Vacant Land Insurance

vacant land insurance

If you own a vacant parcel of land away from your home, regardless of what it is used for, it will be a good idea to protect it with an appropriate Vacant Land Insurance policy, as you are responsible for anything that happens on your land. In order to understand how this type of coverage works, consider a few things:

  • Even if you are not legally required to have insurance for the vacant land, in the event of a lawsuit against you, the policy will provide liability coverage.
  • In case your property is financed, it may be required by your lender that you have land insurance.
  • The land is considered vacant, if there are no existing structures built on it.
  • If the land you own away from home is used for sports, it may be important for you to purchase insurance coverage in the event of a claim.

Land insurance will protect you in the event of bodily injury and property damage liability claims, if you are at fault in an accident that happens on your property. Moreover, this coverage will also pay for your legal defense if somebody files a lawsuit against you. Land insurance does not protect the land itself, but your financials, so if you are not certain that this is the right type of insurance for you, speak to our licensed independent agents at Team Insurance who can give you more information about vacant land coverage.

There are many ways for you to use the land you own away from your home, and if you are considering a purchase of land insurance, you should think about your risks in order to see whether the benefits of the insurance outweigh the costs of premiums. Here are popular uses of the vacant land:

  • Hunting – in the event you allow other people to hunt on your property, buying insurance is a good idea, because hunters carry firearms and other dangerous equipment, and if they get injured at your land, they can file a lawsuit against you.
  • Fishing – if you have a pond on your vacant land and you allow people to use it for fishing, you may be held liable in the event the fishermen get injured on your property.
  • ATV – letting people ride on your land with their ATV’s means a lot of responsibility for you as the land owner. If something happens to a rider because your property is not well-maintained, you might be sued for the damages.
  • Hiking – if you know the dangers of your land terrain, eliminating hazards might be one way to protect yourself. However, if you build any structures at your land to make sure it is safer, keep in mind that the land insurance will not cover those structures.
  • Walking – having the land close to a town or a rural area means that people can use your land as a public route. If this is the case, even when the land is used without your permission, you may still be held liable if something happens. Having appropriate land coverage will protect your assets.

Vacant land insurance can be purchased as an endorsement to your Homeowner’s Insurance policy or you can purchase a separate coverage. Having the vacant land insurance will give you a peace of mind knowing that your financials are protected in the event something happens on your land.

If you have a structure built on your land, it can be no longer considered vacant, which means your land insurance will not cover any accidents that happen inside an abandoned building or structure. For vacant houses, look into Vacant Home Insurance.

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