Vacant land insurance protects the landowner in the event of someone getting injured or killed while on their property that exposes them to liability. It’s main purpose is to protect the owner’s financial interest arising from lawsuits due to the actions of another person who is injured on that property due to negligence on the part of the landowner.
In general, a landowner is not liable if someone is injured if they trespass on their land but there are always exceptions to rules and they can still be held responsible, if someone is hurt.
Vacant land insurance is just what it implies, and it does not protect any building, barn or structure on the vacant land but it ensures that the policyholder doesn’t face any financial stress due to the actions someone who files a lawsuit against them.
Although property owners are not required by law to insure their vacant land, having one, protects them from litigation or medical expenses and ensures the landowners peace of mind. for a small monthly premium.
Vacant land insurance covers the following:
- Medical bills
- Pain and suffering
- Lost wages
- Death benefits
- Legal costs
Vacant land insurance does not cover the following:
- Purposefully inflicted injuries
- Injuries sustained by someone working for the property owner
- Injuries suffered by the landowner, their spouse, or their dependents
Vacant land insurance coverage is available through most major insurance companies. A property owner can ask their current homeowners insurance company whether they carry it and get a policy for a small monthly premium.
The insurance company will likely want to inspect the property to verify size, location, condition and several other factors that go into working the cost of the coverage.
At AiA Insurance, we are dedicated to providing you protection for your vacant land. Our Agents are experts and can provide you with the best and fair rates. We value the safety of your property.
