Insurance coverage for vacant property varies from provider to provider, but here are some of the types of insurance coverage available for vacant property. There are three main types of insurance coverage.
Name insurance coverage
Vacant property insurance differs from general home insurance in that it explicitly excludes vandalism and malicious mischief. Fire, lightning, hail, wind damage, and explosions are still covered, but only for the types of damage listed in the policy.
If someone is injured or damaged on your property (or your property is damaged). Liability insurance can help cover the costs of injuries and necessary repairs.
Agreed damage settlement
In the event of total damage due to the type of damage described in the policy, you will receive the full amount of the agreed-upon damage, less any deductible.
Although coverage for this type of damage explicitly excludes vandalism and malicious acts. Some insurers offer this type of coverage as a separate policy. However, for owners of vacant property in New York. Working with a company that offers this coverage is well worth the extra investment.
It is important to understand that vacant and occupied properties have different needs. If you need to empty a property temporarily or long-term. Then you need to take that into account and insure it accordingly.
To find the best insurance coverage for your vacant home, office building, or land, the advice of an experienced landlord insurance broker is necessary. We can help you insure your vacant property in New York.
Lily Poole is a Property and Home Insurance officer by profession. She is pretty well experienced in NYC Property insurance. Moreover, she has an impressive profile in the training and development industry.