Local broker advice as more shops in Sheffield face closure

25th March 2013

Sheffield broker IFM Insurance is today urging property owners and landlords to take action to protect their properties, which remain empty.

This follows latest findings from the Royal Institute of Chartered Surveyors that showed a seven per cent drop in businesses looking to rent premises in the last three months of 2012. According to the British Retail Consortium last year, 26.1 per cent of shops in Sheffield were vacant, the sixth worst figure in Britain and a three per cent rise on the previous year. Every year it is estimated that millions of pounds worth of damage is caused as a result of fire and vandalism to commercial properties, which remain empty. What's more the current economic climate may encourage owners of unoccupied buildings to consider not insuring their property, which immediately puts them at risk to fire, theft and malicious damage. David Biggs, Managing Director of IFM Insurance said, -It is a false economy not to insure an empty property particularly in the current economic climate when vandalism and even squatting are more likely. So property owners and landlords in Sheffield should inform their insurance company once their property becomes vacant. Failure to do so can put at risk any claim against the vacant building being turned down. It's also easy to forget that most policies have a limit to the amount of time a property can be left vacant.