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Updated about 14 years ago on . Most recent reply

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Uwe S.
  • Property Manager
  • Dublin, OH
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If I own only land ...

Uwe S.
  • Property Manager
  • Dublin, OH
Posted

... I need any Insurance for this (?) and if yes how much will it cost depending on value and location.

-Uwe

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Bill Gulley#3 Guru, Book, & Course Reviews Contributor
  • Investor, Entrepreneur, Educator
  • Springfield, MO
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Bill Gulley#3 Guru, Book, & Course Reviews Contributor
  • Investor, Entrepreneur, Educator
  • Springfield, MO
Replied

IMO, it depends on what the exposure is based on the location and what exposure exists concerning the land. I almost bouth a small acreage that had a unique rock formation forming an arch next to a river. Nice home site and perfect for a cantilevered deck over the arch, would be very cool. I din't go there because people conoeing would get out along the river and try to climb the arch. Several have been killed and many injured.

I have owned land only where it was far from any activity, in a farm area where no one really walked over it, not even hunters. No real liability issue there.

A blanket liability policy will cover properties owned in your company or as owned if it is written properly. You don't get a homeowner's policy for raw land, just liability.

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