacant commercial properties present a greater risk to insurance agencies. The potential damage from a broken water pipe is significantly greater if the water continues to leak over several days or longer. In an occupied property, leaks are normally noticed within a few hours. If no one is in the building, this damage goes unnoticed. Empty commercial properties are also often the target of vandalism or looting and vagrants may begin living inside.
There are things that a commercial property owner may be able to do to reduce the potential higher cost for insuring an unoccupied property. Removing any combustible materials is one of these steps. Items like gasoline, oils or paints should not be stored on the premises. Having a monitored alarm system installed may help to reduce vandalism. Have the water turn off inside the building to reduce the possibility of water damage. Finally, make sure landscaping is maintained to reduce the look of vacancy.
As your independent agent in Englewood, Colorado, we will be glad to help you find the lowest insurance rates possible while providing you with the coverage you need. We offer live online insurance comparisons to take the work out of getting the lowest prices. If you ever have any questions about your insurance, give us a call so we can help you.