Topic: Re: OT farm machinery insurance
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Kentucky Farm Bureau, property and casualty on the equipment and buildings, general farm owners liability, and umbrella liability.
Ive been on the county board of directors for years through the federation. In my second term on the state policy committee. For what its worth, and I would speculate that NC is in the same boat as we are. Property and casualty has been a money losing proposition for us as a company for the last 3-4 years. Were it not for auto making a little money the company would be in deep trouble. Insurance companies buy insurance to cover catastrophic losses. Nationally, with wildfires, hurricanes, storms, tornados, etc all the property and casualty insurers have lost money, and the reinsurance companies have lost more. Insurance just spreads the risk around. Over all, its been bad all over the past few years.
With all that said there are ways to save money. I cant give you the specifics of NC but its worth talking to your agent. Some of our old policies had 100 dollar deductables. Raise that to 500 and it will cut your premium by a third. Pay annually and it will save several percent in handling fees. As a mutual insurance company FB payouts should equal premium plus operationg expenses.
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