Rising Copper Prices and Theft Risk: How Property Owners Can Protect Themselves

Copper prices have risen sharply, and unfortunately copper-pipe theft tends to increase when the scrap value of copper climbs. For homeowners, landlords, seasonal residents, and commercial building owners, the real cost of a theft can be far greater than the value of the metal that is taken.

A Few Dollars of Copper Can Cause Thousands in Damage

In the example discussed in our video, copper pipe was stolen from an apartment building. The loss caused approximately $17,000 in damage and displaced residents for a period of time—even though the stolen section of pipe itself may have been worth only a few dollars as scrap.

The pipe is only part of the loss. When a water line is cut and the property is unattended, water may continue to run. That can damage walls, floors, ceilings, electrical systems, equipment, and tenants’ spaces. A commercial building may also face lost rental income or business disruption while repairs are made.

Properties That May Face Greater Risk

Any property can be targeted, but thieves may pay particular attention to buildings that appear unoccupied. That can include:

• Vacant homes and commercial buildings
• Rental properties between tenants
• Seasonal homes when the owners are away
• Buildings under renovation
• Properties with exposed outdoor mechanical equipment or easy access to utility areas

Practical Ways to Reduce Copper-Theft Risk

Property owners can reduce the opportunity for theft with a few sensible precautions:

1. Make the property look occupied. Use lighting timers, collect mail, maintain landscaping, and avoid obvious signs that no one is present.
2. Arrange regular check-ins. Ask a trusted person or property manager to inspect the building when you are away.
3. Install visible cameras. Cameras can deter theft and may provide useful evidence if an incident occurs.
4. Consider a monitored security system. Door, motion, and water sensors can help identify trouble quickly.
5. Control access. Secure mechanical rooms, basements, utility areas, and exterior equipment.
6. Document the property. Keep current photos, equipment records, and receipts in a secure location.

Review Your Insurance Before a Loss

Insurance coverage depends on the policy, carrier, occupancy, and circumstances of the loss. Vacant or seasonally occupied properties may have different requirements or limitations than an owner-occupied home or a fully operating commercial building. Property owners should tell their insurance agent when a building’s occupancy or use changes and review coverage before an extended absence or vacancy.

Prevention cannot eliminate every risk, but planning ahead can reduce both the likelihood and the severity of a loss. If you own a home, rental property, seasonal residence, vacant building, or commercial property, VanScoter Insurance Agency can help you review your protection and discuss the questions to ask.

Call us at (585) 663-2004 to schedule a review.

Coverage varies by policy, carrier, property use, and loss circumstances. This article provides general information and is not a coverage determination.