Vacant Land Insurance
If you’re the owner of land away from your property that is currently vacant, then it’s usually a good idea to make sure you have vacant land insurance in place. It’s especially important if you allow any activities to take place on your land, as you could be held liable in the case of an accident or injury. Luckily, with ISU Armac, the vacant land insurance cost is likely to be very affordable; but to help you understand the figure you’ll be quoted, we’ve put together this quick guide.
Factors Affecting Vacant Land Insurance Cost
The Definition of Vacant Land
Vacant land has a very specific definition – it refers to land without any structures built on it. This doesn’t just refer to land that doesn’t have a use. In fact, many plots of vacant land are constantly in use, which only increases the need for insurance cover for the owner. Examples of what would be considered vacant land include private or shared access roads, fields and meadows used for farming, and woodland and forests, as well as urban vacant lots in cities.
Why Do I Need Vacant Land Insurance?
As you can see from the list above, “vacant land” has a very broad definition, and many of the lands above might be used for a variety of purposes, not just by friends and family but also by the general public. For example, if you own an area of woodland that a hiking trail or permissive path runs through, you could be held liable for any accident that occurs. This is especially important if you allow people to take part in more high-risk activities such as driving ATVs or hunting.
If your property is financed, your lender might require you to take out an insurance policy as a condition of the loan. Despite all this, there is currently no legal requirement to have coverage, but in the event of a lawsuit, the policy can provide liability coverage, something that in today’s litigious environment is an ever-increasing possibility.
What Determines The Cost of Insurance?
Several factors can determine the cost of insurance your provider will quote you. Chief amongst these is the size and location of the land. This is because different areas have different levels of risk associated with them, and a larger area of land has more risk associated with it. Remember, if there are any structures on the land, even if they’re ruined and not being used for anything, then a vacant land insurance policy won’t be able to cover you.
Instead, you’ll need to look into vacant home insurance, as any structure is assessed as having a greater risk than an empty parcel of land. There are several ways to ensure you get the best price, but choosing an independent insurance provider such as ISU Armac will always be able to get you the best price.
So why delay? Contact ISU Armac today and get a quote! Our friendly team will always strive to get you the best possible price on your insurance!