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Vacant Property Insurance
Owning a vacant building can pose serious liabilities for property owners, if they are not careful. This is due to the fact that vacant buildings have a greater chance of falling victim to vandalism, undetected repairs, fire etc. If you own vacant property, it is strongly recommended that you purchase Vacant Property Insurance, also known as Vacant Building Insurance or Vacant Dwelling Insurance to protect against risks.
Vacant properties present the following risks to their owners:
- Fire
- Lightning damage
- Explosion
- Windstorm or hail damage
- Smoke
- Riot or civil commotion damage
- Sprinkler leakage
- Sinkhole collapse
- Vandalism (no one is present to deter vandals)
- Malicious mischief on the property and general property destruction
- Presence of squatters on the property causing damage without owner knowledge
Insurance Solutions
Vacant Property Insurance can provide protection in the event that your building goes unoccupied for as little as four days (under certain policies). It may also be required if the previous owner dies and the property goes to an estate sale. If the property is in the process of being sold or if it is under construction and is uninhabitable, this insurance coverage may also be a viable option. Vacant Property Insurance also protects against liabilities in the event that someone gets injured on your property and sues for damages.
In addition to purchasing coverage, it is wise to do the following to a vacant building:
- Regularly inspect the building for damage or threats of damage.
- Seal off windows and letter boxes.
- Install alarm systems that are triggered by intruders, fires or floods.
Cost
A typical Vacant Property Insurance policy is one and a half to three times the cost of a Property Insurance policy due to the increased risks of owning an uninhabited building.
If your occupied property becomes vacant, it is pertinent that you notify Eastern Michigan Agencies so we are apprised of your increased risks. If you do not give us adequate notice and you suffer a loss, coverage may be denied.
We understand that unfavorable incidents can occur. Vacant Property Insurance can provide necessary protection to thwart against risks. Contact us today for more details. |
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 The Top 4 Construction Hazards
Preventing accidents from these hazards is easier than you think with knowledge on your side. Here are some safety tips to keep you injury-free from dawn until dusk:
Preventing Falls
- Wear and use fall arrest equipment.
- Install and maintain perimeter protection.
- Cover and secure all floor openings and label floor opening covers.
- Use ladders and scaffolds safely.
Preventing Struck-Bys
- Never position yourself between moving and fixed objects.
- Wear high-visibility clothes near equipment and vehicles so that others can see you clearly.
Preventing Caught-In/Between
- Never enter an unprotected trench or excavation that is five feet of deeper without an adequate protective system in place (NOTE: some trenches that are less than five feet may need a similar system as well).
- Make sure that a trench or excavation is protected either by sloping, shoring, benching or a trench shield systems.
Preventing Electrocutions
- Locate and identify utilities before starting work for the day.
- Look for overhead power lines when operating any equipment.
- Maintain a safe distance away from power lines and learn your areas' distance requirements.
- Do not operate portable electric tools unless they are ground or double-insulated.
- Use ground-fault circuit interrupters for protection.
- Be alert to electrical hazards when working with ladders, scaffold or other platforms.
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The State of New York Mandates
If you have employees working or living in the state, you must carry a Workers Compensation Policy and Disability Policy for the State of New York.
Please contact our office today for a quote and visit the New York website for additional information: www.nysif.com
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Call us today to review all of your insurance and financial needs:
(586) 778-9900
Eastern Michigan
Agencies Inc
24220 Jefferson Ave
St Clair Shores MI 48080
586-778-9900
Fax 586-778-9915 |
Remember, We Are Always Looking for Referrals!
We will send you a small Thank You gift for each referral we receive.
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