Vacant Land Insurance Claims That Tell You Need Coverage
Of course the vacant property owner needs insurance coverage! The insurance companies will emphatically tell you about all the liability risk - general, as well as bodily harm and property damage perils that exist in an unoccupied home, building or lot. But don't take a blanket statement about it at face value until you view for yourself some very real claims examples. For your information, the professional agents bring you these land scenarios! Vacant Land • A downtown area vacant lot owner had a protective chain-link gate constructed around the property. As time progressed, however, age and weather conditions took their toll on the encasement. The fence was not in the best of condition anymore when a passerby suffered an eye injury as a result of a protruding chain link. The lawsuit ended with the insurance policy taking the brunt of defense costs and out-of-court mediation that resulted in a $350,000 payout. • A pedestrian slipped on the sidewalk that ran next to a vacant lot.