Vacant Land Insurance Covers Your Undeveloped Property
If you have undeveloped, unoccupied property, insuring it may not feel like a priority. Whether you’re planning to develop or build on the land in the future or use it for another purpose, you’re still responsible for damages resulting on your property now. The ISU – Armac insurance agents work with more than 300 top insurance carriers to find the best rates for every type of property and need. Learn more here about vacant land insurance for property in Victorville, Apple Valley, and Hesperia, California, and contact us to get a quote.
An Add-on or Standalone Policy
“Vacant land” is considered such only when no structures have been built on the property. Vacant land insurance is available whether you own your vacant property outright or it is financed. Most lenders, in fact, require that borrowers carry vacant land insurance until the loan is settled.
This type of insurance protects you financially when a person is injured or his or her property is damaged on your land and you’re found liable. If you have an existing homeowner’s insurance policy through ISU – Armac or another company, you may be able to incorporate vacant land insurance into that coverage. You can also purchase a separate vacant land policy. These policies usually have no deductible and are affordable when compared with other types of property insurance.
It’s amazing just how many opportunities there are for someone to be injured or incur property damage on a property that isn’t developed, where no one should be trespassing. Most of these claims originate on the border of the property, such as when someone is injured by a branch that falls from a tree growing on the property, or someone runs into a fence post that’s difficult to see. Other claims originate when you give your blessing to hunters, fisherman, hikers or all-terrain vehicles to use the property. Allowing anyone on your property poses a risk, because you can be held liable for any number of accidents and injuries they experience. Vacant land insurance helps protect you financially for legal fees and for compensation for property damage, medical bills and more resulting from an incident.
What’s Not Covered
Vacant land insurance doesn’t cover the cost of repairs for damage to your land after an incident. If any type of structure is built, even temporarily, on your vacant land, the policy is no longer valid and will not cover the costs of damages or injury. When you do decide to develop your land, you’ll need to get a new type of property insurance to protect the buildings or dwellings on the land.
Peace of Mind for Your Vacant Property
Whether you’re required to carry vacant land insurance by your lender or own your land and want to make sure it’s protected, ISU – Armac can help. We have more than 20 experienced insurance agents who can find a great rate to insure your vacant land. We can ensure that you’re covered against all types of unexpected events, even those that you may not have considered. We work with clients in Victorville, Bear Valley, Hesperia, and nearby California communities. When you’re ready to start a quote, we’re here to help.