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If you are buying land, and not property, then you don't need property insurance. You may, however, desire liability insurance, but you can't buy property insurance for land, because there is no property.
If you want to buy land, but no liability insurance is available, you may want to look into forming an llc.
If you want to buy land, but no liability insurance is available, you may want to look into forming an llc.
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If available, new coverage will cost 5X as much as standard coverage and carry a deductible of about 10% of the property value.Hawaii is pretty but why on earth would you want to build in a volcano zone?
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There are a couple of Hawaii agents on here, but frankly your best bet is to pick up the phone and develop a relationship with an independent agent out there.
I get these "what if I build/rebuild" scenarios in wildfire country here in California ALL THE TIME. Its frankly very difficult to answer the question because its based on today's information and today's market. One thing for certain is that it will never be the same as it is today.
You "may" be able to extend liability protection to the vacant land from your Home Insurance policy, or you may not. You might be able to pick up liability insurance through a vacant land policy. You would likley get the vacant land policy through the HI agent.
Markthebroker is correct if you cannot find vacant land insurance, some attorney might suggest an LLC.
Lastly if you find all of this confusing, you might also want to speak with the Hawaii agent about insurance to build a new house. [Its more complicated than you think.]
I get these "what if I build/rebuild" scenarios in wildfire country here in California ALL THE TIME. Its frankly very difficult to answer the question because its based on today's information and today's market. One thing for certain is that it will never be the same as it is today.
You "may" be able to extend liability protection to the vacant land from your Home Insurance policy, or you may not. You might be able to pick up liability insurance through a vacant land policy. You would likley get the vacant land policy through the HI agent.
Markthebroker is correct if you cannot find vacant land insurance, some attorney might suggest an LLC.
Lastly if you find all of this confusing, you might also want to speak with the Hawaii agent about insurance to build a new house. [Its more complicated than you think.]
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Because those lots are really hot right now.
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Interweb says buy existing home 'may' be able to get coverage continued. New coverage will have 6 month waiting period until protection is in place. Hate to build a home and have to pray that mountain doesnt erupt for 6 months.
