VACANT PROPERTIES
Vacant Properties
Vacant Insurance Policies cover properties that are not going to be occupied for more than 30 days.
(Normally Form 1 and would not cover vandalism and theft unless endorsed on)
Types of Forms Used for Loss Settlement
Basic Form
This policy would cover named perils only. (Fire, Lightning, Windstorm, Hail, Explosion, Riot, Aircraft, Vehicle, Smoke if sudden and accidental)
Also paid on an actual cash value basis.
Loss Settlement Options
AVC
This is actual cash value or agreed value policy. This is settled on a replacement cost less depreciation, with a stop loss at the agreed value.