Hi everyone,
I recently came across an intriguing article from DUO Insurance discussing the insurance of vacant investment properties. It was enlightening to learn why insurers handle these properties differently.
As Property Managers, we often engage with our owners about safeguarding their investments, whether through renovations or appropriate insurance coverage. This article outlines the necessary steps for owners if their investment property becomes vacant, as well as important considerations they should keep in mind.
The article explains the rationale behind insurers’ differing treatment of vacant properties and details the actions clients may need to take if their property becomes unoccupied. While investment properties with landlord insurance offer more protection, there are some caveats to consider. It’s crucial to verify if your policy includes an Unoccupied excess, and whether it is higher than your standard excess.
Being aware of these issues is vital for investment property owners. Personally, it has heightened my awareness in case an owner inquires about the protection of their property while it is vacant. As we all know, having insurance greatly enhances a property’s protection, so my first question would be: do you have landlord insurance?
What are your thoughts?
If you’re interested in reading the entire article, you can find it here: Can You Get Landlord Insurance for a Vacant Property?