5k Ratings
Vacant land insurance
Get a free Vacant land insurance quote online!
Vacant land and insurance are less about insuring the owned property from damages and more about insuring anyone injured while on the premises. Vacant land is typically defined by the property’s lack of structures, buildings, and facilities.
At the same time, the vacant land may be used for hunting, fishing, and other outdoor activities. Vacant lots are also defined as smaller than vacant land without many amenities being offered.
Since nothing can be damaged on vacant land, most financial damage to the owner is liability-based risks and hazards. This is one of the lesser-known insurance coverages that may need clarification.
The good news is that Insurance Navy is here to make Vacant land insurance more accessible and even more affordable.
Enter your ZIP code below to view quotes for the Cheapest Business Insurance Rates.
Why buy Vacant land insurance coverage?
There are no local or federal laws requiring owners of vacant land to carry insurance coverage for it. Still, a liability claim from a third party can more than make a severe dent in one’s finances.
Like any other type of property, there are several liability damages, and some property damages can occur for which the landowners are responsible.
These risks and damages that can result in such are:
- Injuries to visitors or third parties to the property in question, whether it’s a field, lake, or hunting reserve, ranging from slip-and-all to injuries that occur during an activity
- In some cases, when foot traffic passes through a vacant lot, like children walking to school, if it’s located by the school or bus stop
- Injuries to visitors or third parties due to negligence or poor upkeep or the vacant land
- Injuries to workers and employees maintaining the land, like guides or conservationists, along with lost wages if they have to miss work to recover
- Any lawsuits brought on by third parties or employees of the vacant land (if any)
- Damage to vehicles kept on the vacant lot
- Injuries and damages if a third party brings a vehicle to the property
- Injuries that can occur from high-risk activities like hunting
- Vandalism and other criminal damage or activity
These are just a few examples of what Vacant land insurance can protect your property from.
Enter your ZIP code below to view quotes for the Cheapest Business Insurance Rates.
How much does Vacant land insurance cost?
Vacant land insurance isn’t the most expensive type, with some landowners reporting as low as $12 a month in premiums. Landowners tend to set a coverage limit of $1 million, sometimes $2 million.
Of course, the cost of insurance is different for everyone. In the case of vacant land, factors influencing the insurance cost are the size, location, and activity it’s used for.
As you can expect, hunting grounds are more expensive to insure regarding risk. Still, there are ways to better the perceived risk of vacant land, like deterring trespassers and avoiding negligence.
Enter your ZIP code below to view quotes for the Cheapest Business Insurance Rates.
Types of Vacant Land Insurance
Vacant land insurance is more of liability insurance than property coverage. Technically, no property is covered unless assets are kept or used on-site.
Property insurance is entirely unneeded for a vacant land policy unless something is built on it and it’s no longer considered vacant. That’s also good news because that means there is little insurance that makes up such a policy. The following are the most common types of coverage a vacant land policy has.
General Vacant land insurance
This refers to the general liability coverage that applies to vacant land, commonly called Vacant land insurance. While it usually isn’t required by law, leasers of vacant land may require it, similar to a leased car needing additional insurance.
No size specifications exist for land to qualify as vacant; it just can’t have any structures present. Vacant lands like fishing, hunting, or off-roading trails have several annual visitors. There doesn’t have to be an established business; it’s just that the landowner is responsible for anything that happens on their grounds.
As with liability insurance, any medical costs, lost wages, and ensuing legal fees are covered if a visitor is injured while on the premises.
Hunters and hikers may fall and slip down unseen ridges or cliffs. The same can happen to fishermen on wet, slippery rocks by the lake or pond.
That’s why it’s also essential to maintain the area by checking for big dead trees, unseen ditches, and even barbed wire fences marking the perimeter.
Workers compensation insurance
Some vacant lands are large enough to demand upkeep. Workers like conservationists and landscapers may come by when the landowner hires them to perform such maintenance.
It depends on the type of operation owners are running. However, they may be required to have workers' compensation insurance if they employ the services of others.
Workers or employees can be injured on the job, as in any business setting, so workers' compensation may be necessary or required. Any medical costs, legal fees, and lost wages are covered as usual.
This may also be the case if landowners hire fishing or hunting guides independently. Again, workers' compensation is best reserved for the much larger plots of vacant land.
Additional types of Vacant land insurance
There’s not much more insurance that vacant land will require since there is little property to be insured on them.
Land used for hunting and fishing often relies on guests carrying their insurance and a signature that allows any damages to be waived towards the landowners.
The same may be valid for fishermen and those going off-roading on ATVs. Here are a couple of different insurance coverages that can do a vacant land policy good.
Car insurance
If landowners keep vehicles they own on the vacant land, they can more than benefit from comprehensive car insurance specifically. This can also be the case for off-road vehicles guests may use on the land.
Comprehensive car insurance can be added to any auto policy to provide financial protection if the vehicle is stolen or vandalized. Naturally, standard car insurance is required, but fuller car insurance like this is optional.
Homeowners Insurance
Homeowners' insurance may extend to vacant land owned by the same entity if it’s close enough or part of it.
Often, they must insure the empty area until they begin a project, being a house extension or a new garage.
Homeowners' insurance on vacant land can also be used instead of regular vacant land insurance if the property is small and manageable. It may also cover damages caused by trespassers.
Enter your ZIP code below to view quotes for the Cheapest Business Insurance Rates.
Vacant land insurance coverage from Insurance Navy
Land can be a significant investment, and the Insurance Navy is no stranger to providing coverage for those considerable investments in life.
We also pride ourselves on setting a new low-cost and affordable average for every kind of premium regardless of risk. Vacant land is always bought out of passion rather than business, and no one wants to break the bank with a passion project.
See what low-cost vacant land insurance premiums and discounts you qualify for as a policyholder with a free quote online today!