Who needs land owner insurance?
Anyone who has land should carefully consider buying land insurance. Land insurance is designed to cover a range of property types:
- Fields, with or without public rights of way
- Land with waterways, including rivers and streams or a lake or pond.
- Building plots – whether single or large scale
- Derelict buildings
- Private roads – for example one that serves as access to a single or multiple residences.
Land insurance for land with public access
Where there is a public right of way on your land – for example a field with a footpath crossing it, cover can be made available. Arguably, the fact that members of the public are likely to be accessing your land regularly makes cover all the more important to have in place. You will need to tell your broker or insurer about the public access when taking out the insurance.
Can trespassers on my land make a claim against me?
It may feel unfair, but the answer is that trespassers can make a claim against a landowner in the event that they suffer a loss or are injured while on your private land. Trespassing is a civil wrong, but not a criminal offense.
What will I need to tell the insurer about when taking out land insurance?
An insurance policy should always reflect the particular risks the policy holder may face. Working with an insurance broker like Buckingham Insurance not only means access to a range of potential policies from our insurance partners, but also means advice from an advisor. Our qualified team will take time to understand the particulars of the land that you wish to insure, and recommend cover accordingly. Some considerations may include:
Contaminated land insurance
It could be that the land has previously been exposed to a chemical spill, or used to store fuel. You will need to tell your insurer about any potential contamination.
Derelict building insurance
Where you have a derelict building on your land, it’s important that your policy accounts for it. While the building may have little or no value to consider, it may be attractive to children looking for somewhere exciting to play, exposing you to a further liability claim.
Vacant land insurance
Vacant land insurance specifically works where there are no structures at all on thee property. It could be a brown field site or building plot that is currently unused.
Multiple parties with interest in the land
It’s not uncommon for a group or houses to be accessed via a private road. Where this is the case, a policy can be developed to reflect and cater for the fact that more than one party has an interest – and potential liability – in the land.
How much does land insurance cost?
Cover costs will vary depending on a lot of the factors already outlined. Typically, land with derelict buildings will be more expensive to insure than vacant land, for example. Similarly, indemnity figures (the maximum amount that a policy will pay out in the event of a claim) will vary to reflect the risk, and this will also affect the cost of the policy. For advice and a free quote on your landowner insurance policy, simply give us a call.