General insurance Can Someone Insure Vacate Land?

[kayode10]

Land is becoming scarce these days has the population of the world is increasing on daily basis.

This makes land more valuable as people are looking for more space to build house and lands four agricultural practices.

Scarcity of land as be the reason why the Farmers and herdsmen usually clash in some parts of the world.

Authority over the land is the reason why the Kings lord over people in the centuries back which leads to real estate.

There are many ways in which people are quiet now in these days. Someone can own a piece of land either by inheritance or outright purchase.

If you own a piece of land, perhaps in a commercial area, can you enjoy just a piece of land? Is there any insurance package which cater for land?

 

[btaliat]

There are some insurance policy that are under one umbrella. For instance, in most insurance companies, land will be under property insurance policy which means anything that happens to the land will he compensated by the insurance company. But I don't think we need to go far as this since we can collect certificate of occupancy for our land.

 

[Jamoflondon]

I think you meant to say “Vacant land” of course you can insure it incase people gets hurt on your property, the insurer will have to cover for the medical bills and the other necessary bills, you can also insure it incase you lose it, in my country, government can take your land anytime and you can’t do anything about it

 

[Mandy96]

I am not sure about that because I really do not see the reason why one should insure a land. Even if it occurs that a crime or damages was committed on a private property, I don’t think this could put the owner in any problem. So it is really not necessary

 

[dagm]

I'm uncertain around that since I truly don't view the reason one ought to guarantee a property. Even though it happens that a criminal offense or even problems was actually dedicated on a personal residential or commercial home, I do not believe this might place the proprietor in any type of issue. Therefore it is actually truly certainly not required

 

[kayode10]

I am not sure about that because I really do not see the reason why one should insure a land. Even if it occurs that a crime or damages was committed on a private property, I don’t think this could put the owner in any problem. So it is really not necessary

Well the reason why I come up with the question is that you know, there are some vacant land which has some valuable mineral resources underneath. Take for instance there was a man which was said to be sitting on acres of diamond in Africa. I just want to know maybe someone can ensure if you can't land with resources underneath.

 

[sunnystar]

Well, I don't think it's necessary for someone to insure a vacant land even if it is in commercial place, because it will be like you add load to your expenses which is miscellaneous. At least it will require to pay premium. Just ensure your documents are complete that will prove your ownership on a particular land.

 

[Mika]

If your landed property does not have a house, or building of any kind, if the land is not farmed, what are you insuring your land for. There will no damages occur to the vacated land, there is nothing to be covered. I do not think thing kind of insurance policy is avalable.

 

[Alexandoy]

We have no insurance on land but I think it is a good idea to have one. The main problem of landowners here especially in the city and suburbs is the thread of squatters. Think if your lot would be occupied by several squatter families. There is a law that protects the squatters from harsh eviction that the land owner has to give the squatter ample time to move out.

 

[btaliat]

We have no insurance on land but I think it is a good idea to have one. The main problem of landowners here especially in the city and suburbs is the thread of squatters. Think if your lot would be occupied by several squatter families. There is a law that protects the squatters from harsh eviction that the land owner has to give the squatter ample time to move out.

There may not be a particular insurance on land but there is property insurance which does cover the landed property. However, I don't think it is a good idea to have an unused land insured. It is even better to occupy the certificate of occupancy to secure the land instead of wasting money on premium.

 

[Nite]

From an insurance perspective, even a vacant land poses risks. You will definitely want to consider a vacant land insurance, if people are frequent on your property for any activity where they could get hurt, like fishing, hunting, hiking, or your land could be used as a public route too.

 

[btaliat]

From an insurance perspective, even a vacant land poses risks. You will definitely want to consider a vacant land insurance, if people are frequent on your property for any activity where they could get hurt, like fishing, hunting, hiking, or your land could be used as a public route too.

You are very right. But what I do think is that how will the insures on a vacant land benefit the insured? Even if he insured it to cover the ugly incident that may happen on the land, it is not of direct benefit to him because the third party will enjoy the benefit and not the insured

 

[Wisdom01]

I think land should be definitely under property insurance package and you could insure it against theft or any form of insurable risk that might likely occur to your land ,since most land are usually been stolen or destroyed due to different natural or artificial disaster , it's good to insure your labd