About 93% of American homeowners have at least basic homeowners insurance. However, farm and ranch insurance is very different than homeowners insurance, and not just because it helps protect your farm-based assets. So before you choose the right farm or ranch insurance policy for your needs, it’s important to understand what to do — and what not to do — to choose the right policy and ensure your assets’ protection. Here are just a few critical mistakes to avoid when seeking out farm insurance.
Not choosing an agency that specializes in rancher’s and farmer’s insurance.
As is the case with other types of insurance policies, e.g., renter’s insurance, car insurance, or home insurance, it’s helpful to choose an agent and/or agency that has substantial experience working particularly with that insurance type. This ensures the highest satisfaction rates and asset protection without putting your farm at risk. It also increases the chance of effective communication and policy management from your provider. Make sure that the agency you choose has a proven record of satisfied clients.
In addition, working with a dedicated farmer’s insurance company will ensure that you have access to the most competitive rates. Insurers that do not specialize in ranch insurance are not likely to offer the best rates.
Not harvesting your crops as detailed in your specific policy.
Your farmers insurance policy will likely set clear guidelines regarding how you’re supposed to grow and harvest your crops. If you fail to abide by these guidelines, your entire policy could be put in jeopardy and compromised.
Not reporting your claim as quickly as possible.
Finally, it’s important to keep in mind that farm insurance is different than other types of insurance because things can change so abruptly and so frequently. With that in mind, it’s important to prioritize proper farm maintenance and regular assessments to make sure you notice any damage as soon as you possibly can. Not only that, but your agent needs to know important crop information and anything else that may be grounds for policy adjustments. By not getting your agent the information they need when they need it, you’re only hurting yourself.
Ultimately, avoiding these mistakes means ensuring a safer and more efficient farming experience. Don’t hesitate to reach out to a reputable farm insurance agent to get any and all of your questions answered and choose the right policy for your needs. For more information about farm and ranch insurance here in North Dakota, contact Farmers Union Insurance.