SW Indiana | Jay NE Ohio - 7/31/2026 07:59
Is there a third option? Put $23,000 every year into the stock market for 20 years? 7% average yearly gain = $900k. 10% = $1.3 million.
I carry liability insurance. I also carry insurance on my new dairy facility because I have a loan on it. When that loan is paid off, I will drop the insurance.
My mom used to work at an insurance agency. My parents farmed and carried insurance on everything for all their life. Maybe they were lucky, but I only remember one claim in those 50 years. One of their rental houses had a chimney fire that did significant damage. Insurance paid $30k. I estimate that they paid $500k to insurance over those 50 years.
What would your rate be with just liability?
Im 45 and insuring around 2+ million in equipment, sheds, bins, house, fertilizer, fuel, corn and beans in inventory, and then another 3 million in liability on top of that. With absolutely everything located in 1 spot at home. I feel like im getting a bargain, the way tornados are these days, if i lost everything I'd be out of business overnight.
Edit
Just this year we had a hail claim for buildings and the house totaling $57,000. 3 years before that another hail claim of $25,000. Most all of our roofs are new again after this year. Prior to that was probably 20 years since the last storm damage claim.
Edited by Walton Farms 7/31/2026 16:43
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Farm Insurance Renewal - which option would you pick
