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The Vacant and Unoccupied Trap

By August 19, 2015October 6th, 2020Insurance

Vacant HomeIt’s no secret that there’s a lot of property in Oklahoma. Up until a few years ago, Oklahoma City was the largest city in the entire nation in terms of land mass. Usually when you hear the term property, people are quick to think of buildings and structures, but in insurance, property even can mean that fenced in land we drive past everyday on our way to work. With so much farm land, and open property in this state, the right insurance written the right way is crucial in order to protect yourself when it comes to land that may be vacant or unoccupied.

Insurance’s purpose is to provide protection. That being said, how do you protect something that is rarely checked on or never checked on at all? Like any good insurance policy, liability is the key. In order for your agent to be able to write your policy correctly, it’s important to know the details on how you take care of the land. Unoccupied means that normal activities are suspended, but your personal property may not have been removed. Vacant means empty. Properties that are vacant or even unoccupied will present a higher chance of loss than a property that’s in use. Miscreants can use vacant buildings for a temporary home, fires can occur with no one to sound the alarm. Even if someone trespasses on your land and injures themselves, you can still be held liable. Insurance companies are more than willing to insurance these properties, they just want to know that’s what they’re doing so.

Insurance is a tricky thing, that’s why it’s so important for things to be written correctly, especially in the case of these sorts of properties. Provisions are often written into property policies that may eliminate or reduce coverage for a building that becomes vacant or unoccupied. These provisions usually will kick into place after so many days, usually 60 days is the most common practice. If your property becomes vacant or unoccupied in the middle of your policy period it’s ok! Changes are easy to make to policies and you can endorse it to provide the coverage needed at that specific time.

If you have questions regarding your insurance, ECI is always here.
Contact us for a Oklahoma City property insurance quote at 405-373-2977.