Land insurance?

[pinetag]

Not sure if this is the right part of the forum to post in, but if you buy vacant land without building a house on it, do you need insurance? About how much would it cost per acre?

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[Blizzard Ridge]

I carry it on mine and also on my leased grounds. In case an idiot trespasser were to break his neck like he deserves on your property it is best to carry enough to cover you in case of a lawsuit. Also, if you have hunting guests it may be best to have a little coverage. I carry 2M in liability on all of my ground and the price is dependent on activities and amount of acreage. It is fairly inexpensive.

 

[pinetag]

Thanks for the reply. So I know it is dependent but what would you think the monthly cost would run for 40-45 acres with liability only? $25? $50? For a million liability. Just trying to get an idea ahead of time.

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[Blizzard Ridge]

Mine for 20,000 acres was only $800 a year so it would be very minimal for you. I am guessing around $150 a year but that is a guess. I do not know exactly how they figure it but I am assuming there is a minimum monthly or yearly and then it goes up from there.

 

[Stickbow Felty]

My 11 acres was added to my home owners policy for about $35 a year. If I were you I would buy it.

 

[buckdeer1]

I added it on my home owners and it was very reasonable.I do know a guy that had two guys trespass and 1 fell out of a tree and broke his leg.The landowner had to press charges so they couldn't sue him

 

[pinetag]

So if you get a land loan through a different company, you can still get the insurance through your current homeowner's? Thanks again for the replies.

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[Kwood]

I own an insurance agency. In most situations, if you simply have land only liability will extend from your homeowners policy. I would suggest carrying a liability umbrella.

If you have buildings, store grain, or house owned or leased equipment you may need a separate policy.


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[Gator]

As Kwood stated, my home owners policy covers my vacant land.

 

[pinetag]

I own an insurance agency. In most situations, if you simply have land only liability will extend from your homeowners policy. I would suggest carrying a liability umbrella.

If you have buildings, store grain, or house owned or leased equipment you may need a separate policy.


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Thanks. So this is coverage at no additional charge?

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[Blizzard Ridge]

Liability umbrella will be an additional charge

 

[Doe Shooter]

QDMA offers aplan. Sorry. I had to say the name.

 

[Kwood]

Your homeowners liability should extend at no extra cost. The umbrella is extra, but negligible for what you get.


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[pinetag]

Cool deal! Thanks again guys!

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[Buckly]

It's usually recommended to carry an umbrella policy attached to your homeowners for at least twice your net worth. A million would probably be 150-180 a year and they would probably discount price going up from there so 3 million might only run 350 a year.