by Guest » Sat Jan 22, 2011 05:49 am
I am purchasing a vacant commercial property and I need an insurance policy. I got a reasonble quote for a regualr business owner policy but I was wondering if I would be able to get a regular business owner policy and the property is vacant. I have also recieved highers quotes for a builders risk policy but that has limited coverage. I plan to start renovations immediately after the closing, so if there are contractors there working on the property daily is the property actually considered vacant?
Posted: Thu Jan 27, 2011 06:22 am Post Subject: Vacant Bldg coverage Can be Expensive
Most business owners policy's will not cover vacant buildings. If you have already recieved quotes and you ended up purchasing a policy the carrier will most likely cancel the policy after the inspection is done if they find out its vacant, Or there is a vacant building exclusion on the policy.
A Builders risk policy is a good alternative to get a vacant building covered but it will not get you any liability coverage just property only. There are true vacant building policies that will cover the property as well as the get you liability but of course they are a little spendy. If you have any more questions please feel free to email me. brettb@ross-ins.com
Posted: Fri Jun 03, 2011 04:01 pm Post Subject: JylRTTVJnyDgcIfU
Wanlikg in the presence of giants here. Cool thinking all around!
Posted: Sat Jun 04, 2011 06:10 am Post Subject:
There are true vacant building policies that will cover the property as well as the get you liability but of course they are a little spendy.
Is it just about being a few more bucks than the builder's risk policy? Or is it a more expensive proposal?
Posted: Tue Jun 07, 2011 11:33 am Post Subject:
Vacant buildings generally present huge problems when it comes to fire and liability insurance. There are many insurers who avoid these vacant structures because of the risks involved with either fire or damage.
Nevertheless you can still get insurance coverage by just consulting the right person for help. The solution to effectively insure a vacant building is to find an insurance agent who will help and connect you to the right insurance company.
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