Insuring vacant land?

[Rockstar]

Hi All, I am settling on a vacant lot in mid January but will be away on holidays until early Feb and out of contact. There are a number of trees on the property. Am I liable if a tree fell on a neighbouring house after settlement? Is it possible to insure against this if the land is vacant?
My solicitor is away so I can't ask the question till he returns just prior to settlement.

 

[DaveM]

www.landcover.com.au

Def need public liability insurance

 

[Ausprop]

or have your holding structure set up correctly and work on the basis that not every event in life can be foreseen and insured against. Personally I think this is going way too far

 

[Rockstar]

www.landcover.com.au

Def need public liability insurance

Too cheap!

Much appreciated Dave. I tried to call but no answer. Would you know off hand if I can take out the policy prior to settlement? I had a quick look through the terms and either missed it or it didn't say?

Thanks RS

 

[Rockstar]

Personally I think this is going way too far

Thanks Aus. Yes I agree.

Anyway thanks for the comment and have a safe and enjoyable New Yr. Nice to know you old hands are still around helping the community. I've been out of touch for a while.

 

[DaveM]

Too cheap!

Much appreciated Dave. I tried to call but no answer. Would you know off hand if I can take out the policy prior to settlement? I had a quick look through the terms and either missed it or it didn't say?

Thanks RS

Yes you jst sign up online and its effective immediately

 

[Rockstar]

Thanks Mate, Happy New Yr.

 

[Ausprop]

you would need to first inspect your property, take photos etc as evidence, look for any pot holes, uneven ground, dodgy looking trees etc. Anything not disclosed will be an out for them. For a policy like this they would hate to pay out a cent. I am trying to envisage what it would cover that you couldn't have reasonably prevented from occurring... a tree being blown over in a storm?... is storm cover included?

 

[Rockstar]

you would need to first inspect your property, take photos etc as evidence, look for any pot holes, uneven ground, dodgy looking trees etc. Anything not disclosed will be an out for them. For a policy like this they would hate to pay out a cent. I am trying to envisage what it would cover that you couldn't have reasonably prevented from occurring... a tree being blown over in a storm?... is storm cover included?

Well it's just a vacant block with trees on it. Just wanted to be protected if a tree blows over and injures someone or someones property. Also if someone goes onto the block and trips over and hurts themself.

Had a look at the CGU policy and it doesn't state that storm damage is excluded. I will email the broker and ask specifically if I need to provide any photographs, etc or whether simply disclosing the following they have asked for.

Apart from any options for structures already selected, is your block of land 'Vacant' in accordance with the Landcover definition of Vacant land?

Vacant Land means land not greater than 20 acres in size and not being used for any business (other than as property owner), profession, trade, manufacturing or rural activity or operation.

Such land to be with or without the following:

gates, fences, letter boxes, site identification pegs and signs.
plants, trees and shrubs.
landscaping, retaining walls, gutters, drains, paths, paving and driveways.
underground and above ground services including aprons, supply mains and meters.

Otherwise the land to be free of any structure(s).

Seems not to matter whether there are existing trees or not.

Policy wording here

 

[Waldo]

you would need to first inspect your property, take photos etc as evidence, look for any pot holes, uneven ground, dodgy looking trees etc. Anything not disclosed will be an out for them. For a policy like this they would hate to pay out a cent. I am trying to envisage what it would cover that you couldn't have reasonably prevented from occurring... a tree being blown over in a storm?... is storm cover included?

I enquired with them regarding a burnt out house. They had no issues with it (had to select 'additional structures on the land' which substantially increases the premium).

 

[INVSTOR]

Our neighbours dead tree that came down from wind in yard of their IP/our IP broke fence, cracked our roof tile, gutters. We are responsible for what happened on our side of fence.

 

[Kate Ashmor]

Some policies don't cover tree removal after storm damage. A client of mine found this out the hard way.

It's also worth asking your lender to provide a quote through their preferred underwriter, as they are really competitive thesedays.

Good luck!

 

[westminster]

Our neighbours dead tree that came down from wind in yard of their IP/our IP broke fence, cracked our roof tile, gutters. We are responsible for what happened on our side of fence.

I find that very strange. The neighbour is responsible for damage caused by items on their block. If their shed was lifted in a storm and it flew onto your block and damages it they are responsible.

The only time you are responsible for their tree is the ability to be able to prune the branches on your side of the fence.

 

[INVSTOR]

I find that very strange. The neighbour is responsible for damage caused by items on their block. If their shed was lifted in a storm and it flew onto your block and damages it they are responsible.

The only time you are responsible for their tree is the ability to be able to prune the branches on your side of the fence.

Not according to my insurance company. - Strange!
Will look into it more.