Vacant land insurance

Can anyone recommend a company that sells vacant land liability insurance in Florida?

I am buying property and vacant land is not covered by any of my current insurance policies.

How about an umbrella liability policy? That would cover the land and anything else.

I just want a simple CYA liability policy, as I plan to build soon and then homeowners will cover it.

Don't believe they sell such a product, but call some insurers and ask. Umbrella policy may be it.

You might also look into creating an LLC to purchase the property to protect your personal assets (to some degree).

If someone hurts him/herself on your raw land and that person is trespassing, the ins. policy will be void. Once you begin construction, your construction company will have to prove his/her financial responsibility with proper insurance and limits.

Good idea on the LLC, but check with your construction/perm lender first to see if they will close in LLC as many of them will no longer do that. So, you would have to change titling when you secure that loan, which is a taxable event.

Oh, and congratulations!! Very exciting!!

I don't want to do an LLC, just want to cover myself between purchase time and start of construction in case of falling trees/drunken rednecks.

I am checking on umbrella but think it is excessive for my needs and am seeing if Geiko has something.

Can anyone recommend a company that sells vacant land liability insurance in Florida?

I am buying property and vacant land is not covered by any of my current insurance policies.

You can acquire a rider to an existing P&C policy or purchase a separate policy from an experienced IA.

Not Gecko.

I would suggest that you seek experienced land development counsel as well. You are obviously getting in over your head to ask such very, basic questions...on a forum with only one expert responding to you. :roll:

We have a GL policy covering vacant land for some property we own in Pensacola. Waldorff Insurance out of FWB helped us obtain. Not very expensive, but you obviously have to convert to something else once construction begins.

If someone hurts him/herself on your raw land and that person is trespassing, the ins. policy will be void.

Perhaps you mean "unenforceable", Entirely depends on the construct of the policy which, I reiterate, is why one should find an insurance agent who specializes in unimproved property insurances.

Regardless of the trespassing, one can still be sued for many, many things that trespasser could encounter and be either injured or killed. You must demand that an Insuror cover wrongful lawsuits in your/their favor or find another Insuror.

Once you begin construction, your construction company will have to prove his/her financial responsibility with proper insurance and limits.

Making certain to hold hamless.

Good idea on the LLC, but check with your construction/perm lender first to see if they will close in LLC as many of them will no longer do that. So, you would have to change titling when you secure that loan, which is a taxable event.

True and if your Lender who will most assuredly require personal recourse financing does not allow you to close into a style of corporate or company entity you prefer (think about investors who wish to remaim without liability; how else can they be properly protected yet enjoy the full benefits of an LLC?), find another Lender.

How about an umbrella liability policy? That would cover the land and anything else.

I agree. I found this to be the most effective and least costly solution.

How about an umbrella liability policy? That would cover the land and anything else.

Be careful with ULPs covering vacant land. "Vacant land" in ULP terminology is often defined as "unimproved land" where unimproved may mean no sidewalks, no rough grading. no utilities stubbed, no tree removal, etc etc etc.

Best to seek an expert in the insurance field who deals speifically with this issue of insuring (un)improved properties.

Auto Owners insurance company has a vacant land liability policy for about $200. Call Marcia at Coastal Insurance Agency, she'll fix you up.
231-0042

Auto Owners insurance company has a vacant land liability policy for about $200. Call Marcia at Coastal Insurance Agency, she'll fix you up.
231-0042

I didn't pay much more than that for a complete personal liability umbrella ($2-3mil coverage) that included vacant land, among many other things.

Check with John Holloman Insurance
850-872-8000. They really work at finding the best coverage at the lowest rates. I WISH they did health insurance too.

A little late to the party, but i have been busy the past couple weeks.

I have a comerical vacant land policy with a $1,000,000.00 liability limit on 35 acres of
vacant lakefront land in the midwest. Costs about $275.00/year from State Farm.

The policy would have been cheaper if i had the land titled in my own name. but
I hold title within an IRA account and for that reason State Farm wanted about twice the
money, although i did get a few years out of the lower rate until i bought more land and
wanted to add it to the policy and someone caught the error.

State Farm orignally told me that my personal liability umbrella would cover this but i had
my doubts; also, there were possible IRS issues with using my personal policy, again relating
to titleing.

How about an umbrella liability policy? That would cover the land and anything else.

That's right. They're pretty cheap for a couple of million dollars of protection.

I also have a professional liability policy that is cheap but protects me in case a student tries to sue me for some frivolous reason.

What I have found thus far is that an umbrella policy kicks in above and beyond your other insurance - so you do need to get vacant lot insurance or homeowners, it cannot be covered just by an umbrella.

Thank you for the suggestions - FYI Waldorff writes through a surplus line (not necessarily bad, but has potential complications and restrictions) and Holloman does not do vacant land, but had me call some very nice people who do.

Dune-ahh, are you sure your umbrella policy covers your vacant land? Holloman specifically told me I could not just get an umbrella policy and have it cover vacant land - that I had to get vacant land insurance.