Do You Need Insurance On Just Land
However the rule of common sense should prevail.
Do you need insurance on just land. If you have a house and carry homeowners insurance you might already be covered. Just imagine all the expenses you ll have to cover when you start your own family especially when the kids starts going to school. If you decide to start constructing a building on your formerly vacant land the land insurance will be void for that structure. If it isn t it won t be covered under your homeowner s policy unless you specifically add it.
If you also plan to get married and have kids someday then you d also need an insurance. Landowners liability insurance covers your legal liability towards members of the public following an accident or incident whilst on the insured s land. However regardless of the laws it is still a wise idea to purchase coverage because in the event that a legal claim is filed against you your insurance policy will provide you with the financial protection you need. In fact your current policy may already cover vacant land in the liability provisions but you need to read your policy carefully and consult with an agent to verify that current inclusions will be enough to keep you financially safe.
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. Most standard homeowners policies include coverage for vacant land under the liability section of the policy. It can still be expensive to fight. However vacant land insurance is not designed to protect damage to the land or any structures or property on the land.
You can even buy vacant land insurance that specifically covers land with no buildings or other improvements. There is no need or must rule requiring you to maintain liability insurance on vacant land. If you have secondary structures on your land such as a barn or stable then you likely need a farm insurance policy. Your insurance agent will help determine just how risky your land is to visitors.
Liability insurance will eliminate this concern as your insurance company will defend the claim regardless of its merits. Even a trespasser could suffer injury while on your land. Even if the lawsuit is unfounded. Such a person could well choose to sue accusing you of negligence in maintaining your property.
Liability insurance provides protection from claims brought about from third parties in the event of injury to or damage to their property caused by the insured s negligence. Many policies define vacant land ambiguously so it s wise to confirm with your insurance agent that your vacant land truly is vacant. Even you have an old dilapidated structure on your property that has been empty for many years your land is not. Most buildings that are used for an agricultural function need specific coverage from a farm policy.
Land insurance is a must if you own a field plot or even just a private road as you could be liable if someone is on the land and injures themselves. This can apply to buildings that you have repurposed for agricultural use. It will be easier to cover your insurance now because you don t have a lot of expenses. Getting vacant land insurance can be as simple as expanding your current homeowners insurance policy.
However if you engage in any farming on the land you wouldn t be covered. Lower risk means lower premiums. You will need to purchase additional property insurance to cover any outbuildings or dwellings.
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