Securing Your Empty Commercial Property
4 November 2024, by Verity Editor
Generally, a vacant property is one that remains unoccupied, unused for its intended purpose, and has had its contents and furnishings removed, often for over 30 days. However, this definition can vary depending on local authority and insurer guidelines.
Both residential and commercial properties can become vacant for various reasons, such as:
- Between sales or leasing periods
- During significant renovation or refurbishment
- Awaiting occupancy as new builds
- Being abandoned or no longer in use
The Importance of Securing Vacant Properties
Vacant properties face increased risks, including:
- Vandalism
- Arson
- Anti-social behaviour
- Burglary and theft
- Squatting
- Trespassing
- Environmental damage
- Illegal dumping
- Metal theft
These risks can lead to serious consequences, from strained neighbour relations to damaged reputations for property owners. Local councils and emergency services may also require enhanced security if the property becomes a nuisance, with enforcement actions or fines as potential penalties for non-compliance.
Legal and Insurance Considerations for Vacant Properties
Given the increased risks, vacant properties often come with specific legal and insurance requirements, including potential limitations on claims. Insurers may require specific security measures to maintain coverage, and failing to comply can result in increased premiums or denial of claims due to incidents.
It’s essential for property owners to understand these requirements and consider insurance tailored to vacant properties to mitigate risks effectively.
Who’s Responsible for Insuring Commercial Properties?
In most commercial leases, the landlord is responsible for insuring the building, while tenants insure the contents. If a tenant plans to vacate a property, they should inform the landlord, as this could necessitate changes to the landlord’s coverage.
Typically, commercial property insurance covers vacancy for up to 30 days, but if the property remains empty beyond this, the landlord may need a specialised policy with additional security stipulations.
How Can I Protect My Vacant Property?
If you need help with anything FM-related then Verity are here to help. We’ve just launched our new FM division focused on handling all the day-to-day needs of managing commercial properties, making sure that they run like clockwork.
Been using Verity for many years now and we are used to efficient and helpful service from all of the account managers we’ve dealt with. Highly recommend their services.
Danila Possokhov
