When to review your Farmowners insurance policy?

Posted by Lori Gelvin Monday, September 18, 2023 11:40:00 AM

Farmers should review their insurance policy regularly to ensure that they have adequate coverage and that their insurance needs are met. It's essential to maintain adequate and up-to-date coverage to protect against unforeseen events and uncertainties in the agricultural industry. Here are some key times and reasons for farmers to review their insurance policies:

Annually or Seasonally: It's a good practice for farmers to review their insurance policies on an annual or seasonal basis, especially before the start of a new planting or harvesting season. This allows them to assess whether their coverage levels and types still align with their current farming activities and potential risks.

Changes in Farming Operations: If there have been significant changes in farming operations, such as expanding the farm, adding new crops or livestock, or changing farming practices, it's crucial to review insurance coverage. These changes may require adjustments to coverage limits or types.

Equipment and Asset Updates: If farmers invest in new machinery, equipment, or infrastructure, they should review their policy to ensure that these valuable assets are adequately insured.

Liability Considerations: Farmers should periodically review liability coverage. If they start agritourism activities, sell products directly to consumers, or engage in other activities that increase liability exposure, they may need to adjust their liability coverage.

Cost-Effectiveness: Insurance premiums can change over time. Farmers should compare quotes from different insurance providers to ensure they are getting the best coverage at a competitive price.

Financial Changes: Any significant changes in the farm's financial situation, such as taking out loans or expanding operations, may necessitate a review of insurance policies to ensure that the coverage adequately protects against increased financial risks.

Life Events: Personal life events, such as marriage, divorce, or the addition of new family members, can impact insurance needs. Farmers should review their policies to reflect these changes.

Crop and Livestock Inventory: An accurate inventory of crops and livestock is essential for determining coverage levels. Farmers should regularly update their inventory to ensure their insurance accurately reflects their current assets.

It's essential to maintain adequate and up-to-date coverage to protect famers against unforeseen events and uncertainties in the agricultural industry. Consulting with an insurance professional or agent can be helpful in navigating these reviews and ensuring the right coverage is in place.

Wayne Insurance Group

For more than a century, the Wayne Insurance Group companies have delivered financial security and peace of mind for families, farms and businesses. As mutual insurance companies, we exist to serve the insurance needs of our policyholders. We have partnered with a network of independent agents to offer a full line of insurance programs backed by prompt, fair claims service and support.

Contact Us

Wayne Insurance Group
3873 Cleveland Road
Wooster, Ohio 44691

Tel: 330-345-8100 | Tol: 800-222-3873
Email: info@wayneinsgroup.com

Wayne Mutual Insurance Company

Founded in 1910, Wayne Mutual Insurance Company provides a wide range of property and casualty insurance programs for automobiles, homes, farms, investment properties, and businesses.

Washington Mutual Insurance Association

Since 1878, Washington Mutual Insurance Association has provided protection for homes, farms and personal property. Our products can be tailored to meet the specific needs of our policyholders.

Mid-State Farmers Mutual Insurance Company

Mid-State Farmers Mutual Insurance Company has been insuring homes and farms in Indiana since 1878, and remains committed to providing dependable protection, seeking creative solutions, and establishing synergetic relationships.