When should you review your farm insurance?
Regularly reviewing your farm insurance is essential to ensure you have adequate protection for your farm’s evolving needs. ISU – Bright Agency provides farm insurance in Columbus, IN, Seymour, IN, Madison, IN, Greensburg, IN, Versailles, IN, North Vernon and surrounding areas.
These are key times and reasons to review your policy.
- Annually
An annual review is advisable for all insurance policies, including farm insurance. This ensures your coverage reflects any changes over the past year, such as new equipment, crop types, or livestock investments. It also gives you an opportunity to reassess the value of your property and assets, which could affect premiums and coverage limits. An annual review also allows you to explore new policy options that may better fit your current operations.
- After Acquiring New Assets
Whenever you purchase new machinery, vehicles, or equipment, update your farm insurance to cover these valuable additions. Failing to insure new assets leaves you vulnerable to losses that may not be covered under your existing policy. Similarly, any investments in infrastructure, like barns or storage facilities, should be included in your policy to protect against potential damage or loss.
- Changes in Operations
If you change your farm’s operations, such as shifting from crop farming to livestock, or starting an agritourism business, your insurance should be updated to cover these new risks. Different types of farming activities come with unique liabilities, so adding or modifying coverage ensures you’re adequately protected.
- After Major Weather Events
Following extreme weather events, like floods, hailstorms, or droughts, it’s wise to review your insurance. Damage to infrastructure, soil, and crops from such events may impact your premiums or necessitate additional coverage for the future.
- Legal and Policy Changes
Any updates in agricultural laws, tax benefits, or insurance regulations can affect your policy requirements. Stay informed about changes that might require policy adjustments.
Regularly reviewing and updating your farm insurance provides peace of mind, knowing that you’re prepared for potential risks. It also helps to prevent financial losses, ensuring your farm can continue to operate smoothly, no matter the circumstances.
Want to discuss this further? We’re available by phone or email.