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Discussion Starter #1
Do any of you have any experience with this. The landowner Iam trying to lease the land off of wants me to have liability insurance with an umbrella of 2,000,000. I don't own a home yet as I am renting while mine is starting to get built so I can't attach it to another liabilty policy like that.
What would be the cheapest way to get this insurance? Can I buy an umbrella cheaper? Any suggestions?
Thanks TT
 

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i wouldn't attach anything like that to my Home owner's policy. but things may be a little different in Iowa. and why 2 mil??? is that what he requested?

QDMA offers some liability insurance. check them out...
 

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Lease Liability

This is one of those times I wish I were smarter.I dont think you would have problem buying a Personal Umbrella . The Insurance Company would use your auto policy and renters policy for underlying limits.You can check with your agent.Be sure the Umbrella Covers this exposure . What concerns me is the landowner might be thinking he is clear of liability if you have an Umbrella.Your liability policy covers You not him.I think its a very good idea for you to have excess coverage but I think the landowner should be checking to see if his policy is properly endosed to cover the lease exposure and he may want to look at additional liability coverage also.If there is any doubt this would be a case where I would and he should talk to a Professional Insurace agent that knows what hes doing and /or spend a couple of dollars and consult an attorney who knows what hes doing.If something would ever happen you want to be sure this is done right.
 

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Farmer's National Company works a lot with recreational leases in Iowa and most of them require liability insurance. Farmer's national also has insurance agents that can provide such insurance. I'm sure they can help you. http://www.farmersnational.com/Insurance/AboutUs/
 

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Just curious... (sorry if I'm throwing this thread off)

but what could you POSSIBLY do on a leased property that would result in you being liable for 2,000,000 dollars? I mean, the land isn't yours so if somone comes along and breaks an ankle your not responsible, the owner is... The only thing I can think of is you shooting / sticking somone but I don't think that would fall under insurance on a leased piece of land?

sorry if its a dumb question
 

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Dredly said:
Just curious... (sorry if I'm throwing this thread off)

but what could you POSSIBLY do on a leased property that would result in you being liable for 2,000,000 dollars? I mean, the land isn't yours so if somone comes along and breaks an ankle your not responsible, the owner is... The only thing I can think of is you shooting / sticking somone but I don't think that would fall under insurance on a leased piece of land?

sorry if its a dumb question


I think its more in case you injure yourself. The liability insurance would protect him should your injuries arrise from the use of his land and you choose to sue him.
 

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Dredly said:
Just curious... (sorry if I'm throwing this thread off)

but what could you POSSIBLY do on a leased property that would result in you being liable for 2,000,000 dollars? I mean, the land isn't yours so if somone comes along and breaks an ankle your not responsible, the owner is... The only thing I can think of is you shooting / sticking somone but I don't think that would fall under insurance on a leased piece of land?

sorry if its a dumb question
A leased vehicle isn't yours either but, you have care, custody and control so you are responsible while leasing that. The same is likely applying here. It might be a requirement for his underlying policy that all lease holders carry coverage. I doubt that he wants to get sued 1st because the lease holders are liable for an incident and not carrying coverage.

Even if you are renting, get a renter's policy and extend the liability to your leased property. Then, take out a personal umbrella policy on top of your renter's policy. Most basic umbrella policies provide for 1 million of coverage but, you can add additional at a minimal cost.
 
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