what kind of insurance do you have???

Anonymous-0 · Feb 19, 2010

Hey folks,
Jim & Nancy's collapsed roof has me wondering.......... What type of insurance do you folks have (or have available)???

There is insurance for about everything here and, because almost everyone has it, it's very reasonably priced.

For 135 bucks a year, if I or anyone else gets hurt on any of owned/rented property, bills are 100% paid including disability (my regular insurance has a 500 buck deductable) only catch it, you HAVE to wear/use safety equipment. 60 bucks a year covers legal (attorney) costs. 60 cents per animal per year covers disposal of dead animals (real costly here), insurance in case an animal causes damage/injury. Hunters are respnsible for crop/property damage from wild animals in their are of responsibility so they have an insurance to cover them. Then, there is a blanket insurance on a person to cover anything not covered in others that is cheap (ie. I was on the roof shoveling snow and caused it to collapse).

Not a bad deal.....

Dave

kyhayman · Feb 19, 2010

I carry general farmowners and auto with Kentucky Farm Bureau. Its reasonable and covers perils to buildings and equipment like collapse, snow, wind, water sometimes (water coverage is fickle here, if its flood you have to have national flood insurance), fire, theft, and vandalism. Building coverage runs about 10 bucks per thousand in coverage, machinery and equipment between 6 and 7 dollars per thousand.

A general farm owners policy with them also provides coverage for utility damage, environmental clean up, liability, medical payments to others, etc. Since it just gives 300,000 in base liability I buy up a rider for an extra 1M in general lines liability coverage. All in all I have been very pleased with them. It is a member owned company, and over the years I've collected on several claims, big and small.

I dont try to insure for everything or at full value, the bill not counting vehicles is over 3000 a year as it is. Instead I try to cover the buildings at what a replacement functional building would cost.

PJH · Feb 19, 2010

Kyhayman - I have a friend who had a pole barn fire - total loss including some equipment and lots of hay. He had it insured for 1/2 the value of the building (according to the insurance company) so they paid him 1/2 of what he had it insured for.

In other words, using fictional numbers:
$10,000 worth of insurance on a building appraised at $20,000 - he received $5,000.

Something to check on. It was a good lesson for me. My insurance agent assures me that I do NOT have that type of coverage.

Paul

Mike (WA) · Feb 19, 2010

Either he got snookered, or the story is wrong. If you insure for half the value, you get paid for half the loss. $20,000 building, insured for $10,000: If the loss is $5,000, you get $2,500. If the loss is $20,000 (total), you get $10,000. Ran into this when PCA used to finance fishing boats- guys with $200,000 boats who owed $100,000 wanted to insure for $100,000, just to cover the loan. That worked fine if it was a total loss (lender got its loan paid), but left owner holding the bag for half of a partial loss.

PJH · Feb 19, 2010

Thanks Mike for your comments - I know from your previous posts that you have a lot of legal knowledge.

I know this guy well, and know that the outcome of his story is like I told it above. It wouldn't surprise me that he was snookered. He didn't get an attorney involved. I do know that he is a frugal guy, and I'm never surprised to see him get involved with a fly by night outfit if he thinks he is getting a "bargain". He currently owns several of the so-called Amish heaters, but that's a whole 'nother story. . .

I discussed this incident with my agent, and he is well aware of this man's outcome. He doesn't dispute the story, and assures me that I would receive the insured amount for any loss. It is a story that I can't get out of my mind, and one that we re-hash every time my agent visits.

Paul

kyhayman · Feb 19, 2010

I'm with Mike on this, sort of. My significant other is a property and casualty adjuster (same company I have coverage with, but shes not my adjuster). If its a total loss you get limits of yor coverage, if it a minor loss you get the loss covered. Where it get dicey, if you have 1000 of coverage on a building and the roof blows off they wont pay limits for just the roof, then it gets pro rated. She gets that a lot with mobile homes and such.

You're smart to ask your agent, there are some companies that do some real shenanigans. One of my friends wanted to save a few bucks and went with another company. He bought a tractor, on a Friday and lightning hit his barn over the weekend. He had called his agent to get coverage but his company told him that since they hadnt talked in person no coverage. Mine gives you through the next business day after making a purchase to bind coverage.

what kind of insurance do you have???

Anonymous-0

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kyhayman

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PJH

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Mike (WA)

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PJH

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kyhayman

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