Increase in number of insurers providing quotes will make it even easer for users to get good prices on vacant building insurance, reports VacantBuildingInsurance.org
Chicago, IL -- (SBWIRE) -- 10/24/2014 -- Today, VacantBuildingInsurance.com (VBI) announced the expansion of its vacant building insurance quote service. This service now provides quotes for this unique form of insurance from over five companies.
"This type of insurance is often used to cover commercial buildings that are between tenants or that have fallen out of use for other reasons. Even so, vacant buillding insurance isn't just for commercial structures. It can also be used to cover vacant houses, empty apartment units, and other such places. All of these structures pose unique risks to owners that occupied buildings do not. Vacant building insurance exists to cover against those risks," explained Sofia Rodriguez of VacantBuildingInsurance.org.
According to VBI's site, there are several unique factors surrounding vacant buildings. One is the definition of "vacant." While most people think a structure has to be totally unoccupied to earn this title, insurance companies have a different definition. To them, a building is vacant if it is less than 30 percent occupied. Most insurance companies will not insure such structures.
The risk profile of an empty or almost-empty building is quite a bit different from that of one that's fully or almost-fully occupied. Vandalism risk goes up, as does the chance of other criminal activity taking place there. Squatters are another threat. Other risks, such as fire, are worse at vacant buildings because there isn't anyone there to spot the emerging catastrophe before it's raging away. Even in lightly-occupied buildings, risks like this increase because there is so much space that isn't being actively monitored. Vacant buildings also suffer from storm damage and the overall ravages of time, and enough damage can accumulate to make them more hazardous. Because of these factors, most regular insurance companies want nothing to do with these structures. Getting them insured requires dealing with specialized insurers who are equipped to take on their unique risks.
"Finding companies that offer vacant building insurance is often the hardest part of the process of obtaining it," Rodriguez noted. "Other than that, getting this insurance is much like getting any other. It starts with obtaining quotes from a variety of competing companies. Our site makes both of these steps easy. Those seeking insurance only need to fill out a three-part form. The form asks about the building and any construction going on, so insurers can prepare a meaningful quote before they call. Just like with other insurance types, it makes things much easier to have company reps call the prospect instead of the other way around."
VacantBuildingInsurance.org is an insurance quote site dedicated to helping people get quotes from providers of vacant building insurance. Its short, three-part form makes it easy to get meaningful quotes from these providers. The site also offers information about the special risks posed to vacant buildings, insurance company terminology, and related facts.