Helpful information for Oklahomans from wheat fields to city streets.
Having the right amount of insurance coverage for your farm or ranch is critical, and it’s important to have your property, tools, equipment, and vehicles covered. To see if you have the right coverage, check out our guide to be sure and stay on top of your policy.
Similar to a home inventory where you take note of the personal assets inside your home, a farm inventory could be beneficial in helping ensure your farm or ranch is fully insured. Additionally, this type of inventory can make filing a claim smoother; with a detailed inventory, you have all the necessary documentation compiled in one location. For example, it should at least include receipts, serial or model numbers, brand, model and year and more.
Remember – most, if not all, reported assets should be in this inventory. A few examples are:
Also, it can be easy to forget to update a farm inventory as systems are replaced, new equipment is bought and broken tools are thrown out and replaced. An updated inventory will ensure your farm or ranch is insured throughout the year. Try updating this inventory annually and continue to update as often as needed.
Along with developing and maintaining an inventory, it is important for an insurance agent to review the farm or ranch property. In fact, you can do this review annually to help verify current values. To explain, current values are the value of the farmland, cropland value and more. It is important to ensure current values are up-to-date, so a Farm and Ranch Insurance policy has the extent of coverage needed.
Moreover, insuring your property with the right amount of coverage will let you focus on expanding and growing your operations. Protect your livelihood with these steps or contact your local OKFB agent to schedule a consultation or to talk through a farm inventory.
The information on this website is not a contract, as it is provided for general information to explain potential types of insurance coverages. Further, descriptions do not refer to any specific contract of insurance and they do not modify any definitions, exclusions or any other provision expressly stated in any contracts of insurance. Please read actual policy documents for important details on coverages, exclusions, limits, conditions, and terms. If there is any conflict between the summary and/or information on this website versus the policy documents, the policy documents shall control. Please contact an Oklahoma Farm Bureau Mutual Insurance Company (OFBMIC) Agent to learn more about insurance coverages offered by and through OFBMIC.
Life insurance and annuity products are offered through Farm Bureau Life Insurance Company/West Des Moines, IA and are intended for residents of AZ, IA, ID, KS, MN, MT, ND, NE, NM, OK, SD, UT, WI and WY.