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Many farm and ranch customers are facing rising premiums and complex economic times. Farm Flexible Deductible can give them the opportunity to save money while still protecting them from worst-case scenarios.

What are the benefits?

cattle
Farm Flexible Deductible can:
  • Help you match deductibles to risk tolerance
  • Lower premiums so clients can reinvest savings back into their farms
  • Allow clients to plan with confidence having a threshold for their out-of-pocket insurance costs
  • Reinforce your role as a trusted advisor with smart, customizable solutions

What are the details?

Farm Flexible Deductible can allow customers with a Farmowners policy to choose a higher-than-standard deductible — between $25,000 to $1 million — in exchange for a premium discount.

Unlike a standard policy, in which a deductible applies to each individual loss, the Farm Flexible Deductible sets one total deductible amount that applies to property losses across policies for the entire policy term.

Only available in Ohio, Iowa, Pennsylvania, Nebraska and Kansas. Underwriting guidelines apply.
It's important to note that:
  • A minimum claim threshold of $2,500 must be reached to count toward the deductible
  • A maintenance deductible of $2,500 per claim applies after the policyholder has paid out of pocket up to the deductible; then Nationwide® will cover the remaining cost of claims

Is it a good fit for your client?

Determining whether Farm Flexible Deductible is a good option for your client involves a variety of considerations. This insurance feature may be best suited to larger farms with low debt-to-asset ratios where upfront claims costs can be more easily absorbed and for customers who want to keep more capital invested in their farm.

You and your clients should also consider their:

  • Financial readiness
  • Risk tolerance
  • Claims frequency
  • Cost-benefit analysis
  • Coverage access

Farm Flexible Deductible can be an option to present at policy renewal as a potential solution for customers looking to manage rising premiums.

To evaluate premium savings, start a quote.
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Insurance terms, definitions and explanations are intended for informational purposes only and do not in any way replace or modify the definitions and information contained in individual insurance contracts, policies or declaration pages, which are controlling. Such terms may vary by state, and exclusions may apply. Discounts may not be applied to all policy coverages.