VBI encourages vacant building insurance to defray costs from fire, theft, vandalism and weather
Chicago, IL -- (SBWIRE) -- 10/24/2014 -- According to recent industry study conducted by Liberty Mutual Property regarding vacant or idle buildings, fire is the most prominent danger, accounting for the most frequent and highest amount of loss. Over 66% of these fires were considered suspicious and an accounted for 75% of losses by dollar account. According to Sofia Rodriguez, spokesperson fro VacantBuildingInsurance.org, all vacant and idle buildings should be secured, preventing unauthorized access and, of course, there should be adequate vacant building insurance policies in place to cover any misfortune that may fall upon the building.
Says Rodriguez, "While fire is one of most costly dangers to occur to an unmanned property, theft and vandalism are most definitely the most common. If something is stolen, whether it’s the property’s copper piping, installed items like appliances, heaters or personal effects then it can be endorsed as theft and burglary. So what happens if somebody breaks into your building or home but is unable to steal anything? Then, this is when it can be covered as vandalism. This is when a thief breaks in and breaks the door, cabinet or anything in the property, but did not take anything with him."
Theft and vandalism accounts for approximately 27% of losses in the Liberty Mutual Property study, with more frequent losses due to inadequate security. Of those thefts reported, almost 70% reported involved theft of copper, electrical or plumbing materials. Rodriguez goes on to say, "Too many people think they don't need vacant building insurance for their unoccupied property.However, the fact is a property is at much greater risk than if it were occupied because it becomes target for squatters, vandals, thieves and a lot more. To help reduce risk, installing security cameras, lights and security alarms will help. But the best way is to get the right policy for your property in that way, you get to always feel at peace."
Rodriguez also reiterates that an unoccupied building is not necessarily an empty building. " It is also important for property owners to realize the insurance definition of what is a vacant property and the dictionary definition are different. Most, if not all insurance companies classify a building that is less than 30% occupied as being vacant. If you have a claim, your current carrier may deny it if they determine the building was less than 30% occupied. So, be sure to have your policy checked frequently." She goes on to say, "If you own a vacant property you must make sure you have the proper coverage to protect against property loss and personal injury of people on your property. Ultimately if you have the wrong coverage it very well may come back and haunt you."
To this end, Vacant Building Insurance is proud to announce they now offer a new platform to shop multiple insurance companies for their clients. Rodriguez confirms, saying, "We now can quote over five different companies in a matter of less than 30 minutes to get the best rate for our customers. Whether it be a vacant building, vacant home, or vacant warehouse, we shop multiple insurance carriers to find our clients the right product."
Vacant Building Insurance (VBI)’s agents have up to 20 years experience writing vacant building insurance. Their goal is to earn a customer for life by gaining their customer's trust and confidence and ultimately insuring the building once it's occupied. The company represents a number of carriers that between them represent over 95% of the vacant buildings in America. VBI offers almost every vacant building program in the industry and can can shop for their customers in one stop.