The Commercial Real Estate Market
Businesses like retail stores, restaurants, hospitality locations and offices have either closed or moved to a home-based model, leaving a sea of vacant commercial spaces. U.S. vacancy rates grew to 20% in the second quarter of 2020, and, in the office sector, to an average of 15%. A quick rise in vacancies of this magnitude will no doubt leave a bruise on the commercial real estate sector for some time to come. Many professionals in the sector do not foresee the industry bouncing back until 2022.
Risks for Vacant Properties
Vacant buildings present challenges for their owners, whether it be fire, bursting pipes, windstorms or even vandals. This raises the question: How do we make sure these vacant buildings are protected?
CID's Vacant Building product can provide property owners with the coverage they need to protect their vacant property assets. For these accounts, we can provide liability coverage on buildings up to 500,000 square feet and property coverage up to $5 million in total insured value per location. We have no restrictions on the length of vacancy and can include business personal property coverage, if needed. We can also provide theft of copper coverage on buildings less than 25 years old with our Special Coverage Form.
If you have any questions, our Vacant Building and Vacant Land applications are great tools to learn what our underwriter is looking for when working these risks. You can also email Teresa directly: Teresa@cidinsurance.com.
Are You Trying to Write More Vacant Policies?
We've designed a marketing flyer just for you. It is customizable, meaning you can add your insurance agency information on the bottom, make it your own and promote your business.
Download the Vacant Land & Building Marketing Flyer and start to get more policies on the book today!
Here are a few ideas for how to use the insurance marketing flyer:
- Post on Social Media (LinkedIn, Facebook, etc.)
- Include in your Proposal Presentations
- Send them with your Renewals
- Post it on bulletin boards around town
- Drop it off at retail stores in your area
In addition to the flyer designed to educate your insureds, we also put together a video designed to educate you on Vacant Building, Builder's Risk and Owner's Protective coverages. Watch that video here.
When you are ready to start quoting, send completed applications to email@example.com.