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Owners of vacant lots may not consider the potential risks of being uninsured or underinsured. After all, no business or other activity is conducted on the land, so it may seem like you don't need insurance coverage. However, just as with any asset, by not having proper insurance coverage, you may be putting yourself at financial risk.
Your quote may vary depending on the needs of your vacant lot situation.
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If certain activities take place on the vacant lot, you are at increased financial jeopardy.
There are several types of insurance to consider for a vacant lot depending on its use and location.
Public liability insurance will protect you and your assets against liability for third-party injuries, damages or even death occurring on your land. This type of insurance can also cover activities that may occur in cities such as parking rentals.
Did you know that even if you're not a business owner but part of management as an officer, director or senior manager, you assume financial risk for your employees? For example, say the business where you work also owns a vacant lot next to the building, and the employees use the lot to move equipment around. If an accident occurs due to lack of safety procedures and one of your employees gets injured, you, as part of management, can be included in a lawsuit. Management liability insurance is available that protects both the business's owner and its leadership from such a scenario.
If equipment or other items are on the vacant lot, contents insurance will cover those assets. Vandalism and fire are two events that your policy would cover.
There are two main ways to obtain insurance cover – through a broker or online.
There are a number of steps you can take to minimise the risks your vacant property may pose. First, walk the property and identify potential hazards. Is the ground uneven? Are there areas where previous owners or trespassers dumped trash? You should then remove the hazards you found or post signs warning people of the potential danger. Finally, visit the property frequently and familiarise yourself with its normal state. This will help you determine if and when something is amiss so you can address it immediately.
Owning anything carries responsibility, and vacant lots are no different. This is why protecting yourself financially from untimely events that may take place on a property is a must. Public liability, management liability and contents liability are all smart options depending on the land's use and location.
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