Vacant Land Insurance | Public Liability
Do I need vacant land insurance?
This is a question that many landowners struggle with especially when no activities are going on the piece of land. This type of insurance may seem less important compared to home, motor, farm, business and other major insurance policies till when unexpected happens on the vacant piece of land leading to legal action.
Remember that a lot could go wrong in the apparently “idle” piece of land without your awareness. Putting up signboards to show that the land is private properties hence no trespassing is not enough but you need an insurance cover to backup other land security measures.
Why an insurance for vacant land?
If you thought your vacant piece of land is a risk-free zone, then you are wrong. Just a quick reminder, you are responsible for injuries, death or damage of items that occur on your property. This seems unfair, but it’s real.
Here are some reasons why you need to consider vacant land insurance urgently:
A vacant piece of land near a residential estate or commercial centre offers a good public route to varying destinations. You may call this trespassing, but an individual can sue you for injuries incurred while passing on your land. For example, if a tree branch breaks and falls on a passer-by, people tripping on shrubs and falling or flops on a mole hole leading to fractured limbs, you may be liable.
Fishing and canoeing
If vacant land has a mass of water in form of a swamp or a pond, people are likely to come for fishing and canoeing. You may allow these activities oblivious of the risks involved such as drowning whereby the relatives do not care whether you had granted permission or not. This could lead to expensive lawsuits and compensation claims that may exceed the value of the particular land.
Is your vacant land having great hiking terrain? If yes, you have a reason to worry. People may be tempted to come for fun-filled hiking activities without your permission. While it may be kind of you to open the land for hiking, you will be taking a great responsibility. Fatal falls are common in hiking activities that could lead to serious injuries, permanent disability or death. If this happens, you need to be prepared to face a lawsuit at any time.
What to look for when applying for vacant land insurance?
In order to ensure that your vacant land is adequately insured, you need to consider the following:
Comprehensive public liability
Apply for an insurance policy, offering comprehensive public liability. Remember that you are protecting your income from eventualities that may happen without your knowledge. You can be covered for theft of casually parked cars, third party injuries and destruction of property.
Vacant land does not generate income as it is an undeveloped investment. Therefore, you need to apply for the insurance policy being offered at competitive prices.
When applying for vacant land insurance, ensure that the premiums are flexible to suit your payment schedule.