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Farm insurance $$$$$ reviews!
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Posted 5/15/2022 07:46 (#9661013 - in reply to #9659933)
Subject: RE: Farm insurance $$$$$ reviews!

Hanby Mill, AL
I’m probably crazy but have zero insurance coverage on $2M of farm equipment and buildings. Been this way for 20+ years and have experienced a couple of $50K loses during that time. I’m still WAY ahead of paying insurance premiums over that 20 year period. Just do the math, consider deductibles and the fact that you are paying for coverage that statically you would never use - the chances of a tornado or fire destroying even 10% of the value are extremely small. 3-5% premium on $2M would be $50K per year. Save the premium dollars and spend 10% of the amount on safety and risk management. Fire extinguishers, safety bonuses, battery shut off switches……. It has worked for me. Hope I don’t regret it one day but so far I figure I’m way ahead of the insurance game. Insurance executives making million dollar salaries and sponsoring golf and tennis tournaments aren’t cheap. Neither are the $100M sky scrapers. Guess where your premium dollars go? They take in more in premiums than they pay out in claims.
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