What term is used to describe property that is empty and not in use?

The term "vacancy" accurately describes property that is empty and not in use. In the context of insurance and real estate, vacancy refers to a building or dwelling that is uninhabited and not actively being utilized for its intended purpose. This can have significant implications for insurance coverage since many policies have specific terms regarding vacant properties. For instance, if a property is vacant for an extended period, insurers may limit or exclude certain types of coverage due to the increased risk of theft, vandalism, or deterioration.

Conversely, unoccupancy generally refers to properties that may still be owned but are not being occupied, without necessarily indicating that the property is completely empty in the same way as vacancy suggests. Abandonment, on the other hand, implies that the owner has relinquished all interest and control over the property, which is a more extreme status. Indemnity relates to compensation for loss or damage, which is a different concept entirely and does not pertain to the occupancy status of a property. Thus, vacancy is the appropriate term to designate a space that is completely empty and has no current occupants.