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Away 4 Days? Get Unoccupied Property Insurance

Unoccupied Property Insurance

Away For 4 Days? Get Unoccupied Property Insurance.

As your business needs evolve, so may your property requirements. If your company is moving operations between cities, one or more of your locations may be unoccupied for a short or extended period of time.

According to the International Risk Management Institute (IRMI), “A vacant building contains little or no furniture or other personal property. Even if it is not vacant, a building is unoccupied when people are absent.”1

Unoccupied property can pose a serious risk to your bottom line because vacant properties are more susceptible to vandalism, undetected repairs, fire and other losses. Your existing commercial property insurance may exclude coverage because of the vacancy. Vacant or unoccupied property insurance coverage is designed to fill this gap and cover common risks for unoccupied property such as:

  • Vandalism
  • Malicious mischief on the property and general property destruction
  • Presence of squatters on the property causing damage without owner’s knowledge
  • Fire
  • Lightning, windstorm or hail damage
  • Explosion
  • Sprinkler leakage
How Unoccupied Property Insurance Helps

Under certain policies, vacant or unoccupied property insurance coverage can provide protection if your building goes unoccupied for as few as four days. It also protects against liabilities in the event someone is injured on your property and sues for damages. It may also be a viable option if your business is in the process of selling the property, filing for bankruptcy or if the property is under construction and/or not suitable for a use.

In addition to vacant property coverage, you can:

  • Seal off windows, doors and remove valuable inventory and/or goods
  • Install alarm systems that are triggered by intruders, fires or floods
  • Hire a contractor to erect temporary fencing
  • Regularly inspect your unoccupied for damage or threats of damage and/or hire third party security to monitor or regularly physically visit and inspect the building.

Due to the increased risks associated with owning an unoccupied or vacant building, a typical vacant property policy is one and a half to three times the cost of regular property insurance coverage. While unfavourable incidents may occur, vacant or unoccupied property insurance coverage can offer necessary protection for your assets.


To learn more about
vacant or unoccupied property insurance and other ALIGNED products and services that can protect your business, contact an ALIGNED Insurance Advocate today.

1 IRMI

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