Vacant Land Insurance
Land insurance is a form of property coverage that will cover a claim of bodily injury or property damage if someone has an accident on your property and you are found to be at fault. If someone files a lawsuit against you, it will also help to cover your legal fees. While it cannot cover any damage that happens to your land, it will protect you financially if others are ever on your property. To decide whether this type of insurance is important for you, consider your risks and talk with a knowledgeable agent.
The easiest way to add land insurance is through your homeowner’s policy. If you own a home, you can typically extend your liability coverage to include your vacant land. If you have an umbrella liability policy, be sure to add your vacant land to that policy as well, and update your liability if needed.
If you don’t have a homeowner’s policy, you can purchase a separate vacant land insurance policy through an independent insurer. There is typically no deductible on these policies and the premiums are affordable. Plus, you’ll have the peace of mind that no matter what happens on your land, your assets are covered.
What Vacant Land Insurance Does Not Cover
If you have any kind of structure on your land, even if it is temporary, your land is no longer "vacant" and will not be covered by vacant land insurance. If you decide to start constructing a building on your formerly vacant land, the land insurance will be void for that structure. You will need to purchase additional property insurance to cover any outbuildings or dwellings.
Even if you have an old dilapidated structure on your property that has been empty for many years, your land is not considered vacant property. And if someone is injured inside an abandoned building on your property, your land insurance liability will not cover it. Ask your insurance agent how to protect yourself against claims that are related to abandoned buildings.
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