If you own any vacant land, you probably assumed it didn’t need insurance since it has no structures built on it. Butuninsured land poses a significant financial risk that will be difficult to recover. To prevent major liabilities, we recommend you reach out to ISU insurance services and inquire about how much is vacant land insurance.
What is Vacant Land Insurance?
A form of liability insurance, vacant land insurance protects you from injuries that might occur on the property. These include medical and legal bills if someone gets hurt on your land. However, it does not cover property damage. Vacant land insurance is a separate policy thatcan often be included in your homeowner’s policy.
Do I Need Vacant Land Insurance?
While it is not required by law in most areas to have your land insured, having one can save you from potential lawsuits and expensive medical costs. For instance, you and your friend decided to hunt on your property. That friend gets their foot caught under a loose tree root you have meant to remove and breaks their ankle. Since they were injured on your property, you will need to answer their hospital expenses.
Injuries like this could happen to anyone on your property, and legal issues could arise,primarily due to the landowner’s neglect. You are responsible for anyone getting hurt on your vacant land, so having it insured is helpful.
How Much is Vacant Land Insurance?
Vacant land insurance can be cheap, depending on the location and size of your property. $1,000,000 to $2,000,000 general liability vacant land policy may start at around $27, which means $324 annual protection in case someone gets injured. Some offers may come with loss protection for $100 a month.
What does Vacant Land Insurance Cover, and What Are Its Limitations?
Vacant land insurance covers medical bills, legal costs, and lost wages should someone get injured on your property. Additionally, it may also cover death benefits.
While vacant land insurance protects you in case someone gets injured, it does not cover purposeful injuries, injuries sustained by you or your dependents, or injuries suffered by anyone working for you.
Where can I get Vacant Land Insurance?
You can obtain vacant land insurance from big-time insurance companies such as ISU Armac. Head over to their website https://www.isu-armac.com/ for more details.
