What is the difference between vacancy and unoccupancy?
Vacancy refers to an insured structure in which no people have been living or working and no property has been stored for the specified period of time. Unoccupancy refers to an insured structure in which no people have been living or working within the required period of time, but some property is stored.
Vacancy refers to a situation where a property or space is intentionally made available for rent, but there is no current tenant occupying it. Essentially, it is a state of being unoccupied but specifically with the intent of being rented out.
On the other hand, unoccupancy typically refers to a property or space that is not currently being lived in or used, regardless of whether or not it is available for rent. This could be due to a number of reasons, such as renovations, a property being in between tenants or being left unoccupied by the owner.
In summary, the main difference between vacancy and unoccupancy is that vacancy implies a property is available for rent and intended to be rented out, while unoccupancy simply means that the space is not currently being used, regardless of its rental status.
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