Insurance Question

[gonzalezeb]

As I mentioned before...I own 160 acres in South Dakota and live out of state (Maryland). Insurance has always been a concern of mine and after many calls with USAA over the course of the past few years, I took it upon myself to get some additional insurance for my property in South Dakota (despite some assurance my existing homeowners policy would have me covered). Well, this week I had someone doing some work for me and unfortunately they had an accident and rolled my ATV down a hill 200-300 ft (it is a total loss). The individual suffered some injuries and my insurance is confident Workman's Compensation should cover them (they work for a well known national level conservation organization). In this unfortunate event my suspicion was correct that I really need addition insurance and having extra coverage is a good thing. However, I am not convinced I still have the "right" coverage as I am learning there is a lot of nuances with having two policies. I'm convinced had things been worse, I might not even have the right coverage.

What advice do you have for insuring hunting property? I don't lease it...so hunter insurance is largely inappropriate.

 

[Peeps]

I own 2 properties but both have houses on then so I don’t know if my advice applies. But I would say having 2 different policies would be a good idea.

 

[Bill]

I have a policy with Lyons of London on my hunting land. And it’s listed on my general liability insurance with my local company that insures my house and cars. I call general liability “stupid insurance”. It’s for stupid people doing stupid things with your stuff. Even if they don’t have permission…..

Never needed it but 1 out of 2 should help.

 

[Buckly]

My first point. Anyone can and will sue you in this day and age, even the Amish. So I would want to protect my assets up to my net worth with a liability policy Along with regular damage and injury protection.
my second point. I wouldn’t let anyone doing work on my property to use my tools or equipment, especially vehicles. They should have their own equipment and their own insurance. Otherwise you’re just asking for it in my opinion
Third point. I understand that insurance is a common and necessary thing but, insurance companies have thousands of way to find not to pay a claim. Example, most liability policies will not cover anything that involves an illegal activity. If let’s say, a person cannot legally ride an ATV without a license or insurance and registration unless you’re the owner on your land and someone working for you jumps on your ATV to deliver some material and crashes and gets hurt. Well that’s an illegal activity.
according To your insurance agent you’ve got a good policy. Then something happens and you find out otherwise. And there’s too much fine print for any person to ever understand LOL.

 

[Tree Spud]

You can add a general liability umbrella to your policy for $2-3 million for about $250.

Also, make sure contractors provide certificate of insurance before starting work.

 

[GMan5465]

My financial advisor suggested that we put our hunting property in an llp or an llc. This would limit our personal exposure if someone gets hurt/killed on the property. They can sue the llc, but not us personally. With that, we are getting an umbrella policy in the amount of the value of the llc, basically the value of the land and buildings. There are also other benefits from a tax standpoint and passing it on to the kids standpoint.

 

[b116757]

We use an LLC for all our rental properties to limit liability. Only so many in each LLC. On the farm we carry a farm policy that’s pretty extensive. We also have contractors or really anyone on the place sign a “release of liability” form.