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+--- Thread: Insurance cost for vacant lot? (/showthread.php?tid=11560)
Insurance cost for vacant lot? - Wuzzerdad - 03-08-2013
[:p]
Aloha
We will be purchasing a vacant lot in Leilani Estates to build a home on later this year or early next year, and was wondering about what it would cost insure it against somebody getting hurt while trespassing. Just general liability coverage. I know about the cost of Homeowners insurance when the project is complete, this is just for the time before we start the building phase.
Any ideas or comments are appreciated! [
]I started out with nothing and I still have most of it.
Mahalo
Rick
RE: Insurance cost for vacant lot? - kalakoa - 03-08-2013
Probably cheaper to fence pin-to-pin. Added bonus: pigs/dogs can't "trespass" either.
RE: Insurance cost for vacant lot? - Rob Tucker - 03-08-2013
Leilani is in Lava Zone 1 so the home insurance will be relatively steep. Simple liability for undeveloped land should not be. While you are waiting for some input here call some insurance agents and get it from the horse's mouth.
RE: Insurance cost for vacant lot? - punagirl - 03-08-2013
As an insurance adjuster I will let you know that it isn't really necessary if you sign 4 corners of the lot as "keep out".
Atlanta/Pahoa
RE: Insurance cost for vacant lot? - terracore - 03-08-2013
If you own a home somewhere else, your homeowner's insurance "usually" includes liability insurance on another vacant lot that you own. If not, it can usually be added for a small amount. Call your agent to find out.
RE: Insurance cost for vacant lot? - nana valley - 03-08-2013
I always wonder why people think placing signs on the boundaries of their property will clear them of liability. I know of two lots here that had "Keep Out" and "No Trespassing" signs posted and all were removed by silly kids or some other reason unexplained. So, if the signs are removed and the owners are unaware, is there really peace of mind?
For me, if the lot is vacant, why worry? Signs can be moved. Or build a fence/gate.
What I have done in the past is obtain an umbrella clause on my home-owners insurance for such worries as someone being impaled by a tree limb off of your lot. Actually, I used the umbrella clause to cover potential horse accidents on my property.
From what I have heard and read, you will have a bigger concern for theft when you start building! So, the suggestion of a fence would be a good idea and include a couple of mean-looking dogs, too. And battery powered remote cameras with motion detection.
I read Rob's 2003 post about talking story and was smiling at his examples of aloha here in Puna. I wonder if it is still like that , however. I noticed a memorial at the HAAS/Post Office intersection that had balloons, gifts and a 12-pack of Pepsi (or some soda flavor). I don't know who died but I pray for the family affected by the loss almost every time I drive by. Within a day of setting up the display, the 12-pack was gone. There was a reason it had been placed there and to me, it seemed significant to leave it and not take an item placed in memory so quickly.
He who hoots with owls at night cannot soar with the eagles in the morning.
RE: Insurance cost for vacant lot? - Susan - 03-08-2013
Related to Terracore's answer - we added our lot to our homeowners insurance on the mainland for 20 bucks a month.
RE: Insurance cost for vacant lot? - Wuzzerdad - 03-09-2013
Thanks everybody, just so you know I sometimes seem to ask questions that have simple answers. I am so isolated right now because of my health and the weather it just makes me feel good that I can get a response from the people who will be our neighbors soon. I never did think about calling my insurance agent though. Thanks for the input. I will live on site as soon as the roof is on the new house.
I have a goal in mind, be done and moved in by fall of 2014
Thanks everybody!
I started out with nothing and I still have most of it.
Mahalo
Rick