When you think of vacant buildings, old factories with broken windows and weeds growing at the base, come to mind. Boarded up houses are also considered to be vacant properties. So is your home if you are under construction and have temporarily moved out. Strip malls and office buildings that are less than 35% occupied, fall under the vacant building category. Because your standard homeowners insurance policy will not cover you in the event of vandalism or broken pipes during this time, you need to look into acquiring Vacant Building Insurance.

When you live in your home and you have a fire or break-in, your home and possessions are covered. Going away on a short vacation, you are still covered. However, if you are undergoing a renovation project that requires you and your family to move to a temporary location until the work is completed, your standard policy will not cover you. Under construction, your home sits empty more often than it is occupied. Your pipes may burst, thieves may come in and steal your metal fixtures, or deface your property. With a vacant property insurance quote policy in place, the property is covered.

A vacant building insurance policy can be purchased for 3, 6, 9 or even a year. Averaging between $30/square foot and $60/square foot, you can make monthly premium payments. Without the temporary insurance policy, any event that occurs will be an unqualified claim. Commercial and residential owners alike, should carry the temporary policy, whenever their property is unoccupied.

If you own a vacation cottage, you and your family head to the cottage in the spring to open it for the summer season and close it back up in the fall. As soon as you close and lock the front door at the end of the season, it is considered to be vacant. Many insurance companies offer vacation home policies, but it is important to make sure you are fully covered during the off season. You may need to carry a vacant home insurance policy.

In an ever changing financial climate, businesses come and go. Many investment properties that rent office space may go from being fully occupied one day, to less than 35% within a few months. As tenants close their businesses or move to different locations, the building begins to feel deserted. Your commercial insurance policy is in place, until 65% of your office space becomes available for rent. A vacant building insurance policy will not recover your lost rental income, but can prevent loss due to unpaid claims.

If your summer cottage sits empty during the off season, or your home is under renovation and you have moved out, you need vacant building insurance. If you own an empty warehouse, nearly empty office building or rental properties without tenants, go to vacantbuildinginsurance.org for more information. A vacant building insurance policy will save you money should you need to make a claim.