Is your vacant property covered?

Vacant home and buildings aren’t just found on “the other side of the tracks”. Today, it’s a reality in all neighborhoods. Statistics show that vandalism, fire, and water damage claims are more likely to occur to vacant property.

Most standard homeowners’ insurance policies do not cover vacant properties. In some policies, coverage for theft, vandalism, and malicious mischief is restricted, or may even be dropped after a home has been vacant for as little as 30 days. If you own a property that is currently not occupied, talk to a HUB advisor and make sure that you have adequate coverage.

HUB can provide you multiple, same-day quotes across a range of deductibles and premiums. Policies can be issued within 24 hours. You can get coverage for properties up to $3 million with premises liability coverage up to $1 million per claim occurrence and $2 million in the aggregate. Coverage is available in the U.S. and Canada.

Common claims related to vacancy include:

Vandalism: Vacant can mean “home” to a homeless person, or “privacy” to mischievous teenagers. Unoccupied properties are easy targets for vandals. Ensuring that your policy has coverage for vandalism and malicious mischief will help protect you from this exposure.

Theft: Many policies exclude theft, so make certain that you get this coverage even if your home is empty. Why? Thieves can remove copper piping and air conditioning units in order to resell it for profit.

Premises Liability: You face a risk of a liability claim occurring from intruders on the land surrounding the vacant property, including the around property line.

Renovations: Not all vacancies are due to the economy. If your home is undergoing an extensive renovation, you should make sure that you have coverage for both property and liability while the project is underway.

Your unoccupied property needs to be insured, so don’t delay. Contact a HUB advisor today.