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.
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