Do You Need Property Insurance for Vacant Land?

At first, it may seem like a silly question to ask if you should have insurance for vacant land; however, when you consider the details, this question is less simple than it first appears.

What is Property Insurance?

Property insurance is a general category and includes insurance for real estate, also called real property, and everything else called personal property. When land is held for investment purposes it is called investment property. There are many terrific reasons to have insurance on vacant land. Most have to do with value. Others have to do with the liability risk. 

Work with your agent at The Select Insurance Agency, serving Coppell, TX and all the surrounding areas, to understand how to use property insurance to have adequate protection for your investments.

Determining Value

An un-developed acre of desert land, with no services, no water, and nothing on it may be worth as little as $200. An un-developed acre of desert land with no services, no water, and nothing on it, if it is located on the world-famous Las Vegas Strip, may be worth more than $5 million. The land may be virtually identical in terms of quality. The enormous difference in value is simply due to the location.

An acre of land that is covered with old-growth trees that are a rare valuable wood, like mahogany, is worth much more than an acre of the same land that has already been clear cut. An acre of desert land covered with sand might at first seem almost worthless unless it is sitting on significant oil deposits and then it could be worth billions.

Determining Risk

Property owners sometimes learn the hard way that if someone gets hurt on their property, even if that person did something stupid and the injury was their fault, there still may be some liability for the property owner. America is lawsuit crazy, so make sure you have property insurance for your legal protection as well.


Yes, you want to have property insurance for vacant land for many reasons. Consult with your agent at The Select Insurance Agency in Coppell, TX to get a comprehensive insurance review, for property insurance of all kinds, and any of your other insurance needs.

What coverage do basic commercial policies offer?

Business owners in the Coppell, TX community can rely on The Select Insurance Agency to help them determine the most appropriate commercial insurance policy for their company. We are dedicated to providing our clients with the right information that can help them make an informed decision about protecting their enterprises. Typical commercial insurance policies offer basic coverage for your commercial property, equipment, and inventory. There may be aspects of your company that aren’t covered by a basic policy which is why we recommend that our clients review their needs with one of our knowledgeable and helpful agents.

Basic Commercial Insurance, Is the Coverage Enough?

A basic commercial insurance policy will typically cover your structure, any outbuildings, items contained on your property such as equipment and inventory. One important factor to consider is the level of coverage. Many primary policies have maximum coverage levels that may be insufficient to cover your needs. Additionally, items like a fleet of vehicles and very expensive or custom equipment may not fall under a primary policy.  Companies also need protection from lawsuits such as slip and fall accidents, and employee issues. It makes sense to have a basic commercial policy, and fill the gaps with any supplemental insurance such as an umbrella policy. For most companies, it is recommended that comprehensive commercial insurance is in place. This allows the firm to focus on the business at hand rather than worrying about coverage gaps and the like. 

If you are a business owner in the Coppell, TX community, call or stop by today and the team at The Select Insurance Agency can help you determine if a basic commercial policy is right for your firm. Don’t be left underinsured, let us help you find the appropriate policy for your business.