Are Landowners Legally Required to Insure Their Raw Land?
Owners of raw land generally aren’t required to insure their undeveloped properties, but purchasing vacant land insurance often is wise. Not carrying a policy can leave owners exposed to significant risks if a passerby or guest is injured.
In some cases, owners who have financed their land might be required by the terms of their loan to carry minimum amounts of insurance. This is more frequently a requirement when financing developed properties, but lends may stipulate the requirement for undeveloped properties too.
Does Vacant Land Insurance Cover Small Buildings?
Vacant land insurance is primarily used to insure undeveloped, raw land. Most policies don’t insure any buildings, including even small cabins or other structures without water/power. These not only can require some property coverage, but they also sometimes change the liability risks that a property presents.
An experienced insurance agent can help owners whose land has basic, small buildings find an appropriate and affordable policy for their property.
Do Vacant Land Policies Cover Fishing and Hunting?
Fishing and hunting also present particular liability risks that must be taken into account when underwriting a vacant land policy. Just a few of the potential risks include ATVs/snowmobiles (which can crash), water (where people can drown) and firearms (which obviously can cause injuries).
Some vacant land policies are designed to insure against risks like these, and will cover fishing and hunting. Other policies don’t provide coverage for these activities. An experienced agent can help check whether these activities are covered if the protections are needed.