Farm Insurance

Formerly PaMike · Aug 23, 2011

What are you guys doing for farm insurance? I farm on the side,on my dad's property. My dad owns the land,and has a farm/homeowners policy to cover the buildings. I few years back the insurance agent told him I was no longer covered under his policy since I am an adult and own my own equipment. Basically, they view me as a tenant on my dad's property. I got a farm liability policy for less than $150 a year. It was an assesable policy. Now, they changed to non-assesable, and are making the minimum premium $500 a year. It really burns me to have my rates jump that much for a part time farm. Maybe I had it too good for too long...

Casey in Ky · Aug 23, 2011

I was in a situation similar to yours. Dad"s farm policy is thru Kentucky Farm Bureau. The local agent has been excellent with us. About 4 years ago I started doing quite a bit rented hay ground all around the county. The agent just added me to dads policy and kept me covered. No change in Dad"s policy and I"m out no money. I guess techinically they consider our operation a joint venture.

retired farmer · Aug 23, 2011

Insurance is just a scam. When I had my place back in the ninetys I had insurance thru Farm Bureau and was supposed to be covered for everything. Well a nasty storm came thru and broke a big tree branch off a cottonwood tree and dropped it on top of my John Deere tractor and damaged it. I walked in the house five minutes later and called my agent. Acted like he didn't know me and said it was an act of god and wasn't covered. About a month later I got a letter from the company and it said they had come out and looked at the tractor and determined it wasn't covered under the policy. I knew they were lying because I hadn't been off the property during that time and nobody ever came out. Went to town and changed insurance companys.

NW Ohio Tim · Aug 23, 2011

I've got renters insurance for a couple of hog barns and some equipment I have stored at the home place where mom lives. It's pretty cheap compared to what I have insured here where we live. I'm thinking less than $200/ year. I guess I better check and make sure they haven't jacked it up.

Anonymous-0 · Aug 23, 2011

folks over here have insurance for about anything you can think of and then an insurance to cover what you forgot :roll:

For farming, you pay a base premium of about 75 bucks a year then so much per hectare (2.2 acres) that you own/rent. Someone gets hurt on your place they are 100% covered. Anything happens to you/family while working on the property 100% coverage and handled a little quicker because it's considered a workplace injury... There are some variables but that's about the gist of it...... Plenty of room for fraud...

JDseller · Aug 23, 2011

My sons all farm some ground here and there plus we all use some of each others equipment here and there. The insurance guy was pulling his hair out trying to figure out how to cover everything. Told my lawyer about the issue. He said easy to fix. He just made us all partners in a farming partnership. The partner ship has the insurance policy. This is just for liability. Each one of us carries physical damage insurance on our own equipment. That way we can insure each piece for what ever the owner wants.

hayray · Aug 23, 2011

I pay about $750 per year for liability and equipment and crop, livestock coverage. One thing you need to do is to make sure you declare on your policy exactly the items you want insured and for how much, that will determine the price of premiums. Also, there is a blanket coverage of a certain amount that you want for livestock and or stored crops, such as hay stored in a barn, you will pay premium based on how high you set your blanket coverage. Another thing, you are not covered for properties you farm unless you declare those properties locaiton and acreage - I know people who have got suckered on that before. And most times if you are selling a retail product such as fruit, feed, beef etc., then you are not covered unless you have a product liability policy in addition to farm policy.

Formerly PaMike · Aug 24, 2011

Yeah, I thought we could do the same thing. The insurance company said they are "cracking" down on that. I guess they would rather have $500 from each person instead of $500 total, go figure...

JOCCO · Aug 24, 2011

Mike i am not an insurance exspert. But there are usally 3-4 companies that do farm insurance talk to them!! "Homeowners" will do you no good!! You (or your dad) will need pyhsical damage or inland marine on your tractors etc anyway. just like full coverage on a car. There may be a lot said about putting both you and your dad on the policy. May need to ask we fleecem and good (a laywer) about it as both of you can be sued (ie a hay customer gets hurt picking up hay).

oldtanker · Aug 24, 2011

(quoted from post at 02:51:45 08/24/11) Yeah, I thought we could do the same thing. The insurance company said they are "cracking" down on that. I guess they would rather have $500 from each person instead of $500 total, go figure...

I think it's time for you to shop around a bit. Start by doing some research on line and avoid the companies that have a questionable reputation.

Just cause you have had the same company for years don't mean yer getting the best deal!

Rick

kyhayman · Aug 24, 2011

I'd be looking at changing companies. We did the same thing with KFB. Dad and I had stuff that was his, I had stuff that was mine, and we had stuff that was ours. Actually the policy is still that way now that he's gone since my mom and I each got part of what was his. We each have our own KFB memberships and have our autos in our own names plus 2M umbrella liability policies in our own names.

Base policy is around 300 bucks for the basic farmowners with the two of us. Covers the essentials, limited employee medical 500K liability, utility damages, etc. Then machinery and equipment coverage for a tad over 6 dollars per thousand, frame buildings for a tad over 7 dollars per thousand, house and contents a little over 4 dollars per thousand. I think hay stored in the barn costs about what the barns do. All in all I am very pleased. KFB has treated me well over the years. We've had several claims and its never been an issue, no horror stories of being cancelled, longest I've ever had to wait was on a 6 figure check when a rental house burned. It took about a month. Others unless it was auto usually settle within 2 weeks.

Farm Insurance

Formerly PaMike

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Casey in Ky

Member

retired farmer

Well-known Member

NW Ohio Tim

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Anonymous-0

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JDseller

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hayray

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Formerly PaMike

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JOCCO

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oldtanker

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kyhayman

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