What takes place on or around your property when you are not physically occupying it? Vacant properties, whether they be homes or commercial properties are a tough risk to insure. The reason for this is the increased losses these properties usually endure. The obvious reason is that vacant properties are very attractive targets for thieves and vandals. The high loss ratios keep many companies from offering insurance on these properties. If you fail to divulge that your property is vacant you run the risk of having your policy cancelled or a claim denied. Make sure your property is properly insured.

At Northwest Insurance Brokers we have a number of companies that specialize in insuring vacant properties. Do not let your property go uninsured or incorrectly insured. Let us package a policy that adequately insures all of your risks and that also fits your respective needs.

A client who has auto, home, and business insurance with Northwest Insurance Brokers called his agent and let him know that he purchased a vacant building that he was going to be renovating it for the next six months. The Brokers agent knowing that these buildings have a high propensity for losses took the initiative to go out and look at the building so he could make suggestions about how to mitigate any losses. Based off the Brokers agent’s recommendations, the client added additional lighting outside the property, he set lights inside on a timer to give the appearance that the property was not vacant, and he also added a central station fire alarm in case of any fires. The client was able to finish the renovations without any losses and ultimately lease out the building.

Contact Northwest Insurance Brokers if you would like to have your current vacant building/home policy reviewed, or if you need a policy placed for you.