What Are the Risks Involved with a Vacant Property, and How to Reduce Those Risks?
Are you buying vacant land where no other building exists? Do you know leaving your property vacant can risk your ownership? An unoccupied property is at great risk of vandalism, robbery, and damage. That is why many property insurance companies feel reluctant when it comes to empty property insurance.
However, in case you already have a general property insurance policy, and you left your house or land vacant for longer than the policy allows. In that case, it will be considered a vacant property. As a result, the insurer may cancel your policy, place restrictions on coverage, impose additional charges on any claim that arises when the property is vacant.
Moreover, the insurer won’t pay in case of a loss. So, before you leave your property vacant, it is crucial to buy building insur...