Does Your Alabama Farm and Ranch Insurance Need a Review?

Farm and ranch owners are in unique situations. They live and work on the same piece of land – which means they have a lot more to lose if disaster strikes. From fire to theft to tornadoes and other weather, there is a lot that can damage your farm or ranch. To make sure you are fully protected, you should have your farm and ranch insurance in Alabama checked over once a year.

Why Have Your Farm and Ranch Insurance Assessed Annually?

Just like homeowner’s insurance and automobile insurance, your insurance needs on the farm or ranch will continue to change year after year. A few key reasons you should have your risks reassessed annually include:

• Personal Property Changes – Over the course of a year, your farm or ranch will most likely acquire new personal property or replace some items and assets. This can include everything from machinery used on the farm to livestock to the feed used. If you purchased a new piece of equipment, you may want to ensure your personal property value amounts are sufficient to cover the value of that equipment. If you have significantly downsized, an insurance review can ensure you are not overpaying for property protection.
• Household Income – The income of local farmers and ranchers can fluctuate greatly. To ensure you have the most affordable coverage, having a quick review of your current Alabama farm and ranch insurance policy is key. An experienced insurance broker will be able to find better rates based on your current income.
• Buildings and Structures – Did you build a new shed on the property? Did you start renting out your barn? The buildings and structures on your ranch or farm can significantly increase or decrease your premiums. By having an annual assessment, you can ensure you have the right coverage for the buildings you own as well as any buildings you have rented out.

To assess your risks and liabilities, consult an established local broker for an insurance review. The team at The Nowell Agency can evaluate your current farm and ranch insurance in Alabama. Our comprehensive assessment will identify new risks, ensure you have adequate coverage and of course, make sure you are not overpaying for your insurance.

Call us at 877.813.9568 to learn more about farm and ranch insurance in Alabama or request a quote for coverage online.