Geico Vacant Home Insurance
You may be leaving your plot undeveloped for several reasons. Maybe one day I’ll plan to build a summer cabin or retirement retreat. Or maybe I’ll use the land to hunt and fish. No matter what your vacant lot is used for, you may want to consider insuring against certain risks.
If you need land insurance and are not sure where to start, contact a local member agent in the vacant home insurance network. Your agent can help you compare home insurance quotes from multiple insurance companies and gather the information you need to make an informed decision about land insurance.
Geico Vacant Home Insurance
The basics of vacant land insurance.
If you own your property directly, the law does not require you to purchase property insurance; however, in case of a lawsuit, this coverage will be essential.
If your property is financed, your lender may require property insurance.
The vacant land can not have any existing structure.
Hunting insurance is important if your land is used for sports.
What is the insurance of the land?
Land insurance is a form of property coverage that will cover a claim of bodily injury or property damage if someone has an accident on their property and it is determined to be at fault. If someone files a lawsuit against you, it will also help you cover your legal fees. While it can not cover any damage that happens to your land, it will protect you financially if others are on your property. To decide if this type of Geico home insurance is important to you, consider your risks and talk to an expert agent.
What Vacant Land Insurance Does Not Cover?
The easiest way to add home property insurance is through the owner’s policy. If you own a home, you can usually extend your liability coverage to include your vacant land. If you have a general liability policy, be sure to add your vacant lot to that policy as well and update your liability if necessary.
If you do not have an owner policy, you can buy a vacant land insurance policy separately through an independent insurer. Generally, there is no deductible in these policies and the premiums are affordable. In addition, you will have peace of mind that no matter what happens on your land, your assets are covered.
House Building property insurance
If you plan to use your property to hunt and allow others to use it as well, it is very important to buy property house insurance. Because of the risks involved in hunting and using firearms, you have a greater risk of liability problems. As the responsible owner, you must inform all hunters of the dangers they should know about in your property, such as cliffs, abandoned wells or barbed wire fences. Sharing this knowledge is an important way to help cover your liability risks, but it is also important to have liability house building insurance coverage as well.
Some empty home insurance companies require landlords to have hunters sign an exemption that absolves the owner of any wrongdoing. While this will not protect you from all potential claims, you can provide a safety net that would not otherwise exist.
Some hunters may request the use of off-road vehicles on their property, and it is important to realize that they will assume additional liability risks if allowed. If an accident occurs on your property, you can be held responsible, especially if there are features in the natural landscape that represent a risk.