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Do you have enough insurance?


What if you wake up one morning look outside and your barn is gone? Then you pinch yourself and it is still gone. Your barn is burned down nothing left but burnt debris. You open a fire insurance claim and as instructed you get quotations from General Contractors to rebuild. They all come in at higher prices than your insurance covers. You do not have enough insurance! There are a number of reasons how this could happen.

Please understand that any insurance broker who specializes in a particular industry will know more about your rebuilding costs than one who does not. But even in this situation the Insurance Broker is not a Contractor or an Appraiser. Your chosen Insurance Broker is an expert of insurance who can discuss options with you and is authorized by insurance companies to purchase on your behalf. Suggestions on replacement cost that your Insurance Broker gives you could be high or low depending on the situation. Without actual quotations from a Contractor or an Appraiser, you do not know for sure what the limit of coverage on your policy should be. – I am constantly reviewing the rebuilding costs with contractors and farmers who are currently building. However, let me say this, ultimately you are responsible for your livelihood. Yes, there are situations where others maybe at fault and you can negotiate or take others to task for advice given, but still the fact remains that you need to be proactive, ask lots of questions and get good solid advice. Even if others are responsible, you are now the person dealing with the unnecessary stress and unnecessary time spent on correcting the situation. It is a lot easier to take care of the potential problems while they are still potential!

No two people are the same; therefore it stands to reason that no two buildings are the same. Options chosen and quality of equipment vary the replacement cost greatly. Two similar facilities can vary in replacement cost by more than 25%. Remember to review your policy, look at it carefully!

Today’s farmers should purchase insurance from people who know farming. Farming should be viewed as a business, and you should seek advice from people who understand your business.