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Originally Posted by DETRoadster
I was also worried about liability on a property that out of sight and after consulting with my insurance company and a close friend who is in the insurance business I learned that if it's truly vacant (no structures of any kind) your current homeowners will cover you. As soon as you put up a shed, for example, you need a dedicated policy. We've got no structures on our lot so our homeowners will cover us, however, I used this as a good opportunity to finally get an umbrella policy in place just in case. I also put up "private property no trespassing" signs every 50 feet on all sides just so no one can say I didn't warn them.  |
I spoke with my current insurance agent. He said that as long as the property is 100% vacant of ANY improvements, my NY State homeowner's policy would cover liability even on out-of-state land. He also said that something as trivial as a utility pole outside the boundaries of the road right-of-way and shoulder easements was enough to negate this coverage, and suggested that I check everything carefully.
A quick trip to my search engine du jour revealed several anecdotal posts about insurance companies refusing to pay out on special vacant land policies because of minor things. One case was a small abandoned underground locker, and another one involved an ancient house foundation. Would someone else installing a duck blind or tree stand for hunting void the coverage? Heck, does the real estate agent's for sale sign count as an improvement?
If I were you, I would check with your insurance agent to see if those "no trespassing" signs count as a man-made improvement and void your coverage. I'm also curious if the "purple paint law" is also verboten, if your state has it on the books.
At some point in the past, someone dropped a culvert pipe into the roadside ditch to facilitate a future driveway at the lot I've got under contract. I have enough fear that this could void my "vacant" liability coverage that I'm going to reach out to a SC insurance agent and see what non-vacant coverage will cost me.
On a side note, a relative of mine received a $32,000 bill from the forest rangers in another state for extinguishing a small forest fire that they claimed originated on that relative's vacant wooded lot. I'll gladly pay for extra insurance.....