If I buy a residential lot, do I have to pay insurance?

Question

My wife and I are about to buy a residential lot for our future home. We are putting 10 percent down and we don't plan on building for about three to four years. Are we required to pay insurance for the lot? Or what other fees might there be?? We live in South Carolina. Thanks.

Answer 1

As the first poster said, depends on the loan.

But I personally would absolutely recommend liability insurance, whether you buy it out right or not. You just never know what could happen to someone.

Answer 2

I've gone through the similiar thing -- still a little bit painful,here is the resource help me out.http://insurance.online-frees.info/insur...

Answer 3

That would depend on whether or not you are borrowing the money.  A bank may require it.  I would think liability insurance would be needed in case someone gets hurt on the property even though there is no structure on it.  Check state laws too.