The SC Municipal Insurance and Risk Financing Fund insures vacant buildings for $10 per square foot because they are “high risk” in nature, and losses are more likely to occur than in occupied buildings. The buildings are targets for illegal activity such as vandalism. There is no one on site to call emergency services in the event of a fire, and in the event of a frozen or leaking pipe, no one is aware of it until significant damage has occurred.
Proactive steps can be taken to secure and protect vacant properties.
- Remove any combustible materials, such as debris or flammable liquids, from the property.
- Reduce the chance of electrical fires by disconnecting electrical systems.
- Regularly inspect smoke detectors, fire extinguishers and sprinkler systems to confirm they function properly.
- Schedule routine visits to identify potential issues such as water leaks, structural damage or signs of unauthorized entry.
- Maintain the landscaping, remove debris and make sure all windows and doors are locked.
- Invest in an alarm system that includes motion detectors, door sensors, window sensors and an audible alarm to deter trespassers.
- Install surveillance cameras in strategic locations, including entry points, common areas and vulnerable spots around the property.
- Encourage neighbors to report any suspicious activities, ensuring timely intervention.
For more information on insuring vacant buildings, contact Robert Collins, underwriting manager, at rcollins@masc.sc or 803.933.1279.