Home Owners and Barn Insurance - Value to Insure?

[aczlan]

Wow, each region has it's own rules and guidelines, as an agent I would have been all over that with the underwriting department unless you had a history of losses. I can't defend everything we do and I have battles with underwriting and claims whenever they have stupid rules, and that sounds like one of them for certain.

Looks like you made the 3 millionth non-deleted post (by my unofficial count).

Aaron Z

 

[GPintheMitten]

In my case, the policy is a farm/country estates policy. Both barn structures are specifically listed on the policy proposal, the value limit, and the optional premium for replacement value. Both my agent and the underwriter are aware of our own 3 horses and the intent to board other horses in the future. The policy includes a farm and personal liability coverage of $500,000 to start with and will later include coverage for boarding business when we start that and pay an additional $286 premium.

In this process, I have been very open with my agent about all aspects of the property and my use of it. I want to be sure the know of the activities/risks so that I am covered in the event of a loss or lawsuit.

 

[pineridge03]

The farm policy would be your best bet. As your exposures change over time: boarding, buying more equipment, coverage for your hay/farm products, additional properties... it typically involves a phone call to your agent to add what you need as opposed to having to write a new policy. As I mentioned earlier, be sure to have the agent clarify how the company settles a loss on a farm building if you don't have replacement cost. If the additional premium for replacement cost is something you can afford that would be the way to go.

 

[GPintheMitten]

The farm policy would be your best bet. As your exposures change over time: boarding, buying more equipment, coverage for your hay/farm products, additional properties... it typically involves a phone call to your agent to add what you need as opposed to having to write a new policy. As I mentioned earlier, be sure to have the agent clarify how the company settles a loss on a farm building if you don't have replacement cost. If the additional premium for replacement cost is something you can afford that would be the way to go.

Replacement is $2/per building per year. Yah, it's affordable.