Vacant Home Insurance in Shoreview, MN
While owning an empty lot or vacant land might appear low risk, this assumption isn’t always accurate. Vacant land can carry various risks, including potential liabilities. Consequently, all landowners should assess whether the associated risk warrants the need for vacant land insurance.
Protecting a vacant property with insurance is essential to safeguard your investment against potential risks and liabilities. Vacant property insurance typically safeguards against a range of potential risks, including damage to the property caused by incidents such as fire, vandalism, theft and select natural disasters. This insurance may also include liability protection if someone is injured on the vacant property and initiates a lawsuit.
How Much Is Vacant Home Insurance?
The following are some factors that influence the rates and costs for vacant property insurance:
- Property location—Properties in high-crime areas or regions that frequently experience natural disasters may have higher insurance premiums.
- Property type—The type of property, such as a residential home, commercial building or industrial facility, will impact the cost of insurance because they have varying levels of risk.
- Property condition—Well-maintained properties may be considered less risky and receive lower premiums.
- Duration of vacancy—The longer a property is vacant, the higher the risk of damage or other issues.
- Security measures—Properties with security systems, alarms and regular inspections may have lower premiums.
- Coverage limits—Higher coverage limits will result in higher premiums.
- Deductible—Choosing a higher deductible can lower your premium but may increase your financial responsibility in the event of a claim.
- Local regulations—Some local regulations or ordinances may require additional coverage for vacant properties, which can increase costs.
- Previous claims history—If the property has a history of insurance claims or damage, it may be considered higher risk, resulting in higher premiums.
Contact Dean Olson Insurance Agency to discuss your vacant property insurance needs. We can provide a quote based on your specific circumstances.