Farming Life Changes
Your need for insurance protection is constantly changing, and your agent wants to ensure that you have the proper coverage and limits to best protect those things that are important to you. While the kinds of changes that may impact your insurance needs are virtually endless, here are some key farm and other life events that may impact your insurance protection, and some suggestions about the items you may want to discuss with your professional independent insurance agent.
Such a review is not necessarily about purchasing more coverage, although, depending upon your individual circumstances, that may be your agent’s recommendation. You also want to make sure you aren’t paying for coverage you no longer need and that you are taking advantage of every policy discount for which you may be eligible. We want you to enjoy the peace of mind that comes from knowing that your protection is up-to-date and appropriate for your current needs.
You may want to review your farmowners coverage when:
Your policy comes up for renewal
- Has the policy changed since it was originally purchased?
- Do you need additional coverage that you didn’t need earlier?
- Are your coverage amounts appropriate for the assets you are protecting?
- Do you need to adjust your deductibles?
- Should you supplement your current policy with an umbrella policy?
You move to a new farm property
You purchase a new or additional vehicle or major piece of farm equipment
Changes to buildings on the farm, including:
- adding new structures
- significant updates to existing structures
- adding new equipment to existing structures
You make improvements to your home, such as:
- Adding a room or changing the square footage of your home
- Expanding a kitchen or bathroom
- Enclosing a porch or patio
- Installing a fire/burglar alarm system
- Finishing your basement
- Building a new deck, shed, or gazebo
- Installing a pool or hot tub
- Upgrading your electrical, heating/cooling system, or plumbing
- Replacing a roof, siding or other major exterior upgrade or repair
You reorganize the farm ownership, including:
- creating a trust
- establishing an LLC
- incorporating the farm
You bring children into the farm operation as owners / managers
You institute a non-farm business
You establish a new way of selling your farm products, including:
- setting up a roadside stand
- creating a pick-your-own operation
- taking fruits / vegetables to an off-premises farmers market
You acquire new animals (such as purchasing a horse)
You acquire or purchase expensive personal items, such as:
- Hobby / craft items
- Computer or electronic equipment
You experience a significant life change, including:
- Marriage / Divorce
- Death / disability of a family member
- Birth / adoption of children
- More or fewer people living in your home (i.e. parents, relatives, or adult children moving in or out)
Any time a circumstance in your family or farm operation changes, it may impact your insurance needs. While this list is by no means exhaustive, it’s intended to outline examples of the kinds of events that may suggest that a review of your personal or farmowner insurance may be wise.