Reprinted from NEXT City

Next City is hosting a live blog of the 2013 Reclaiming Vacant Properties conference, now ongoing in Philadelphia.

With some 40,000 vacant lots, Philadelphia is no stranger to issues linked to urban land vacancy. But the city is also familiar with strategies that can not only improve individual lots, but also reduce crime and improve quality of life.

Today, 8,500 public and privately owned vacant parcels are cleaned, greened and maintained through the Philadelphia Land Care Program, a collaborative effort spearheaded by the city and the Pennsylvania Horticultural Society (PHS). Since the program began in 1999, it has demonstrated that the cleaning-and-greening approach has an impact beyond stabilizing the neighborhood. It has also been shown to reduce gun violence, vandalism, stress and inactivity.

To see the full article, click here.

Being responsible for a vacant property includes insurance risks and liabilities. Every vacant property owner should know the potential risks that come along with it.

 Potential Risks

Vacant buildings are targets for theft, trespassing and vandalism. It is important to keep in mind that owners can be held liable for any criminal activities that may have damaged the property.

Criminal activities can happen night or day and they can be at a rather costly to the property owner. For example, the cost of copper rises as the increase in copper theft continues to occur. Other criminal activities may also include graffiti and/or broken windows, which require a cost to clean and fix the area.

Whether the damage is big or small, vacant properties are vulnerable when it comes to damages such as fire, water damage, electrical explosions, wind or hail damage and mold. A study by the National Fire Protection Association shows that approximately 31,000 fires occur every year in vacant buildings, costing $642 million annually in direct property damage. No matter what, do not let one issue go unnoticed.

Potential environmental hazards are another thing that owners should be aware of. If your facility contains chemicals or other pollutants that may act as a potential threat to the environment, make sure they’re securely stored or removed from the area. The owner may also be held liable for any hazardous materials that contaminate groundwater or other nearby natural resources.

Commercial Asset Preservation, LLC. wants to make sure you’re making the right decisions for your vacant property. We offer efficient means of protecting your investment in a cost-effective manner. We’ll take necessary cost saving actions to preserve and protect the asset. Visit our website for more information