|
Post by Oatking on Jan 29, 2021 7:46:41 GMT -6
Up until a few years ago I always took $1000 deductible on my farm insurance and didnt think too much about it. A couple years ago during my renewal period i raised my eyebrow with the cost of the farm insurance. I raised my deductible to try and bring the cost down. I was annoyed when my broker thought that it was a bad idea. I even suggested a 20 000 deductible.
The way I look at it, is if my farm blows away in a tornado or my shed burns down 20000 is the least of my problems. What do you guys think? When I suggested 20 000 deductible to my insurance broker all i heard was crickets.........! He said 7500 was the highest they can do. I choose 5000 deductible but was surprised it made little difference. 7500 was hardly a difference in price. So is the insurance companies pressuring us to pay higher premiums. I wish they would offer a range of options. I guess if you look at it on there side can insurance companies afford to insure us if we choose higher deductible.
Dont get me wrong I will always carry insurance, but I was wondering what other farmers views are with increasing costs. I know some farmers who have stopped taking out crop insurance.
Does it make sense to carry more risk with a higher deductible and pay a lot less of a premium on farm insurance.
Thanks, input would be greatly appreciated.
|
|
|
Post by cptusa on Jan 29, 2021 8:09:13 GMT -6
Shop around. Insurance companies are not your friend. I switched in 2014 for a slight savings.
I switched again to a different company in 2019 for a massive savings, kept a $1000 deductible vs $2000 with old company and added some items in the end got more and better coverage for $6500 less, that was on a $30k policy took down to $24k.
|
|