Thieves recently stole $500,000 of copper from a vacant building, with resulting building damage estimates exceeding $3 million. Vacant properties are increasingly vulnerable to copper theft as the metal’s value has skyrocketed. Subsequent property damage can often far exceed the value of the stolen copper.
In addition to theft, vandalism and water damage also pose risks to unoccupied buildings. Pipes bursting or water intrusion from storms often results in costly damage due to the infrequent monitoring of vacant buildings.
Vacant Property Coverage is designed to protect against financial losses relating to your clients’ valuable property investments during periods of short-term or long-term vacancy. Speak to your clients about the occupancy status of their investment properties in hopes of saving them from claim denial and out-of-pocket costs in the event of a loss.
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