Vacant Property Insurance Explained

Owning a vacant building can pose serious liabilities because vacant buildings are more susceptible to vandalism, undetected repairs, fire and other losses. If you own vacant property, it is advisable to purchase Vacant Property Insurance, also known as Vacant Building Insurance or Vacant Dwelling Insurance, to protect against risks.
The following are the most prevalent risks to vacant properties:
Under certain policies, Vacant Property Insurance can provide protection if your building goes unoccupied for as few as four days. It also protects against liabilities in the event someone is injured on your property and sues for damages. In some cases, it is required when a property owner dies and the property goes to an estate sale. It may also be a viable option if the property is in the process of being sold or if it is under construction and is uninhabitable.
In addition to purchasing coverage for a vacant building, take the following actions:
A typical Vacant Property Insurance policy is one and a half to three times the cost of a Property Insurance policy due to the increased risks associated with owning an uninhabited building.
If your occupied property becomes vacant, it is imperative that you notify your broker immediately. If you fail to give us adequate notice (in some cases, the required notice is typically within 30 days after it becomes vacant) and you suffer a loss, coverage may be denied.
We understand that unfavourable incidents can occur, but Vacant Property Insurance can provide necessary protection. Contact your Swift Digital broker today for more details at 1-833-277-9438 or by email at hello@csinsure.ca
Would you like a quote for your vacant property? Fill out our form by clicking the button below.
Vacant Property Insurance: When your property becomes vacant the coverage will be restricted by your policies vacancy conditions. Watch this video above to learn about how this can impact your policy coverage. If you have any questions call 1-833-277-9438 or chat with us on our website!
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