I wouldn't dream of being without property and casualty insurance. Self insurance is great if you don't have a catastrophe. I used to partially self insure, insurance was 'too high' until I had a rental house burn with 50,000 coverage (what I owed) when it would cost 135,000 to replace.
I'm pleased with Kentucky Farm Bureau, its a mutual insurance company. There are no stockholders needing a dividend. Our goal is to pay back 83 to 87 percent of premiums in claims with the 13 to 17 percent going to operations. Honestly, that's a tighter margin than I can run my business on.
My rule of thumb is, with a 1000 deductible I can self insure things worth less than 3000 dollars. Otherwise, its covered, from hay in the barn to my house to barns, tractors, and equipment. At least to the level I paid for it. A bit over 500,000 in property coverage with 300,000 liability runs a shade over 3500 per year. That's not counting vehicles, umbrella liability, or workers comp but I sleep at night.
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Today's Featured Article - On the Road with Dave Gohl: Tractors and Farming - by Dave Gohl. I never thought I'd live to see the day, when I could call myself a farmer. What allows me to say this? Well, when our family moved to our 20 acre site near New Prague, Minnesota, I had one thought in mind. You guessed it, farm it somehow. A little history is in order. In my younger days, mom, dad and my brother made frequent visits to dad's youngest brother Pete, who took over the home farm from grandpa MIke. It was the typical set-up, milk cows, pigs & chickens. In the winter, we'd play
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