As a farm owner, you want to protect your property from the unexpected. However, to get the best possible deal on farm insurance, you need to know which factors influence the cost. An insurance agent can help you understand what features impact prices so you can get the best quote. Below are a few factors to consider.
What Influences Farm Insurance Premiums?
1. Location & Risks
Farms have many moving parts that create the potential for injuries and other hazards. If you’re in a flood zone or an area prone to natural disasters, for example, the premiums will be higher. The size and function of the farm are also contributing factors. If you invite people onto the property, such as for horseback riding lessons, you’ll need additional coverage for accidents.
2. Commercial Exposure
The products you create and the crops you grow also impact the premiums. If meat from your livestock, for example, leads to a local illness, you’ll be glad you had coverage. During a consultation, an insurance agent will closely examine your commercial exposure to quote an accurate premium.
3. Previous Claims
If you’ve filed previous insurance claims for natural disasters, commercial exposures, and other issues, insurance companies will view you as more of a liability. While they will still provide farm insurance, they may increase the premium based on past incidents. Have all the necessary documentation about previous filings on hand during your consultation so you can explain the reasons behind the claims.
First State Insurance Agency is proud to offer fair farm insurance premiums to their clients. They focus on comprehensive coverage and accuracy and will create a detailed plan to cover all of your assets. With convenient locations in Beatrice, David City, and Hickman, NE, they also offer life insurance and business insurance to their customers. To speak with an agent, call (402) 979-7585, and visit their website to request an insurance quote. Connect on Facebook for news and updates.