Vacant Property Insurance

Insurance Center of North Jersey understands the needs of New Jersey property owners all too well – as well as the potential limitations of insurance coverage available to them in certain situations.

Standard property insurance often excludes or substantially limits coverage to properties that have been 70 percent or more vacant for more than 60 days. Buying vacant property insurance can help extend that coverage and to minimize your risks.

What Unique Risks Do Vacant Properties Face?

Unoccupied property insurance covers many of the same things traditional property insurance coverage protects. The difference is that there is a greater risk of certain events taking place in property that is vacant than the property would experience if there were people onsite more frequently.

These risks include things like:

  • Water damage
  • Vandalism
  • Theft (especially of copper wiring and pipes)
  • Frozen pipes
  • Fires
  • Arson
  • Broken glass
  • Sinkholes
  • Lightning
  • Hail Damage
  • Vehicle Damage

There are the potential liability issues associated with vacant properties that must be addressed as well. It is definitely in your best interest as a property owner to pay the additional rates for coverage of your vacant property.

The big problem is that many property owners are unaware they even need this valuable coverage or that their own insurance coverage will be ineffective for specific perils (vandalism, water damage, and fire, for instance) once the building has been vacant for 60 days.

How Can You Protect Your Vacant Property?

The first step is to get the right kind of vacant property or vacant home insurance to cover your needs. We can offer a quote that covers the vacant property addition to your standard commercial or home insurance policy at a reasonable cost. There are other steps you can take to limit your liability and exposure to risk.

These steps include things like adding monitored alarms to your building, hiring onsite security (especially wise for larger commercial properties), turning off water and gas service while the property is vacant, and making an effort to prevent commercial properties from approaching the critical 70 percent vacancy mark.

What Kinds of Coverage Do Vacant Properties Need?

While property insurance is important for covering the structure of your property, vacant properties also need a fair amount of general liability insurance coverage, as well as umbrella insurance coverage to offer additional liability protection for those who trespass on your business property. Then there are specific perils that can be covered by a vacant property policy – making this policy a necessity for your vacant building.

We can help you make sure your property has the right insurance coverage for your vacancies and other situations as long as you keep us informed of what is going on. Doing nothing or failing to mention your status to your insurance agents can leave you vulnerable to catastrophic losses if your property is damaged or someone is injured on an unoccupied property you own.

How Can Insurance Center of North Jersey Help?

We have more than 80 years of experience representing the homes and businesses (and their owners) throughout New Jersey. We take great pride in offering quality insurance products at a cost the average home or business property owner can afford.

We consider ourselves to be your intelligent insurance alternative in today’s crowded insurance industry. The fact that we have developed a wide range of contacts in the insurance industry means that we can find the perfect policy to cater to your unique home or property vacancy coverage needs.

Call Insurance Center of North Jersey today at 201-525-1100 or email info@icnj.com for a free rate quote and to discuss your needs when it comes to vacant property insurance coverage.