Land Insurance from Massachusetts Specialists

What is Land Insurance?

Owning raw land may not present the same risk exposure as owning developed properties does, but that doesn’t mean undeveloped land is without risk. If someone is injured on owned land, the owner might be held liable for any injuries that result. Land insurance may help Massachusetts landowners shield themselves from risks like this.

Land insurance is specialized property insurance for raw land. Because the insurance is unique and specialized, property owners should work closely with an insurance agent who knows this coverage well. A knowledgeable agent will be able to help landowners assess their risk exposure and procure appropriate protections.

Who in Massachusetts Should Carry Vacant Land Insurance?

Most individuals and businesses that own raw land in Massachusetts can benefit from the liability protections that vacant land insurance affords. This includes state residents, out-of-state residents and businesses that have land in the state.

Policies may be purchased to protect land that’s used for:

• Fishing or hunting
• Camping or other recreation
• Constructing a future home
• Investing for appreciation and/or resale
• Other purposes

Additionally, policies are readily available for urban, suburban, rural and waterfront properties.
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Are Landowners Legally Required to Insure Their Raw Land?

Owners of raw land generally aren’t required to insure their undeveloped properties, but purchasing vacant land insurance often is wise. Not carrying a policy can leave owners exposed to significant risks if a passerby or guest is injured.

In some cases, owners who have financed their land might be required by the terms of their loan to carry minimum amounts of insurance. This is more frequently a requirement when financing developed properties, but lends may stipulate the requirement for undeveloped properties too.

Does Vacant Land Insurance Cover Small Buildings?

Vacant land insurance is primarily used to insure undeveloped, raw land. Most policies don’t insure any buildings, including even small cabins or other structures without water/power. These not only can require some property coverage, but they also sometimes change the liability risks that a property presents.

An experienced insurance agent can help owners whose land has basic, small buildings find an appropriate and affordable policy for their property.

Do Vacant Land Policies Cover Fishing and Hunting?

Fishing and hunting also present particular liability risks that must be taken into account when underwriting a vacant land policy. Just a few of the potential risks include ATVs/snowmobiles (which can crash), water (where people can drown) and firearms (which obviously can cause injuries).

Some vacant land policies are designed to insure against risks like these, and will cover fishing and hunting. Other policies don’t provide coverage for these activities. An experienced agent can help check whether these activities are covered if the protections are needed.

How Much Are Premiums for Vacant Land Policies?

Premiums for vacant land policies vary, with factors such as location, lot size and use frequently affecting rates. These policies tend to be fairly affordable, however, because they normally don’t cover buildings.

The easiest way to find out how much insuring a specific parcel of raw land will cost is to compare policies with an independent agent. Independent agents are able to obtain quotes from multiple insurance companies and show how much each insurer will charge for a given parcel.

How Can Owners of Raw Land in Massachusetts Get Land Insurance?

For help insuring raw land that’s located in Massachusetts, contact the independent insurance agents at The Feingold Companies. Our agents are well-versed in these policies, and they’ll make sure to find land insurance that protects your property well.