Insurance for Vacant Infill Lot
Hi everybody, I've recently bought a vacant lot that is about .1 acres in size in a suburban setting. Another project has since come up to demand most of my attention (since these will be my first design and development projects) so I won't be able to build on the lot for about a year. So yes, I will now have to pay for both insurance and a lawn mowing crew for the next year. (Not great.) Anyways, I received some quotes for a general liability policy from a local agent and just wanted to compare what others in this forum have experienced. Here are some details about the quote.
-$637 per year premium for general liability
- 1,000,000 per occurrance
- 2,000,000 per year total
If anyone else has been in the same situation, what have they paid?
Also, is there anything else I should do besides maintain the lot, have insurance and work as fast as possible on this other project so I can stop paying holding costs on this property? Thanks!