Vacant Land Insurance?

[cbzdel]

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.

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[longcolt]

I think that is the reason that landowners now put up the no trespassing signs on their property, to act as a disclaimer if someone goes onto the property and falls in a well or hits barbed wire.

But your question is a valid one and I would check with an attorney to make sure you are not exposed. Everyone is looking for a lawsuit today and just having a policy on your property makes you a target for a get rich quick scheme.

 

[ZachS]

I think that is the reason that landowners now put up the no trespassing signs on their property, to act as a disclaimer if someone goes onto the property and falls in a well or hits barbed wire.

But your question is a valid one and I would check with an attorney to make sure you are not exposed. Everyone is looking for a lawsuit today and just having a policy on your property makes you a target for a get rich quick scheme.

I bet the insurance would be dirt cheap. And it would prevent you from getting poor quick in the very unlikely event your land, or something on it, exposed you to liability. Probably cheaper than your renters' insurance. It won't make you a target any more than having a homeowners' policy would.

 

[Gunner3456]

Ask your insurance agent if a blanket insurance policy would cover that. That's what I've always used. Basically it covers you for liability for "whatever" your other policies don't cover. With bare land you don't need the land itself covered for casualty loss usually, where if it has structures you do need them covered. You're probably just wanting liability for such things as an "attractive nuisance" Link and other tort liabilities.

I definitely wouldn't and never have owned bare land without being covered.

$.02