So lately I have fielded a lot of calls and emails for people looking to insure vacant land! It seems crazy to buy insurance on a piece of ground – but people do.
Years ago, when I was first asked to quote an empty piece of land, I thought, “What?!” But as it turned out I was waaaaayyy wrong… Believe not, land owners have been found liable for trespassing hunters, kids partying, snowmobiles and ATVs resulting in injuries.
On memorable claims was teenagers drinking and smoking on a client’s lot – and their cigarettes starter a brush fire that spread to adjoining properties that burnt down a barn. Our client was sued and if she didn’t have the vacant land policy the $45,000 it cost to rebuild the barn would have been out of pocket. Luckily the animals were out grazing when the fire struck.
So what’s the deal with vacant land insurance? It’s just liability insurance. Just as your commercial property policy can protect you if a guest is injured on your premises, a vacant land insurance policy will protect you if something happens on the lot that results in bodily injury or property damage to a 3rd party. The good thing is vacant land insurance is usually inexpensive because the liability cost is typically far less than a building or other structure.