2 Must Haves on your Vacant Insurance Policy
Vacant properties are a magnet for thieves. Copper has been the prized item of choice for the majority of thieves. They tend to strip vacant properties of their copper wiring and plumbing. Especially in older dwellings where these materials are often found. Now they've found that anything made of metal is worth stealing. Property owners have found central air units, water heaters, appliances, and even furnaces stolen from their properties.
The damages thieves caused to the property itself can cost upwards of tens of thousands of dollars to repair.
I've had clients tell me this sort of thievery has become so lucrative that the thieves have taken to emulating legitimate contractors. They drive up in what appears to be a work van and wear uniforms. They even audaciously introduce themselves to the neighbors stating they were hired to work on the place. For the attentive neighbor who watches them with suspicion they immediately note that their manner for gaining entry is to bust open a window or door, as opposed to just using a key.
Make sure your insurance policy includes these 2 elements to your coverage:
1. Vandalism & Malicious Mischief (VMM) - When thieves bust through a door or window then strip the wire from the walls they do a lot of damage to the property. VMM is how you cover for the damage caused by such acts.
2. Theft/Business or Personal Property - Most companies that offer Vacant Insurance policies do not automatically cover for Theft like a standard Landlord Policy or Homeowner Policy. Why? Because what is more prone to theft? A property with someone living in it or one that is vacant (unattended)? Rhetorical. It's extremely important that you verify your Vacant Insurance has Theft coverage. Often times you will need to purchase insurance for Business/Personal Property and cover it with a Theft endorsement.
This is how you protect your investment while it's vacant from all the nefarious and expensive destruction that thieves wreak on your property. What might cost you hundreds today could prevent you from losing thousands tomorrow.
The damages thieves caused to the property itself can cost upwards of tens of thousands of dollars to repair.
I've had clients tell me this sort of thievery has become so lucrative that the thieves have taken to emulating legitimate contractors. They drive up in what appears to be a work van and wear uniforms. They even audaciously introduce themselves to the neighbors stating they were hired to work on the place. For the attentive neighbor who watches them with suspicion they immediately note that their manner for gaining entry is to bust open a window or door, as opposed to just using a key.
Make sure your insurance policy includes these 2 elements to your coverage:
1. Vandalism & Malicious Mischief (VMM) - When thieves bust through a door or window then strip the wire from the walls they do a lot of damage to the property. VMM is how you cover for the damage caused by such acts.
2. Theft/Business or Personal Property - Most companies that offer Vacant Insurance policies do not automatically cover for Theft like a standard Landlord Policy or Homeowner Policy. Why? Because what is more prone to theft? A property with someone living in it or one that is vacant (unattended)? Rhetorical. It's extremely important that you verify your Vacant Insurance has Theft coverage. Often times you will need to purchase insurance for Business/Personal Property and cover it with a Theft endorsement.
This is how you protect your investment while it's vacant from all the nefarious and expensive destruction that thieves wreak on your property. What might cost you hundreds today could prevent you from losing thousands tomorrow.
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