Are your investor clients aware that simply owning vacant land exposes them to liability risks? If someone were to be injured on the property, your clients could face costly third-party claims. REInsurePro’s Vacant Land Liability Insurance applies to parcels of land without dwellings and is designed to protect investors from these risks. Vacant Land insurance is managed on the same monthly reporting form you already use for other policies.
What does Vacant Land Liability Insurance cover?
Even when land is undeveloped, it’s not immune to liability risks. Consider scenarios in which:
- A visitor trips over uneven terrain and suffers a sprained ankle. The injured party requires medical treatment and decides to file a claim against the property owner for their medical expenses and lost wages.
- An unauthorized person uses the land for recreational purposes, falls into a concealed ditch, and is seriously injured. Despite trespassing, they pursue legal action, arguing that the property was unsafe.
Vacant Land Liability Insurance protects real estate investors against third-party liability claims and the legal costs that can arise from incidents on their property. This policy may provide coverage for:
- Bodily injury sustained by a third party on the property
- Medical expenses resulting from such injuries
- Defense costs associated with legal action against the property owner
Flexible Coverage
Liability limits for Vacant Land Liability are $1MM per Occurrence, $2MM aggregate. Additionally, if your clients decide to build on the land, you can easily transition to a New Construction policy to protect the dwelling being built. Both policies operate on our monthly reporting form, ensuring continuous and uninterrupted coverage.
