What is Land Insurance?
Undeveloped land might not be exposed to all of the risks that developed properties face, but undeveloped land is far from completely risk-free. Should someone be injured on a parcel of undeveloped land, the owner of the land may be held financially responsible for the effects of the injuries. Land insurance helps owners who have undeveloped land in Massachusetts protect themselves from covered risks like this.
Land insurance is a unique type of property insurance that’s designed to protect vacant land. Because the insurance is unique, it’s important to work with an agent who specializes in this type of insurance when choosing a policy. A specialized agent will know what kind of land policy to look for when insuring a particular property.
Who in Massachusetts Needs a Land Policy?
Any person or business that owns undeveloped land in Massachusetts ought to consider purchasing a land policy. Policies are available for properties that are owned by both individuals and companies, and coverage can be obtained for urban, suburban and rural properties.
While this is not an exclusive list, many people who purchase a land policy have undeveloped land that they use to:
- Hunt or fish
- Build a future home on
- Invest for future earnings
Additionally, people who have undeveloped land may themselves live in the state or another state. So long as land is located in the state, a Massachusetts policy is generally the type of policy that’s needed to protect it.