Maximize Your Return with the Right Type of Crop Insurance April 4, 2023 If disaster strikes, are your crops protected from unexpected losses? We provide a wide range of crop insurance policies that protect Oklahoma’s farmers and ranchers from unforeseen events like bad weather, pests, disease and more. These policies also offer protection against decreased crop yields due to factors beyond your control. Ready to learn more? In this blog, we’ll spotlight a few types of crop insurance available to you through OKFB. With a better understanding of how these policies work, you can have peace of mind knowing that you’re protected against the unexpected. Yield Protection (YP) This policy insures producers against yield losses due to natural causes such as drought, excessive moisture, hail, wind, frost, insects and disease. With this policy, you select the amount of average yield you wish to insure, from 50 to 75 percent (85 percent in some areas). If the harvested plus appraised production is less than the yield insured, you’ll be paid an indemnity based on the difference. Check out this brochure to learn more. Please check with your agent to see if these crops or any additional crops are available in your state and county. Revenue Protection (RP) These policies protect you in a similar way as APH policies. However, with this coverage option, a projected price is used to determine coverage. This protects against loss of revenue due to a production loss, price decline or increase, or a combination of both. RP policies are a good way to reduce financial stress and recoup losses due to unexpected weather conditions. The following crops are eligible for RP coverage. Check with your local OKFB agent to see if RP coverage for these crops is available in your county. Barley Canola Corn Cotton Dry Beans Dry Peas Grain Sorghum Peanuts Popcorn Rice Soybeans Sunflowers Wheat Livestock Risk Protection (LRP) Did you know that Crop Insurance can insure your livestock too? LRP is designed to provide protection on fed cattle, feeder cattle and swine against a price decline. This type of policy offers protection against market volatility and gives you the freedom to focus on your business without worrying about potential risks. Dairy Revenue Protection (Dairy RP) Dairy RP insures against unexpected declines in the quarterly revenue from milk sales. This plan is designed to protect the revenue you receive from milk production, and it’s flexible to fit the needs of your specific dairy operation. With a reliable financial safety net in place, farmers can focus on producing quality milk without worrying about market volatility. Crop Hail Insurance Crop Hail Insurance covers losses directly resulting from hail, fire, lightning, vandalism/malicious mischief, damage during transit, and in some cases, wind. This coverage option, however, does not cover some types of damage, so be sure to discuss this option with your OKFB agent to find the solution that’s right for you. This is just a preview of the wide range of insurance policies OKFB offers to protect your crops, livestock and production. Finding the right policy and determining the right level of insurance coverage you need doesn’t have to be confusing. An OKFB agent can help you understand how much coverage will be right for your business, providing peace of mind no matter what the future may bring. We’re Here to Help Whether you’re a long-time policyholder or just starting to look for insurance options, we have team members who can help. If you have questions or concerns that you want to discuss, connect with your local OKFB agent today. If you have any insurance-specific questions, we would love to help you find the coverage that best meets your home, auto, commercial and life insurance needs. Don’t forget to follow us on social! This kind of information and more is just a click away. You can find us on Facebook, Instagram and LinkedIn.
6 Essential Farm and Ranch Insurance Terms You Should Know April 4, 2023 Farm and ranch insurance is crucial for your agricultural operations. It protects not just your business, but also its many assets–from the buildings and tools to the animals and crops it depends on. To help you better understand farm and ranch insurance, let’s take a closer look at some of the jargon associated with it. Farm Implement Farm Implement includes equipment such as harvesters, planters, tractors and trailers. These machines provide a great deal of assistance to farmers in completing tasks like harvesting crops, planting seeds and transporting goods. They can be expensive items, so insuring them is the best way to protect your investment. Dwelling vs. Structure You might notice there’s a difference between the coverage for a dwelling versus a structure. This is because a dwelling is a place where someone lives, like a house or mobile home. A farm structure is a building that isn’t used for residence, like barns, corrals and silos. These structures typically have different coverage than dwellings. There’s also “other structures,” which are non farm-use structures on the same lot as your dwelling, like a detached garage. New Farm Under Construction This refers to a special policy that covers a farmer or rancher’s primary residence and other structures. These kinds of investments can be costly, so it’s important that they have adequate protection from any potential loss due to damage or destruction by things like fire, theft or weather events. Animal Mortality This is a term used for the coverage option that provides compensation if any of your show animals die unexpectedly while under your care. This type of policy will pay out a certain amount based on the value of the animal as determined by appraisers. It’s important to understand what kind of animals your policy covers—and possibly excludes—so you can make sure you’re getting proper protection for all your livestock investments. Animal Collision No, this doesn’t mean your animals are colliding with each other. Animal Collision is a common component of farm and ranch insurance policies which pays out if one of your animals is killed after being struck by a vehicle on the road. This ensures that you don’t have to bear full financial responsibility for any unfortunate incidents involving your livestock and vehicles. However, this does not apply if your livestock are struck by you or a vehicle you own. Comprehensive Coverage Comprehensive Coverage isn’t just a term used to describe your current policy. It’s actually a coverage option that provides additional protection for things like hail damage, theft, fire or vandalism that are not related to collisions with other vehicles on the road. Additionally, this helps cover costs associated with repairing damages caused by external forces outside those covered by traditional farm auto policies. Understanding these terms helps ensure you understand your policy, your benefits and when you need to file a claim. We’re Here to Help Whether you’re a long-time policyholder or just starting to look for insurance options, we have team members who can help. If you have questions or concerns that you want to discuss, connect with your local OKFB agent today. If you have any insurance-specific questions, we would love to help you find the coverage that best meets your home, auto, commercial and life insurance needs. Don’t forget to follow us on social! This kind of information and more is just a click away. You can find us on Facebook, Instagram and LinkedIn.
