Archives for February 2016

This is an important question that not many people think about. Usually, it’s called land or vacant land insurance. Basically, it is coverage that will cover bodily injury or damage to someone’s property if they have an accident on your property and you are found to be at fault. If that person files a lawsuit, it can help cover legal fees. Not that it comes up often, but injury on your parcel could mean liability for you.

The good news is, this coverage might not cost you anything as long as you bring it up to your current insurance company or agent. In some cases, your separate homeowners or renters policy can be extended to insure your vacant land, but it’s important to check with your insurance provider first. Don’t assume this happens automatically.
If you do not have a homeowners or renters policy that can be extended to your land, you can purchase a land policy through an independent insurer. Normally the deductibles are close to nothing, and the premiums are very affordable.
Another note about vacant land policies – remember that in most cases if there is any sort of structure, even a dilapidated cabin or barn (like many properties in Teton Valley) that hasn’t been used, your land may not be considered vacant, at which point your insurance policy may not cover a claim. It is important that you ask your insurance provider or agent how to protect yourself against claims related to abandoned buildings. It’s only a little bit of work on the front end, and taking these steps to protect yourself can really pay off in the long run!