Find out what you need to know about the risks of insuring a vacant building.
It’s important to insure your commercial buildings. Insurance helps to repair any damages so that you can keep your building in great shape. However, when it comes to a vacant building, it becomes harder to insure your property. There are a variety of risks associated with an empty building. Therefore, these risks make insuring such a property difficult. Find out what these risks are so that you’re prepared to find the right insurance coverage.
Risk for Vagrants
A vacant building poses a variety of hazards. When left vacant, an empty building can attract the wrong crowd. From loitering to taking up residence, there are many ways in which people use empty buildings, many of the uses will increase the likelihood of a loss. This risk is especially true when illegal activity occurs on the property. Without upkeep on lighting or security, a vacant building becomes the perfect place for foul play to occur. As a result, your risk of disaster increases and it becomes harder to keep your vacant building well insured.
Outdated Building Systems
When it comes to a vacant building, there are certain risks associated with lack of maintenance. When building systems such as electrical wiring, roofing, and plumbing are old and worn, the risk of serious issues increase. From water damage to fire danger to mold growth, a vacant building can pose a serious health and safety risk.
To learn about insurance to protect your commercial property or business, contact your team at Hoffman Brown Company in Sherman Oaks, California.