Vacant land insurance is necessary now more than ever before. Many individuals are buying fixer uppers and parcels of land now that prices are lower than ever. There are also landlord's everywhere with houses and apartments with no tenants. Land all over our country is lying vacant right now, but it is not the lack of income from the vacant land or the payments that is the largest potential financial risk... It is the liability that comes with it.
What's the Risk?
For some odd reason vacant land is a breeding ground for trouble. People love to ride ATV's, hunt, and do other recreational activities on vacant land. People will walk through the land as a short cut and kids will play on the land. It is all fun and games until someone gets hurt.
It is easy to say "well if they get hurt it isn't my problem" but the reality is that it is your problem and you are liable... meaning you can potential be sued for injuries.
You probably are already doing this, but posting no trespassing signs and regularly checking for hazards will help mitigate risks. While this may keep some individuals off of your vacant lot, it will not protect you if someone ignores the signs and gets hurt on your property.