Own Vacant Land? What Liability Insurance Do You Need?

Most people often associate home insurance with a house. It is true that most policies cover the actual structure present, but they also cover the land the house sits on. If you own vacant land, for any reason, you still own an asset that needs financial protection.

Commonly, you need liability insurance to protect your vacant property. This policy can protect you from risks associated with injury or loss to another person who is on your land. Many times, home liability insurance can offer the support you need.

What Is Vacant Land Insurance?

This type of insurance is often an extension of an existing home insurance plan.

For example, if you own a vacant lot next to your home, your existing home insurance likely covers risks associated with the land. However, you have to specifically list this land on your policy. If you have non-adjacent property, your home insurance can still often provide protection.

Here’s what you should know about this type of insurance:

  • In most situations, those who own vacant land outright will not have to legally maintain insurance on the property.
  • If your property is under a mortgage of any type, the lender may require coverage, as it does for any home.
  • Vacant land can face many risks to the homeowner. Individuals hurt on your property, even those who should not be on the property, can sue you for their losses. As a result, every property – even remote ones – benefit from basic liability insurance.
  • Vacant land insurance only covers land that has no structures on it at this time. Even small structures can require coverage changes.
  • If you have hunting land, you will need a specific hunting land insurance policy. This policy provides higher liability protection due to the activities that happen there. Don’t assume vacant land insurance is enough.

Owning vacant land seems like a simple enough investment. However, individuals who get hurt there can present a high risk to you as the owner. With the help of the right insurance, often home insurance, you can cut the financial risks you face. Most often, this type of insurance isn’t expensive, but it is comprehensive.

Texas Insurance Agency is here to help our clients cover all of their property. Get in touch with one of our agents today at (713) 921-8000. Get a Houston vacant lot insurance quote today! It is fast, free and easy.

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