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Vacant Land Insurance
Old 10-01-2009, 10:36 PM   #1
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Vacant Land Insurance

I was fortunate enough to close on two adjacent lots from two seperate forclosures. If you are really bored in "fire" you should try coreograph that from two seperate entities some time... its a real blast.

Anyway, my question is on insurance. These are "view" lots and one has a foundation poured, so what if a neighborhood kid climbs around, falls and bursts a spleen?

Who writes policies like this with no structure and what do I ask for for this situation?

Thanks in advance.
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Old 10-01-2009, 11:12 PM   #2
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Get an umbrella policy on your current homeowners insurance.
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Old 10-03-2009, 09:56 AM   #3
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And invest in a couple no trespassing signs.
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Old 10-03-2009, 02:13 PM   #4
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Quote:
Originally Posted by Westernskies View Post
Get an umbrella policy on your current homeowners insurance.
Years ago, I purchased some land adjacent to my folk's place so dad would have more room to "stretch out." State Farm advised me to add that land as a rider on my already existing homeowner and umbrella policies. This increased the annual premium a few bux annually but gave me the comfort of seeing the land specifally called out on the policy.

Never had an issue regarding liability for the 14 yrs I owned that parcel so can't speak to the effectiveness of the strategy. If you have home owner's insurance, talk to your agent regarding your specific situation.
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Old 10-04-2009, 02:21 PM   #5
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My spouse owns hunting land. Our insurance policy (which covers home, rental, cars, toys, and includes an umbrella) was written to include liability relating to that property. I don't know if an umbrella covers it if there isn't an underlying policy. Ask your agent.
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