What You Should Know Before Buying Farm Property and Liability Insurance March 2, 2023 Want to make sure you have the perfect policy to protect your farm or ranch? No matter what type of farming or ranching operation you manage, it’s important to have coverage that meets your individual needs. Here are some must-know factors to consider when picking property and liability coverage for your farm or ranch! Personal Property Protect your property with the right coverage. OKFB’s Farm Personal Property coverage options are here to make sure your farm and ranch basics – like livestock, hay, grain and equipment – are covered in case of damage. However, farm machinery and equipment are only protected by incidents listed in your policy, so make sure to review your policy carefully and know what’s covered and what’s not. Personal property typically doesn’t cover general wear and tear, so it’s important to ensure your equipment is up-to-date and regularly maintained. Additionally, those with complex machinery – think high-tech harvesters or tractors – consider adding extra protection for peace of mind! Does Farm Personal Property Cover My Home? Personal property insurance isn’t the same as home insurance. If you’re looking for a home insurance policy, finding the right coverage can be much easier than you think! Talk to your local OKFB agent about finding the right home insurance policy to meet your needs. Liability Insurance Think your small business doesn’t need liability insurance? Generally, every employee in Oklahoma is covered by the workers’ compensation laws of the state. Oklahoma statutes require employers to purchase workers’ compensation insurance for all employees, full-time or part-time, though there are a few exceptions. How Much Liability Coverage Do I Need? As a responsible farm or ranch owner, you’ll want to make sure all of your bases are covered. Farm and ranch liability insurance is the key! We offer many different types of policies to fit your needs. A liability insurance policy can keep you covered in case you become legally liable for property damage or bodily injury. For example, Farm Employee Liability coverage can provide compensation to employees you are legally obligated to cover. With additional coverage options like Medical Payments to Others, Farm Employees Medical Payments and more, there are plenty of ways you can protect yourself, your employees and your livestock. With the right policy, you can trust that your farm or ranch is safe if disaster strikes. From farm property to liability insurance, it’s important to understand the different policies available and choose one that fits your needs. With a comprehensive understanding of what type of coverage will work best for your business, you can rest assured knowing that your farm or ranch has the protection it deserves. We’re Here to Help Whether you’re a long-time policyholder or just starting to look for insurance options, we have team members who can help. If you have questions or concerns that you want to discuss, connect with your local OKFB agent today. If you have any insurance-specific questions, we would love to help you find the coverage that best meets your home, auto, commercial and life insurance needs. Don’t forget to follow us on social! This kind of information and more is just a click away. You can find us on Facebook, Instagram and LinkedIn.
Celebrating National Farmer’s Day October 3, 2022 Did you know that October 12 is National Farmer’s Day? Every year, National Farmer’s Day reminds us to stop and honor the hardworking farmers who keep this country running. Here in Oklahoma, agriculture is not just part of our past: farmers and their families play a huge role in our daily lives, from producing the food we eat to keeping Oklahomans employed. These are just a few of the reasons why we’re thanking Oklahoma farmers on National Farmer’s Day! Farmers Build Community First, farmers and ranchers are a core part of our communities in Oklahoma. According to the United States Department of Agriculture, more than 97% of farms are family-owned or family-operated. Our agents have gotten to know a lot of Oklahoma’s farmers over the years, from helping set up new policies to being there when life throws you unexpected challenges, for example. We’re your neighbors, so whether it’s a 3 a.m. phone call after severe weather strikes or keeping the cattle ranch afloat after a family illness, our agents are by farmers’ side through it all. Farmers Help Our Economy Oklahoma has a rich history of farmers and ranchers that continues on today! Did you know 78% of Oklahoma’s land is used for farming and ranching? It goes to show just how much agriculture is the backbone of Oklahoma’s economy! These businesses not only account for tens of millions of dollars in agricultural production, but also represent more than 400 agritourism venues and over 321,000 jobs for Oklahomans. The tireless work of farmers and ranchers does not go unnoticed. Our agents are always here to help you protect the investments you’ve made in your business, with policies specifically tailored to cover farmers’ and ranchers’ commercial ventures and assets. We’re Here for Farmers Happy National Farmer’s Day! At OKFB Insurance, our agents understand farmers’ and ranchers’ needs. We know the land, the job and the equipment, and will work with you to protect your hard work. Additionally, if you have questions or concerns that you want to discuss, connect with your local OKFB agent today. If you have any insurance-specific questions, we would love to help you find the coverage that best meets your farm and ranch, home, auto, commercial and life insurance needs. Also, don’t forget to follow us on social media! This kind of information and more is just a click away. You can find us on Facebook, Instagram and LinkedIn.
