Which of the following correctly defines "vacant" property?

The term "vacant" property is specifically defined as a property that has no occupants and no contents. This definition highlights that the property is entirely empty, lacking both people and any significant belongings inside. In insurance terms, this distinction is crucial, as it helps determine coverage options and the risk profile of a property.

Defining a property as "vacant" is essential for understanding insurance policies, especially when it comes to potential claims. For example, many insurance policies have specific clauses regarding vacant properties, as the risk of damage or loss can be different when a property is not being lived in or used.

Other options do not fit the strict definition of "vacant." A property with minimal furnishings still has contents, disqualifying it from being labeled as vacant. A property with current occupants certainly has people living in it, and thus cannot be considered vacant either. Lastly, a property used for storage typically implies that it may have items inside, meaning it is also not vacant. Therefore, the precise definition is crucial for accurate understanding in practical and policy contexts.