Do I need Liability insurance?

Question

I live in So california, and just brought lots In Texas,Arkansas and Utah.The lots are vacant land. Im being told that laibility insurance might be wise. is there someone out there who knows for sure.

Answer 1

You can find out, and so can your homeowners agent.

READ YOUR POLICY. The standard homeowners policy provides liability coverage for you, for any vacant land you own, in the US. If you have a homeowners policy, odds are, you already HAVE the liability coverage in place for these lots.

You only need liability coverage if you get sued. Unfortunately, by the time you get the suit papers, it's too late to buy the coverage. So if you want to protect yourself and your assets, you should carry liability coverage. But likely, you already have it.

If you do NOT have a homeowners or renter's policy, you can buy stand alone coverage. Likely you're going to need TWO different policies - one for TX, and one for the other states. TX has weird forms that must be attached, that's why you'll need two different policies. All together, it will likely cost you around $1200 a year. MUCH cheaper to just buy a renter's policy if you don't have one already.

Answer 2

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RE Do I need Liability insurance?

I live in So california, and just brought lots In Texas,Arkansas and Utah.The lots are vacant land. Im being told that laibility insurance might be wise. is there someone out there who knows for sure.

Answer 3

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RE Do I need Liability insurance?

I live in So california, and just brought lots In Texas,Arkansas and Utah.The lots are vacant land. Im being told that laibility insurance might be wise. is there someone out there who knows for sure.

Answer 4

If someone wanders onto that vacant land and trips over a rock, breaking thier ankle, then you could be sued for the damages and medical bills. Or, a fire breaks out damaging neighboring property.

But, what are the odds of anything like that happening? Probably not much. You need to weigh cost of insurance against the risk of not having it. With vacant land in a rural area, you might be fine just by posting a few "No Tresspassing" signs, along with some that say "Enter at Own Risk, Not liable for any damages or injuries", depending on the local laws governing such things. Here in Alabama, such signs will cover you if placed every 50' around the perimeter. But laws do vary.

Answer 5

If you have a homeowners policy, there should be wording in there that says you are automatically covered for liability of completely vacant land. This means absolutely undeveloped, no driveway, no foundations, no sheds, no grazing land, no farmland, NOTHING. If this is the case, ask your current agent to be sure you have a standard homeowners policy with this clause. If there are any structures, driveways, etc, ask your homeowners company to extend liability to the properties. If someone else uses the land, you would have to extend the liability as nonowner occupied, if no one uses it, you probably can extend as owner occupied. This is also assuming the deeds are in your personal name.
This coverage is wicked cheap (about $5 per year owner occupied, $25 per year nonowner occupied would be average). This is assuming your homeowners company is licensed to do business in all the states.
If you purchased the property as a commercial venture (future commercial development or if the deeds were in business names), you may have to purchase commercial liability policies. You may or may not be able to put all the properties on one policy, depends on the company & if they are licensed in all the states you own land in.

Answer 6

Absolutely!!!
All it would take is someone to be bit by a snake on your vacant land. They;'d sue you for not putting up a sign , "beware of snakes."
You think I'm kidding???? Think again. Even if the case were without merit, they would still hope you ( meaning the ins carrier) would settle for a couple thousand to make it go away.
How many posts on this board start with "Can I sue?"Think about it.

Answer 7

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Answer 8

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RE :Do I need Liability insurance?
I live in So california, and just brought lots In Texas,Arkansas and Utah.The lots are vacant land. Im being told that laibility insurance might be wise. is there someone out there who knows for sure.
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Answer 9

Get insurance quotes

Answer 10

liability insurance?, that means it will pay for your liability that cause by the lots that you bought..?? it doesn't make sense. i think you should buy property insurance that will cover the value of your investment or lots , in case, some nature disaster destroy your lots. you will get some money back.
hope it helped