When you purchase new land or find yourself with unused land, it’s important to consider the risks that may accompany it. Trespassing and liability issues are constant threats on vacant land. The liability of an individual being injured on the property can be costly. To ensure you’re adequately protected, it’s important to understand the risks you face by owning vacant property. In addition to purchasing comprehensive vacant land insurance coverage, there are numerous preventive strategies you can adopt to mitigate the risks.
In this article, we discuss the liabilities of owning vacant land, as well as the benefits of getting insured. Let’s get started.
Landowners can be held liable for injuries sustained by people who trespass on their property. For instance, if some children get injured while playing on vacant agricultural fields then the property owners could be held liable, regardless of whether or not they had any knowledge of their presence.
Injuries sustained by those on your property can be very costly.
In addition to extending coverage, there are some simple steps that landowners can take to limit their risk and liability:
Although it’s important to take steps to lower the risk of an accident happening on your vacant property, it’s important to transfer risk, as well. Many times, liability insurance for vacant land can easily be extended from an existing homeowner’s or farm liability insurance policy. To avoid misunderstanding, it’s important to review the definition of “vacant” in your coverage and ensure that your vacant land fits that definition. Generally, the land must be completely empty and cannot be farmed; even wells, storage units, or paved parking areas may disqualify the property.
Insurance on vacant land can vary from state to state. To discuss the insurance options applicable to liability on your vacant land, contact Property Insurance HQ today.