Originally Posted by toadspittle
I have a wooded lot that I was planning to build a home on, but job circumstances changed so we're moving out of state. We're hanging onto the land for now, in hopes that we can move back someday and build.
In the meantime, we have empty woods with one house on either side (and no one else likely to intrude--it's not very accessible). What happens if the usual homeowner liabilities occur--tree from our property falls on a neighbor's house, neighbor kid is playing on our property and breaks a leg, etc.? Should I be maintaining some sort of homeowner's insurance?
The insurance you need is known as "O, L & T" (Owners, Landlords & Tenants). It's a liability policy. The main component of a homeowner's policy is fire, etc., insurance on the building(s). If the timber on the lot is valuable, you might be able to get a floater ("marine") insurance on it, but probably not.
Ask your insurance agent for liability insurance, period.