Is My Farm Underinsured?

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.

farmer sitting on a tractor

Conduct a Farm Inventory

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:

  • Tools
  • Equipment
  • Vehicles
  • Fertilizer spreaders
  • Irrigation equipment

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. Ensure your farm or ranch is insurance by keeping inventory updated.  Try updating this inventory annually and continue to update as often as needed.

man mowing the lawn

Schedule an Insurance Check-In

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.

farmer surveying his farm while getting out of his truck