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Advisor

Insurance

I got my new policy for this year and looked through it and you really need a law degree to understand it . why do they do this? my agent is going to get a call to set up an appt. to go through but i don't know whether to believe him either. is anybody else going through this?

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4 Replies
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Honored Advisor

Re: Insurance

The main thing I insist upon for our farmowner's insurance is "replacement value" coverage for the main assets.  "Actual cash value" coverage is based upon values so depreciated, it isn't worth the paper it's printed on to me. 

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Advisor

Re: Insurance

I have that on the house but one paragraph of the policy states if the house is destroyed by fire-wind-whatever they will NOT replace ANY shrubs, tree, or other plant life. Two pages later they say they will replace any shrub,tree,or plant within 250 feet of the residence. WTH

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Honored Advisor

Re: Insurance

That may or may not be a contradiction, if the loss is covered if caused by some non-excluded force or event. 

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Honored Advisor

Re: Insurance

Our property insurer is obviously trying to raise the cost of rural ag policies and seperate the risk pool of those from the home owners in urban areas.  In effect shrinking the pool of policies sharing risk of rural policies.

This raises rural rates and protects urban rates.  Says to me they want all of their new policies to come from urban areas.

 

This anti-small town, anti-farm, move is one I hadn't anticipated.

 

 

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