Vacant land insurance

[Ari Silverstein]

How about an umbrella liability policy? That would cover the land and anything else.

Be careful with ULPs covering vacant land. "Vacant land" in ULP terminology is often defined as "unimproved land" where unimproved may mean no sidewalks, no rough grading. no utilities stubbed, no tree removal, etc etc etc.

Best to seek an expert in the insurance field who deals speifically with this issue of insuring (un)improved properties.

 

[grant blackwell]

Auto Owners insurance company has a vacant land liability policy for about $200. Call Marcia at Coastal Insurance Agency, she'll fix you up.
231-0042

 

[DuneAHH]

Auto Owners insurance company has a vacant land liability policy for about $200. Call Marcia at Coastal Insurance Agency, she'll fix you up.
231-0042

I didn't pay much more than that for a complete personal liability umbrella ($2-3mil coverage) that included vacant land, among many other things.

Check with John Holloman Insurance
850-872-8000. They really work at finding the best coverage at the lowest rates. I WISH they did health insurance too.

 

[Capricious]

A little late to the party, but i have been busy the past couple weeks.

I have a comerical vacant land policy with a $1,000,000.00 liability limit on 35 acres of
vacant lakefront land in the midwest. Costs about $275.00/year from State Farm.

The policy would have been cheaper if i had the land titled in my own name. but
I hold title within an IRA account and for that reason State Farm wanted about twice the
money, although i did get a few years out of the lower rate until i bought more land and
wanted to add it to the policy and someone caught the error.

State Farm orignally told me that my personal liability umbrella would cover this but i had
my doubts; also, there were possible IRS issues with using my personal policy, again relating
to titleing.

 

[Beach Runner]

How about an umbrella liability policy? That would cover the land and anything else.

That's right. They're pretty cheap for a couple of million dollars of protection.

I also have a professional liability policy that is cheap but protects me in case a student tries to sue me for some frivolous reason.

 

[scooterbug44]

What I have found thus far is that an umbrella policy kicks in above and beyond your other insurance - so you do need to get vacant lot insurance or homeowners, it cannot be covered just by an umbrella.

Thank you for the suggestions - FYI Waldorff writes through a surplus line (not necessarily bad, but has potential complications and restrictions) and Holloman does not do vacant land, but had me call some very nice people who do.

Dune-ahh, are you sure your umbrella policy covers your vacant land? Holloman specifically told me I could not just get an umbrella policy and have it cover vacant land - that I had to get vacant land insurance.