Think about how long accumulating your farm equipment took. And about the money you spent on each piece.
If a fire, flood, tornado or other covered disaster strikes your farm or ranch, will you be able to make a list of all of the damaged or destroyed equipment for your insurer?
Be prepared if you have to file an insurance claim
Conduct an equipment inventory so you have a detailed record of each tool, including:
- Purchase date and purchase cost. Include receipts.
- Estimated replacement value
- Serial or ID number
- Model number, brand and year
This information helps your insurance company reimburse you fairly and quickly, according to your policy provisions. Many farm management software packages include inventory tools that help make the job easier. But a notebook and a file box of organized receipts can also work.
Whatever you use, store your inventory records in a safe, off-site location, such as a safe deposit box. If your home is damaged, your records could be damaged, too.