insurance ? new farm

Anonymous-0 · Jun 18, 2011

Need some help here. I bought my 81 acre farm in April this year and trying to get some insurance on the shed and starter home but not finished and had my insurance lady come out and look things over . Found out she didnt cover it and the worst thing she didnt tell us so we went uncovered and the shed is 200 ft long by 50 wide and the tractors are sitting in it. Also had a crop insurance fella come out yesterday and he said I'm to late for crop insurance , my boy and I planted 15 ac corn and 50 ac beans . Everything is up and going but never know what might happen . I didnt own the farm until after the dead line so how was I suppose to get it covered is what I told him and he said cant help on that. ANY ADVICE WILL BE HEPLFUL

bison · Jun 18, 2011

I wouldn't get in a knot about it.It ain't gonna burn down because of no ins.
Get another ins companie to give you coverage on the buildings,not that there is only one.

On the crop ins,well jeez, how did farmers survive without that! 50 yrs ago.

BTW i carry ins on the house only because the lender required it.
I have NO ins on my shop,barn or machinery.( just on the vehicles)
I do carry farm liabillity.
i been on this place for 18 yrs.

Paul from MI · Jun 18, 2011

Whole thing with insurance on buildings is how much risk can you take? What can you afford to replace? Liability is another story. Just have some fool run into your hay wagon on the road--big problems! I'd get that covered right away.

Ron A Anderson · Jun 18, 2011

When you stop and think about it there is two things to consider.
1 The odds of something happening are mighty slim. Otherwise ins companies would go broke.
2 What happened before ins? The people were careful and survived. Those that were careless learned the hard way. This kept the gene pool smarter.

Anonymous-0 · Jun 18, 2011

Thanks , makes a lot of since to cover just the home . I am on high ground no worry about flood waters and what happens after that I guess no control of . Thanks a lot.

JDseller · Jun 18, 2011

You need to get with some insurance agent that is used to writing farm policies. They will be able to insure the house, shed, and your tractors. The crop insurance guide lines are federal so it is basically the same regardless where you by it.

I would not listen to those on here that say to go without. The physical damage part of insurance for sheds and farm equipment it cheap. The liability is what is high.

The insurance on my three barns, two metal machine sheds, repair shop, and all of my farm equipment is only $3500 per year. That is on $650,000 dollars of coverage. You think about what that big shed would cost to replace and compare that to the insurance premium.

Just about forty miles west(Manchester) several farms steads where hit by straight line winds three years ago that leveled all of the buildings on about five farms. One of them was like some on here he did not have anything insured but his house. He is living in a new home but had to rent his ground because he could not replace what equipment he owned. That is not going to be me. I am sixty years old and I don"t have the time to start over.

Anonymous-0 · Jun 18, 2011

I would tell you that the farm liability insurance is most important. You need someone that has trained attorneys to defend you in case of an accident. It is possible to be hurt worse in a liability lawsuit than a total wipeout of your physical property. Any property must be consider as can I replace or am I going to need help. What you do not place with an insurance company, you have decided to self-insure. James

Anonymous-0 · Jun 18, 2011

Yea, the shed and equipment loss would be rough on a guy who just started farming my boy is 11 and its gonna be his someday. Thanks I really appreciate your input along with all others, gonna get it covered. Any names of some good farmer insurance co.? Thanks again

kyhayman · Jun 19, 2011

Find a new company.... I've been with Kentucky Farm Bureau since I started. Really the only game in town with the total package. Your state should have local Farm Bureaus that write farm owner policies. I try to carry some coverage on any building that has some value to me. Maybe just a few thousand dollars of coverage but something. Rate is a around 7 dollars per thousand on pole barn type buildings. House and contents runs about 6.50 per thousand, and machinery about 6.00. As someone who has had total losses on rental homes, tractors, etc as well as other losses such as wind, ice, theft, etc its some of the best money I spend. My bill is around 2500 per year for farm owners with property and casualty and 500K liability. Its another 500 a year for another 4M liability rider. Thats not cheap but as an adjuster told me, the higher your limits the better the legal team if you get sued. I've got thousands of rolls of hay on the road every year. Its cheap protection for what I've worked for. As to crop ins, I cant make it pencil on anything but tobacco. I insure my hay in the barn against fire and theft, same rate as a machinery.

JOCCO · Jun 19, 2011

Yes find a company that specilizes in farm or ranch. Do not get to shook up on insuring very old items (1940 jd tractor)or minor equipment ($400 fertilizer spreader)

insurance ? new farm

Anonymous-0

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bison

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Paul from MI

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Ron A Anderson

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Anonymous-0

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JDseller

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Anonymous-0

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Anonymous-0

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kyhayman

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JOCCO

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