There are many advantages to being a land owner but there also disadvantages. As a private land owner you may not think there are any risks involved in just owning a piece of land.
However, even if the land is private you may still be liable if a claim is made due to an accident or injury that occurs on your land. As there are many different types of land there are many different types of incidents that could occur, which means there are also plenty of insurance options for you to consider.
For example you may own land that has a stream or pond on it, a path running through it or a private road on it. All these things could potentially cause a claim to be made, which means you may need adequate insurance.
Just as you would insure a property that is used by people you can also insure land. The main feature of land insurance is public liability insurance. This means that if an accident or injury occurs to a third party and they decide to make a claim against you, you may be supported and covered for any legal proceedings that take place.
Depending on your type of insurance policy you may be entitled to legal advice and have the legal costs involved paid by your insurance company.
If you live on a private road you may need to take out a specific insurance policy to cover yourself in the case of any claim being made. If you share a private road with other residents, consider taking out a collective insurance policy to cover the road.
Investing in land can seem like a sure fire way of making money. This can often depend on whether the land can be built on. Some investment companies sell land that has no planning permission and is unlikely to ever be granted planning permission.
In this case the land will not increase in value dramatically and your investment may lose money rather than increase in value. Whatever your situation – if you own land then you'll probably need land investment insurance.
Above all, protect your investment and make sure you’re covered for any liabilities – what would you do if someone was injured on your land and they submitted a hefty claim?
Read more in our landlord insurance guides or get a quote now.