Did You Know You Can Get Insurance for Your Vacant Land?
You can never be too prepared for the unexpected. Like any other property, vacant land also poses risks and need to be insured.
Pendo Setim
If you posses a piece of land, however much it is completely empty, you already know its importance and thus the need to insure it. Vacant land is a form of liability insurance. It offers protection to land that is not leased and has not yet been developed or has any construction activities.
Vacant land liability insurance covers;
- Bodily injuries occurring on your land. If someone gets hurt in your land, the insurance will take care of the medical costs.
- Property damage. This is in the case someone else's property is damaged in your property. The Vacant Land Liability Insurance will cover the costs of repair or replacement.
- Legal fees. If by whatever reason someone else files a lawsuit against you, the insurance will cover any of the legal fees.
Vacant Land Liability Insurance Policy is purely a liability protection. In case a third party gets exposed to any danger like, it will be responsible for the costs.
If you allow hunting, fishing, hiking, and other activities in your vacant land, injuries may occur resulting in larger lawsuits, not covered in the vacant land insurance. Therefore, you may need an additional liability insurance policy to cover such.
In case you allow hunting, you will need Hunting Land Insurance. This is because there are many complicating risks to manage.
However, if you already have a Homeowners Insurance Policy, you may ask your provider to allow you to extend the coverage as you also add more fee.
Keeping an eye on your vacant land is important so as to make sure no one builds a structure on it, however temporary it may be since it will void the vacant land.
