There would be times that your clients need to leave their property behind for some reason. These reasons may include home selling, renovating, repairing, and being hospitalized. If your clients are renting their properties to others, off-season would be the biggest reason for the vacancy. Property is exposed to risks when it is vacant. Thus, your client should make sure to protect it at all costs. First, they should understand the different risks of a vacant dwelling for extended periods.
3 Common Risks
Your client’s properties are at risk most of the time. Here are three of the most common risks.
Property Theft
Thieves will steal anything valuable inside a vacant property. Even if they don’t find furniture or equipment, they could still copper piping or other fixtures within the building.
The likelihood of theft is higher in vacant properties. Why? Because thieves are least likely to get caught and they know this. To solve these issues, never leave valuable items in the rental property.
Property Damage
Vandalism, broken windows due to breaking in, among others are examples of property damages. When vandals know a property is vacant, they find ways to inflict damage on your client’s properties.
These damages could diminish the value of the property or require your client to repair the property. This will cost your client money.
Property Trespassers
The common trespassers on vacant properties are homeless people. These people take advantage of this vacancy as an opportunity to squat on the rental property of your client.
When trespassers or squatters stay on the property for a long period, trash and accelerated wear-and-tear are the results. Your client will need more money to repair and clean the vacant property.
Ways to Protect Vacant Rental Property
Preventions are better than a repair. Repairs are expensive because they make your client’s property unlivable for a moment.
Secure Property with Surveillance Systems
Security camera systems, alarms, good lighting, and patrol guards are some ways to secure your client’s property.
Security camera systems (or CCTV) will help your client in monitoring a vacant rental property. Through recorded footage, your client can review activities within the rental property. Moreover, the cameras alone are deterrents to intruders.
An alarm system can alert the police and nearby communities about possible intrusion in your client’s rental property. Your client can improve the detection mode of this system by installing motion-sensor lighting.
Patrol guards are also essential. These guards can visit the property regularly and is often a contract between your client and a security company.
Notify a Trusted Individual About the Vacancy
Aside from a security company, your client should inform a trusted individual to monitor the property. This individual could be a neighbor, a property manager, or a friend.
They should look out for suspicious activities, power usage spikes, intruders, among other things. This person must be keen on observation and details.
Properly Maintain the Vacant Property
Maintenance is still important even if your client’s property is not in use for months. These maintenance tasks could include:
- Removing of ice dams and snow during winter
- Keeping the temperature inside the vacant dwelling place
- Checking sump pumps to keep them in top working condition.
- Ensuring that the sprinkler system is working
- Cleaning gutters and roofs
Maintenance reduces the risks of damage and protects your clients from unexpected accidents. It slows down wear and tear on the property.
Insure Your Client’s Vacant Property
Vacant home insurance is specifically designed for clients who have residential and rental properties that could be unoccupied for a long time. The insurance covers theft, fire, vandalism, explosions, and lightning.
Rental Property Insurance New York has flexible terms, lasting up to 12 months. The covered property also depends on the number being insured. Your clients must understand inclusions and exclusions from the policy.
Also, this policy requires several requirements. Your client must fulfill these before they could get insurance. Other considerations may include the period of vacancy.
Vacant rental properties are always at risk because no one is monitoring them daily. There are measures to prevent these risks from ruining your client’s chances to earn more. One of these is insurance. With insurance, they are protected from costly repairs and litigation.
About Snyder Specialty
Snyder Specialty, LLC is a New York-based underwriting facility that provides a range of property and liability solutions for personal and commercial lines. Specializing in coastal properties and hard-to-place risks, Snyder Specialty expands your current capabilities with proven solutions for complex risks. Find out more about the company’s range of services by calling (718) 362-8039.
