Running a farm or ranch, you see seasons come and go. Along with that natural rhythm of change, there are also the constant yet less-predictable changes in your business – volatility in commodity prices, construction expenses, labor costs and other factors. There are also those occasions when your life changes in some way – marriage, divorce, a death in the family or a new source of income. For each new set of circumstances, your needs also change.
You’ve done the responsible thing, insuring your business and property. But when there are new family members in the picture, or the value of your possessions rises or falls, the insurance coverage you’re carrying may not fit the new reality.
“We recommend farmers ask their agents for an insurance review at least once a year,” says Jerry Hillard, an AVP of Agribusiness Regional Sales in Des Moines. “A lot can change on a farm that could impact your coverage needs, things you may not even think about until it’s too late.
Anything new that happens should be reviewed. Major life changes (as mentioned above) can alter your succession/estate planning needs. Also consider building costs for repairs or new construction, or any major new purchases. If you’ve bought a new diamond ring for your spouse or a new shotgun for yourself, you’ll want to review your farm insurance coverages with your agent.
Nationwide has developed the On Your Side® Farm Certification for agents, who use their additional training in farm loss control to help ensure you have exactly the right protection you need. Find a Farm Certified agent by using the agent locator at www.farmagentfinder.com.
“Your insurance agent should be a trusted member of your team,” Hillard points out. “The more your agent knows, the better he or she is able to help protect you, your family and your farm.”
Life is full of surprises. Your insurance coverage shouldn’t be.