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AUTOMOBILE   HOMEOWNERS   BUSINESS   TOWING   FARM

As I travel the state of Arkansas weekly, I notice many vacant property structures in small towns and wonder if they are insured properly.
Failure to change from occupied to vacant can result in issues for policyholders in the event of a claim.  Basically, a standard CP 00 10 form removes
coverage for sprinkler leakage, glass breakage, or theft if the building has been vacant for more than 60 consecutive days.  This can be bought back with using the
"vacancy permit" apart from causes of loss marked with an "X" as excepted causes of loss.  

Another question often arises as to how to value the building as owners often want "market value" approach to dictate the value.  This can result in coinsurance penalties on partial losses.
Other options to consider are:  "Actual Cash Value" or "Functional Replacement Cost" to avoid this mistake.

A builder's risk policy if typically appropriate when work is being performed to improve the property. This provides coverage for existing structure along with value of improvements as progress is made.

Also, don't forget that raw vacant land should also be insured for liability for slips and falls that could occur.

Call one of our local offices in Marianna, Forrest City, Stuttgart, Greenbrier, Conway, or Little Rock for a fast turnaround on vacant property insurance quotes.

Our team members stand ready to service your needs! 
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