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Max Online: 16728 @ 03/25/12 08:51 AM
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#6146340 - 01/21/16 08:58 AM General Liability Insurance - Question for land owners
deewayne2003 Offline


Registered: 03/19/09
Posts: 4167
Ok I recently bought a small place(160ac) and think I need to pick up a general liability policy on the property just incase someone gets hurt or other random act of stupidity comes along; especially with the heavy equipment & other work that will be starting on the property this year.

Details of the property - 160ac of land with no structural improvements other than a 60 year old tin roofed barn; Located in southern Oklahoma 1hr north of Dallas.

So for those of you that currently own property or recently have owned property I have a few questions.....

1. What agency do you recommend for both price and soundness of coverage.

2. Any particular clauses/ specific coverages to look out for.

3. Coverage amount?

4. Any other sounds advice would be appreciated for this first time property owner.

Feel free to private message me if you rather not post in open forum.


Edited by deewayne2003 (01/21/16 08:58 AM)

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#6146429 - 01/21/16 09:46 AM Re: General Liability Insurance - Question for land owners [Re: deewayne2003]
BOBO the Clown Online   content
decoy

Registered: 04/19/07
Posts: 41125
Loc: Metroplex
MetLife. Umbrella policy. As long as it doesn't have a home structure you are covered

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#6146472 - 01/21/16 10:02 AM Re: General Liability Insurance - Question for land owners [Re: deewayne2003]
SeaIsleAl Offline
Light Foot

Registered: 05/08/13
Posts: 19
Deewayne:

One thingsyou can do relatively inexpensively is have the location scheduled onto your homeowner's insurance (additional premise endorsement), assuming you own an insured house elsewhere. This will allow your secondary property to use the personal liability limits of your homeowner's policy. This does not insure any property (barns) on your land but does protect you up to the limit if someone gets hurt and you are liable. This typically costs nothing or very little to add on. Coverage here though might only be $100K-$300K.

Best option is like BOBO said, also purchase an umbrella policy. Most companies require you to have your auto liability policy (since that is the most likely thing any of us may do to become liable for something in our lives)maxed out. Maxing out is typically $250K or $350K in auto liability insurance, way above the state minimums. After you have bought that maxed out policy then you can buy an umbrella policy. I have all my policies with Farmers but tons of other companies can do this for you and some companies (like Metlife) will likely do it separately.

It cost me about $300 extra per year to max out my auto (in addition to what I was paying for state minimums). All depends on number of drivers, sex, age, etc. I have three drivers.

The umbrella then cost me about $350 per year for $1,000,000.

Let me know if something I have tried to communicate is not clear.

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#6146493 - 01/21/16 10:16 AM Re: General Liability Insurance - Question for land owners [Re: deewayne2003]
newulmboy Online   content
Tracker

Registered: 03/20/12
Posts: 808
Loc: New Ulm, TX
I added a 1 million dollar general liability for my land to my homeowners policy. My house is in Colorado County, land in Edwards Edwards County. It's about $60/yr from Farm Bureau.

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#6147212 - 01/21/16 03:53 PM Re: General Liability Insurance - Question for land owners [Re: deewayne2003]
deewayne2003 Offline


Registered: 03/19/09
Posts: 4167
Good advice guys....but im not a homeowner; I looked around Austin at buying a house and decided to by pass the $250-350k starter homes built in 1960's that come with $5-7k a year in taxes and buy property instead.

I like BOBO's thought of the umbrella from met life and getting a quote.

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#6147606 - 01/21/16 07:07 PM Re: General Liability Insurance - Question for land owners [Re: deewayne2003]
tlk Offline
Pro Tracker

Registered: 07/25/13
Posts: 1986
umbrella is best insurance someone can buy - cheap and covers your rear in a big liability situation
_________________________
You can't fix stupid

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#6149276 - 01/22/16 02:43 PM Re: General Liability Insurance - Question for land owners [Re: deewayne2003]
denton Offline
Bird Dog

Registered: 03/10/08
Posts: 397
Loc: I get around
Originally Posted By: deewayne2003
Good advice guys....but im not a homeowner; I looked around Austin at buying a house and decided to by pass the $250-350k starter homes built in 1960's that come with $5-7k a year in taxes and buy property instead.

I like BOBO's thought of the umbrella from met life and getting a quote.


Not a homeowner, not a problem. The same endorsement is available on a tenant policy. The umbrella will require an underlying tenant policy for the liability extension. You're getting some good info. Agent -15 years

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#6152483 - 01/24/16 05:52 PM Re: General Liability Insurance - Question for land owners [Re: deewayne2003]
TX Hitman Online   content
Woodsman

Registered: 10/12/11
Posts: 240
Loc: West Texas
I did a 1 mil general liability policy on 320acres. Quoted 3 different companies and they all 3 quoted exactly $500 per year.

Covers any liability and up to $50k worth of equipment. I.e. Ranger-trailers-mowers-sea create-etc

I bought a skid steer and needed insurance on it as well. CAT wanted $65 per month. My current insurance agend said he could add that into my ranch policy for additional $250 per year. No brainer on that one.

Never thought about it much until we had a tornado headed directly at the ranch. Pucker up moment there!

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