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Is Your Farm Property Underinsured? The answer might surprise you.

Post-pandemic construction costs to rebuild your home, barns, and buildings

on your farm have risen dramatically. Could your farm be underinsured should

you need to rebuild?

Fire fighters putting out a barn fire

As a farm owner, you should be aware of the limits of insurance you’re carrying for your

home and barns, should you need to rebuild in the event of a fire or natural disaster.

You may notice that your insurance company has raised the limits on dwellings and

some barns by 3-4% annually, but you may not thoroughly check to see if you’re

carrying enough insurance to replace the structures on your property.

large barn building being framed

Rebuilding Costs Have Risen

Although many insurance companies have an ‘inflation guard’ in place in an attempt to

keep pace with replacement costs, they’ve fallen short in keeping up with construction

cost increases. These include building materials, labor, etc. In the event that you need

to replace your home or a barn, the cost to rebuild is now dramatically higher than it was

three years ago. If the limit on a structure is not enough to rebuild, the difference will

have to come out of pocket.

inside of a moder steel and wood barn being built

Your Next Steps

It’s important that you take the time to review your insurance policy to find out if your

home and barns are insured at an appropriate limit. At Farm & Country Insurance, we

pay close attention to farm insurance industry trends and strive to inform our customers

of these types of changes that can impact their bottom line. Contact us today and let’s

have a conversation.

large modern new farmouse on a hill with a blue sky background


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