You may recognize this still-vacant home that sits alongside its twin on Hill Street at the boundary line between Long Beach and Signal Hill. On a Thursday afternoon in September 2012, a smoldering fire that was quickly extinguished caused over $100,000 of damage to this structure. At the time of the fire, the home had been vacant for about 8 years. But that was not the first loss these homes have suffered. In a matter of months after the homes became vacant, thieves stripped them of their copper wires.
The high cost to insure vacant homes has to do simply with the increased risk of loss to which vacant homes are exposed. And not only do the owners of vacant properties have a higher risk of property loss, but these owners also have a higher risk of liability loss.
If you’d like to learn more about insurance considerations with regard to vacant homes with case studies and examples, please contact us and we’d be happy to provide you with more detailed information.