North Dakota, USA | Brown Cow - 12/2/2022 15:23
The dollar amount for insured property and liability hasn't meaningfully changed, and I've made no claims in the 9 years since I got my farm policy.
If you are living in the same house and it has not severely deteriorated over the last 9 years, your dollar amount insured should be up about the same 40% as your premium, if not more. If not, you are severely under insured and probably out of compliance with the companies replacement cost language. You should check into that. Farm machinery, the same. Look at what the cost to repair or replace machines has done over that time.
Even though you have not had claims, every claim the company paid over that time has dramatically increased in dollar value, this will have an affect on everybody's premium. From what I am hearing, a lot of companies are looking at 10%+ in rate hikes in the next 12 months. Just because the cost to repair/replace has jumped so much. Not to mention the increasing cost of operations for the company, labor, utilities, supplies, etc. have all jumped. The companies are not going to just absorb that and stay healthy for very long.
Eric in ND |