Vacant Land Insurance
What is Vacant Land Insurance?
Vacant land requires that the property be unoccupied, unused and in its natural state. As you can see, this doesn’t just include an empty parcel of land, but also empty spaces that may be resting on the land. This definition makes it very important to let your agent know if there are any improvements on the land or if there is a dwelling that should be insured, which would include the land around it.
Court precedent has been set time and again, and the following two court cases show where liability has fallen:
In De Lisa v. Amica Mutual Insurance Co. (59 A.D.2d 380, 399 N.Y.S.2d 909, 1977), a child was injured in an abandoned structure on land owned by the insured. The court ruled that vacant land meant that there was no structure or building on the land, so there was no coverage.
And in O’Connor v. Safeco Insurance Co. (352 So. 2d 1244, Fla. Dist. Ct. App. 1st Dist., 1977), property was determined not to be vacant because a surfaced road went through it.
Vacant land insurance is just as important as any other insurance for business or personal property. Insurance is the transfer of risk to the insurance company and contractually holds the insurance company responsible to defend you should a liability or covered loss arises. The defense costs are more often the biggest expense with respect to law suits than the actual claim paid out.
Choose LG for Your Vacant Land Insurance Needs
LG Insurance Agency is a destination for all of your insurance needs. We are a local insurance agency that has been voted Best of The Best Insurance Agency by the Asbury Park Press for three years in a row. We thrive on exceptional customer service and clarity. We work hard to find markets and understand the coverage that our customers need and should purchase.
Contact us today to get started.