Do you need insurance on a piece of vacant land? nothing on it at all but trees and bushes... Currently me and the wife live in an apartment but we have found a great deal on a piece of land though a friend whom is hurting for cash which we are looking into buying. (just started looking, still need to research the land and if its actually a good investment) We still plan on being in an apartment for 2-3 more years to save up some cash and then we would decide to either build a house on said land or buy a house somewhere else and keep said land as an investment and use it for vacation and retirement property. We would be taking out a small loan to cover the land and we are deciding if insurance is needed or not when figuring out what it would be costing us monthly to own.