How to Keep Farm Building Insurance up to Date
Owning a farm means having a lot of responsibilities, and one of the most important is making sure that your farm building insurance is always up to date. Having proper insurance coverage for your farm buildings can help protect your property from damage or loss due to various unforeseen events. Inflation is the topic on everyone’s lips and with constant change, it’s important to remain in touch with rates of inflation and your sums insured in the event of a claim.
How Can I Ensure I’m Sufficiently Covered?
First things first when considering your farm building cover; regularly review your sums insured.
Do not wait until renewal to review as the risk of under-insurance is one that should be mitigated at all costs. With the cost of labour, materials and issues relating to the supply chain rising, having inaccurate insurance in place could be devastating. In the event of an incident, there are potentially months in-between the value agreed on the initial estimate at the time of the incident and the actual cost of when materials are ordered, there could be a substantial deficit leading to the increased costs not being covered. Insuring your business premise against the rebuild cost as opposed to the current market value or sale price, can prove invaluable.
Most importantly, it’s essential to remain in regular contact with your insurer and inform them often of any changes to circumstances, sums and activities that could alter your policy.
Farm and General Providing Market Leading Cover
Here at Farm and General, we understand that changes in inflation raise many hurdles when insuring farm buildings, however, some of our policies are now being amended to a ‘Day One’ basis. From the day a policy is taken out, you will be covered for the full value of your buildings and contents, and in the event of a claim, we will provide a significant uplift of up to 50% on top of the sum insured. With the cost of repairing buildings and equipment being so costly, farmers may otherwise be unable to cover the cost of the necessary repairs.
Get in Touch
Keeping your farm building insurance up to date is essential for protecting your property and ensuring the longevity of your farming operation. With the correct coverage, you can have peace of mind knowing that your business is protected against any unforeseen events that could cause financial loss. As market leaders in farm building insurance, don’t hesitate to get in touch today.