Vacant Real Estate Property: What are the Risks?

Vacant Real Estate Property: What are the Risks?

Real estate owners know that vacant properties pose risks that are different than what could be expected from an active, utilized location. But what are those hazards, and how can they be mitigated? Let’s take a look at the two biggest areas of concern: 

Threat of Vandalism: Vacant properties are frequently targeted for vandalism and trespassing because there is no one around to notice. 

Water-Related Damage: Without someone there to monitor temperature changes, pipes can freeze or break– this is in fact, the second-largest cause of property claims. 

Insurance for vacant land can be pricy, but adequate coverage is critical when considering addresses not currently occupied. Below are a few ways to ensure you’re doing everything you can to mitigate the above risks: 

  1. Notify local authorities to keep a close eye on the vacant property.
  2. Make vacant property appear occupied (lights on, cars present, etc.) 
  3. Ensure that all maintenance is complete in case someone does come by. 
  4. Install security precautions (floodlights, cameras, etc.) 
  5. Meet with your Advisor and make sure your policy insures your vacant property. 

Contact us today to connect with an expert on our team who can evaluate your needs and help you ensure your vacant real estate property coverage can protect you in the event of a loss. 

 Disclaimer 

This material has been prepared for informational purposes only and was generated from information provided to BKS from the client and/or third-party sources. Therefore, BKS makes no warranty or representation(s) as to the accuracy or appropriateness of the data and/or the analysis herein. This information is not intended to provide, and should not be relied on for, tax, legal, or accounting advice. You should consult your tax, legal, and accounting advisors for those services. 

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This document is intended for general information purposes only and should not be construed as advice or opinions on any specific facts or circumstances. The content of this document is made available on an “as is” basis, without warranty of any kind. Baldwin Risk Partners, LLC (“BRP”), its affiliates, and subsidiaries do not guarantee that this information is, or can be relied on for, compliance with any law or regulation, assurance against preventable losses, or freedom from legal liability. This publication is not intended to be legal, underwriting, or any other type of professional advice. BRP does not guarantee any particular outcome and makes no commitment to update any information herein or remove any items that are no longer accurate or complete. Furthermore, BRP does not assume any liability to any person or organization for loss or damage caused by or resulting from any reliance placed on that content. Persons requiring advice should always consult an independent adviser.

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