extra cost of vacant property

[Brandon McCombs]

Hello,

I'm having to pay extra and go through a surplus line for property coverage right now because I had a claim in June 2015 due to a fire and now the building is still vacant (renovations I hope will begin in a couple months, pending appraisal results). For $1M coverage I'm having to pay about $8k a year. I was told that this will go down once the multi-unit building is considered occupied. I believe my agent told me it would need to be at least 50% occupied for it to be re-classified. When I asked how much should I expect it to be reduced he didn't give me a number, percentage or dollar amount. So I thought I'd come on here to ask the same of anyone who has had experience with this, from either side of the situation. I'm hoping at least 30% decrease will occur. How realistic is that? And I know insurance rates differ and depend on a lot of things so even a ballpark or a range would be sufficient for me at this point.

thanks