Vacant properties – don’t let the risks move in

With empty homes up 10% in five years and the proportion of high street retail premises left vacant hitting a one in seven all-time high, RiskSTOP’s David Reynolds reminds us of the key steps in managing unoccupied buildings.

Take a stroll through any town centre and you cannot help but notice the number of boarded-up shopfronts and empty buildings. These properties were once the hub of the high street, where you’d take the kids for their favourite pick-and-mix, or browse the shelves of the local bookshop. Now, many sit idle waiting for a new purpose, and presenting risk challenges.

In 2023, we saw a 19% increase in risk reports for vacant properties compared to the previous year. With many properties in transition, awareness of the risks associated with them and proactive management of these spaces is key.

So, what could go wrong?

Vacant properties are open to a multitude of threats, including vandalism, arson, theft and weather damage. The longer a building is empty, the more it attracts unwanted attention. Short-term vacancies require a balance of security to keep the property attractive to potential tenants, while long-term vacant properties need more robust measures to prevent unauthorised access and damage.

How can vacant properties risks be mitigated?

As with many risk areas, there is no one-size-fits-all solution for vacant properties. Some key steps to consider are:

• Housekeeping: The removal of combustible materials from within the property and around its external areas.

• Security: Customised security based on how long a property is expected to be vacant. Temporary intruder alarms and a presentable exterior may be enough for short-term vacancies; long-term properties may also need CCTV and boarding up accessible windows and doors.

• Regular Inspections: Regular inspections can prevent significant damage. By undertaking external and internal checks, property owners can identify and address issues quickly, reducing the risk of further deterioration or liability.

• Utility Isolation: Disconnecting utilities such as water, gas and non-essential electricity can prevent accidental damage like burst pipes or electrical fires. But you should maintain power for essential security systems like alarms and CCTV.

• Engaging Specialists: Employing vacant building companies can add an extra layer of security and expertise. They can clear, secure and inspect properties regularly to ensure they meet safety standards.

Quick assessment

One of the biggest challenges with vacant property risks is the time it takes to arrange a traditional site visit survey. During this time, properties remain exposed to risks.

To this end, we developed a new rapid risk management service as an alternative solution, which can significantly reduce these delays.

Using a combination of proprietary and third-party risk data, alongside expert human analysis, RRM allows for remote desktop assessments that can identify up to 95% of the risk improvements typically found through site surveys.

For specific risk areas, like vacant properties, this is a more efficient process, completing multiple assessments in the time it would take to do one site visit.

With vacant properties becoming more common across the UK, effective risk management is essential. Whether properties are vacant for the short or long term, they require a thoughtful approach to security, regular maintenance and risk mitigation to prevent accidental damage and deter criminal activity.

This article was originally posted on Insurance Post in partnership with RiskSTOP.