Does Home Insurance Liability Cover Vacant Land?

| September 25, 2017
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Home ownership comes with a lot of responsibility. Every homeowner must maintain a quality home insurance policy to protect from risks. Liability insurance is often a part of that. This includes the need to cover vacant land. How do you cover vacant land from associated risks?

Existing Policies Offer Some Help

A typical home insurance policy includes a base amount of liability insurance. This amount can help provide financial protection to all land included in the policy. Most of the time, this includes all land surrounding the home, including vacant plots. The policy will specifically define the amount of land surrounding the home covered. This includes, for example, your backyard.

Attached But Separate Property

If your home has a vacant parcel of land next to it that you own, the home insurance policy may cover this land as well. It will only do this if the policy specifically outlines coverage for it.

Most of the time, you can extend your home insurance liability coverage to attached land. It often, however, raises the cost of the coverage. Nonetheless, this coverage is often beneficial. This is the simplest way to minimize liability risks on attached vacant land.

Specific Properties Not Attached

Most often, home insurance plans are specific to each property or home. If you have non-attached land, you may need separate insurance. A separate policy for each property is normal.

A land insurance policy may be best here. It can offer liability coverage to property that's vacant. It will likely cover injuries as well as property damage at that location. To keep costs low, bundle this policy with an existing home insurance plan.

Vacant Land Is at Risk

It is important to note that vacant land is a risk. For example, if someone uses your property as a cut through from one street to the next, falls and gets hurt, you might be liable for their loss. Many factors play a role in this. Any property owner should maintain liability insurance on their land – no matter where it is or what is on it.

Take the time to discuss your land ownership with your home insurance agent. Pinpoint the best policy for your specific needs. Invest wisely. Land insurance tends to be the least expensive option. However, your standard home insurance plan may already cover your vacant land. Customize your insurance to match your current needs. But never go without liability insurance even if there is nothing on your existing land.

Do you need home insurance? Call Safe Insurance Group today at 305-264-8964 for a Miami home insurance quote.

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