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Vacant Building insurance

Columbus Ohio's Vacant Properties present difficult challenge for building owners and insurers alike.  While Columbus Ohio families are losing their jobs in this bad economy we are seeing more and more residential and commercial buildings just sitting dark and vacant. Office vacancies are on the rise just take a look at the local strip mall next time your on Hilliard Rome Rd or in Dublin. Look anywhere in downtown Columbus Ohio and you will see empty store front like never before!

When comparing the danger that come along with managing a fully occupied commercial building, the logical thinking is that a vacant property would present substantially fewer risks. Why because there are no customers just waiting to slip and fall near your store front or no coffee for your customers to burn their lips. Well in reality it's a vacant building is more like to have losses even though their are no customers around.

The problem with a vacant building is their not regularly attend too because no one is around to keep them up.  If water leaks in through a pipe and no tenant is there, then it could lead to mold or could leak in to electrical and so on.  Crime is up on vacant buildings as well; thieves are going in and stealing anything they can get there hands on like copper and so on.  As a building owner make sure you don't cut down on the security in times like these. Notify your local authorities police and fire department to keep an eye on your buildings as well. Notifying local authorities will help keep vandals and thieves at bay.

As a building owner you should do regular inspections of your vacant units.  Also if you want to make sure you are covered by your insurance policy in the case of a loss you should read your terms and condition in your insurance policy to make sure you are not violating any of them. If you are doing your part it will help insurers do theirs by keeping losses down, which in turn will keep premiums down for every one suffering in this economy.  Maintaining your vacant units will also get you on the path to being fully occupied as well.

Things to ask your agent.

-How long is my vacant building or home covered under it's current insurance policy?
-Is it covered from vandalism?
-Do I need to insure it as vacant building?
-How long do I have coverage while it is for rent or until I sell it?





To insure your vacant Columbus Ohio building Call the Columbus Insurance Market for a quote. 614 560 7875.
Posted 8:12 PM  View Comments

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