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Having an empty building or a building under construction presents unique concerns. It can be a vandalism magnet or can be an avenue for a disaster. Empty buildings are more likely to be affected by wind, fire, or lightning. Getting a standard homeowner’s or commercial insurance policy is not enough as you are not covered if the building is vacant.
However, there are two types of insurance you can get from McCormick Insurance in Pembroke Pines, FL.
Vacant dwelling policy
The coverage insures your home if it is vacant for a period. The coverage usually lasts for about 60 days. You can get the policy if you recently bought a home and had not moved in or moved to a new home and you need the policy to protect your home until it sells. You can also get the coverage if you have a rental building that has no tenants.
Builders risk policy
Builders risk policy insures building if it is under construction. The coverage extends to the building, and can also include materials that are used at the job site or in constructing the building.
Getting the policy is important since it ensures your property is secured. A leak in an unoccupied building can escalate to become a flood. Getting the insurance policy will ensure that the building is safe and that you are protected in case there is a flood. You can also get flood insurance that will provide additional coverage for the building and the contents.
If you have questions or want to get more information on builders and vacant risk insurance, visit our offices or contact us. McCormick Insurance agents provide coverage to clients in Pembroke Pines, FL. The agents have experience in property insurance and will advise you on the best policy that will suit your property.