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Tractor Talk Discussion Forum

ot: insurance on out building

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steve_ne

04-04-2005 12:44:47




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I have 6 out building a couple that need work a couple that need to have a burn permit. some old, some not so old. Is it worth getting insurance on the older ones and how do you put a value on a old barn. Cost to replace? Cost of a new pole barn of equal size?? What do you have?

Thanks

Steve




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kyhayman

04-04-2005 20:33:50




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 Re: ot: insurance on out building in reply to steve_ne, 04-04-2005 12:44:47  
$15K each on the 2 old tobacco barns and the hay barn. Other buildings are self insured. $15K might buy the materials to replace. Would put up a metal quonset with equal storage. Cost is $7 per $1000. Contents are self insured except tractors/equip, crops stored under multiperil. Cant see insuring for replacement cost, if they are a total loss I'll build back something cheaper, mostly roof damage from wind, ins company has been good to me. Several big claims over the past 10 yrs.

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Lincoln

04-04-2005 17:56:09




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 Re: ot: insurance on out building in reply to steve_ne, 04-04-2005 12:44:47  
My barn, shop, and garage are insured for replacement value. I have an old corn crib that is insured for an enough value to clean up the remains if something happens to it.



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Nebraska Cowman

04-04-2005 15:53:36




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 Re: ot: insurance on out building in reply to steve_ne, 04-04-2005 12:44:47  
All buildings are insured, either they are "self insured" or else you pay a fee to have someone take the risk for you. Your choice.



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RustyFarmall

04-04-2005 18:08:18




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 Re: ot: insurance on out building in reply to Nebraska Cowman, 04-04-2005 15:53:36  
Never thought of it quite like that, but you are 100% correct.



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havvey

04-04-2005 14:41:52




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 Re: ot: insurance on out building in reply to steve_ne, 04-04-2005 12:44:47  
get a farm insurance ie farm family or countryway. i would be more concerned about the contents than a delapitated building as they may not insure it.



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caseyc

04-04-2005 14:28:37




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 Re: ot: insurance on out building in reply to steve_ne, 04-04-2005 12:44:47  
i have a hiproof barn that was built in the 20's. it is in good shape and still used for hay and livestock. my insurance man is a farmer himself which helps alot so it is insured for replacement value. if the barn ever went down i want one just like it because it's the whole reason i bought the farm. my other out buildings are insured for exact size replacement with pole type buildings. example, one shed is a grainery type and measures 16'x24', so it's insured for the value of a pole shed that size, etc. my policy is a farm and ranch policy, not a standard home owners policy.

casey in SD

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RustyFarmall

04-04-2005 13:34:41




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 Re: ot: insurance on out building in reply to steve_ne, 04-04-2005 12:44:47  
Have your insurance agent come out and look, it's the only way you will know for sure.



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Rickstir

04-04-2005 13:27:30




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 Re: ot: insurance on out building in reply to steve_ne, 04-04-2005 12:44:47  
Our are fully insured. But then again, not a building on the place is more than 7 years old. Don't forget the contents.



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