Farm lease = 300k in personal liability insurance?!?

[dusty3030]

I've got a million umbrella as well and that is what is considered by most folks as a minimum.
If I had hired hands working on either place I have I would bump it to 5 million.

 

[hunterridgefarm]

I carry a farm liability policy for 1 million that is around $80.00 per year. IT also covers the produce I sale at the Farmers Market.

I have a larger personal umbrella policy also.

Check with your insurance company 1 mil may only cost a few dollars more than a 300k policy.

 

[DANOCHEESE]

I carry 2 million personal and one million farm. 300K is not enough You have entered into a binding legal agreement. You are a target. It is the system we live under... Consider it a cost of doing business.

 

[California]

... I just think that is money being thrown down the drain. Thoughts?

I think that's low.

Life is a gamble; you win most of the time, but then finally somebody sues you for putting your tree right where he is going to crash his motorcycle. There's no one to support him for the rest of his life now that he's brain damaged. Somebody has to step up and support his expensive treatment and lifetime care. You own the land where he crashed; you can sell the land to pay for his care, you lost the low probablity/high cost gamble. That's what insurance is for, to isolate you from having to sell the farm.

This may sound outrageous but I worked for the state highway department for years. On one of my examinations of various sub-departments (internal auditor) I learned the DOT was paying lifetime support for a couple of cases just like this. A jury had found there was no other party to pay the lifetime care of idiots who crashed into state property so the jury picked Mr DeepPockets (DOT) as the paraplegic's only available guardian. Don't be Mr DeepPockets, buy the insurance. And raise the amount to at least what that farm is worth, minimum.

 

[forgeblast]

I have a million in liability for about 300 a year (mine is for craft/art shows).

 

[Egbert]

As others have stated - liability insurance is CHEAP. My farm and all my rental properties have at least $1mill liability coverage.

 

[lilranch2001]

2 mill here, no farming, and pay 250 per year
Makes me sleep a little better at night
:zzz:

 

[Gunny]

I've always carried $500K on my place, even though it's just a pleasure farm for me to play with, no real agriculture activity, but there are so many ways you can get sued, it's best to have it. The neighbors down the road were sued when the son's girl friend hurt herself running through their barn during a family cookout. She won, big time, they lost, also big time.

There was another thread on here recently talking about carrying liability insurance because of your job. Since my wife carries one of those policies, I talked to the agent and got a rider on hers to cover the farm and rental properties for 1 million for less than $150 per year.

 

[newbury]

I carry 2 million personal and one million farm. 300K is not enough You have entered into a binding legal agreement. You are a target. It is the system we live under... Consider it a cost of doing business.

Unfortunately the "cost of doing business" is largely funding lawyers.

2 mill here, no farming, and pay 250 per year
Makes me sleep a little better at night
:zzz:

Now this thread get's me worrying that I need more insurance, I won't sleep at night.

 

[RickB]

Unfortunately the "cost of doing business" is largely funding lawyers.

The idea is to fund them a little at a time rather than all at once.