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Post by Oatking on Apr 23, 2022 16:42:53 GMT -6
What companies do you recommend for farm insurance and have any of you pushed for higher deductibles like 25000 or higher to keep premiums low. I was a little frustrated that a 10000 dollar deductible compared to a 5000 dollar deductible is only a savings of 500 dollars a year. I guess the way I look at it if a disaster happens 10000 dollars does not go very far these days. I feel if you take on a very high deductible you should be rewarded with a super low premium. Would it not show responsibility and good management of buildings if you take on more risk?
What do you guys think?
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Post by cptusa on Apr 23, 2022 17:13:40 GMT -6
$25000 deductible holy crap! $5000 is plenty stiff. I'm at $1000. If you're only saving $500 to jump from $5000 to $10000 the way I look at it is you're risking $4500 to save $500. Theoretically you have to go 10 years without a claim to come out ahead.
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Post by SWMan on Apr 23, 2022 22:25:35 GMT -6
Used to be with Portage, now with Wawanesa. Hard to know who is any good until you have a serious claim, I think we switched many years ago on the broker's advice and the broker is almost as important as the insurance company because they go to bat for you. Pretty sure I'm at 10K deductible and the discount is pretty good as I recall. Haven't made a claim since the 90's and it never crosses my mind to make a claim for anything small, insurance is there for if we get a tornado or something burns down or collapses.
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Post by Oatking on Apr 24, 2022 7:48:17 GMT -6
SWMAN, I think deductible is a geographical decision. Like cpt said he is happy with $1000, but he has way more chances of tornado damage than myself way up north. The last claim I had was 2005. It was for 45000 damage. Since than I have not risked losing my claims free discount for small things like hail on shingles. The insurance business and there adjustors are pretty smart to see if someone is trying to pull a fast one on them. 15 years ago 10000 deductible was considered pretty high but now a days if a tractor goes up in fire , 10 000 wont even pay for the back tractors tires. I used to have 1000 deductible but stopped after it was a considerable savings going to 5000 dollars. I guess I was surprised why going another 5 up wouldnt return the same savings! I use BSI and they have been ok. The adjustor did think it made no sense to go $10000 deductible but it is not him who is paying 13000 a year on farm insurance. If my farm yard is wiped out from weather , I would gladly pay 10000 for new everything.
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Post by OptimallyDismal on Apr 24, 2022 7:53:51 GMT -6
Our broker was saying that it is a close race between Portage and Wawanesa, we are with Wawanesa now, but next renewal they said Portage could be a better choice as they think Wawanesa is getting harder to deal with, go figure. I agree with SWMan, insurance is really for big stuff, not worth the hassle for small stuff, although with lumber prices etc the way they are I doubt I could replace half of anything with my coverage based on prices 2 years ago! It is interesting how things change with insurance, for example we have Blue Cross for health coverage and they came out with a wonderful new set of options with a new level (level D) that had higher coverage for dental and eye care, of course it costs more, but this time limited offer was available to jump on for a few short weeks. Our present coverage was level C, which also had a couple of improvements to the coverage quietly went up 5%, which wasn't the focus of the propaganda, the shiny distraction was the 25% more expensive level D. This coincided with Great West Life also doing "improvements", although I am not familiar with their specifics. Also, on sign up I was told that I could reduce my coverage at any time, but never increase it, but apparently every so often these offers come up and a person can increase their coverage, so never say never I guess. Bottom line, there is competition and things change, overall I think you will pay more for less coverage value (relatively) as time goes on.
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