Top Farm Apps & Podcasts September 8, 2021 Looking for ways to learn more about new trends or farming and ranching methods? Apps and podcasts are great resources! As technology evolves in the agriculture industry and regulations constantly change, farm apps and podcasts are available and they share and discuss the latest information. Check out these top agriculture apps and podcasts that you could add to your routine! AgriSync App There’s a lot to focus on when managing a farm or ranch. Time is critical, and the AgriSync app could help you save time, especially when dealing with a broken piece of equipment. This app is a customer service platform specifically for ag-businesses and equipment dealers. To explain, if an issue arises with your equipment or machinery, the app can connect you with advisors that will provide support and solutions quickly. Also, farmers can use the AgriSync app for free. Yara CheckIT App As you know, it’s important to pay close attention to your crops as they grow to ensure they are healthy and profitable. The Yara CheckIT app can help ensure this happens. It provides a library of crop images that can filter by symptom, location of symptom and more. This could be helpful in seeing if a crop is experiencing a nutritional deficiency. Also, The Yara CheckIt farm app will even recommend a fertilizer to treat identified deficiencies. AgMobile App Farming and ranching at their core are businesses. If you want to keep an eye on grain and livestock markets, solicit bids on crops and other upcoming trends, try out AgMobile. It lays out commodity news, weather, charts, local news and more. Oklahoma Farm Report Podcast Ron Hays, Director of Farm and Ranch Programming at Radio Oklahoma Ag Network, hosts three farm podcasts: Ag Perspectives with Ron Hays, Farm & Ranch News with Ron Hays and Beef Buzz with Ron Hays. New episodes are posted every two weeks. Hays shares the latest trends, his thoughts on new farm and ranch regulations and discusses other changes in the industry. The Ranching Brunette Podcast Are you a first-generation farmer? The Ranching Brunette podcast focuses on providing tips and advice to aspiring farmers. Through interviews with successful farmers and ranchers in the industry, this podcast could offer the motivation and support you need as you establish yourself in the ag-business. The Working Ranch Radio Show Podcast This podcast highlights stories and real-life experiences from farmers and ranchers across the country. Additionally, issues in the ag and livestock industry are discussed in-depth. If you’re looking to learn more about the industry nationwide and what issues are circulating, consider diving into this podcast. However, if you’re looking to listen to a more local perspective, the Murray Farm and Ranch YouTube channel is a great source. They share farming and ranching tips, recipes and more. Along with being up to date with the latest trends and methodologies, remember to check in with your local OKFB agent. If any changes have been made to your farm or ranch, your policy may need to be updated. We’re here to keep your livelihood covered against the unexpected.
Is My Farm Underinsured? August 9, 2021 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. 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. 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.
How to Create a Farm Transition Plan July 2, 2021 It’s important to have a farm transition plan in place. To prepare for the unexpected, and as you consider hanging up the boots and retiring. If you’re getting ready to retire or looking to, consider these steps when getting started on a farm transition plan. Step 1: Consider Getting Life Insurance Even if you don’t believe an extensive farm transition plan is necessary, consider purchasing life insurance. According to the 2020 Insurance Barometer study, 40% of people that have life insurance wish they had purchased it earlier in life. Life insurance can help your family in the event of the unexpected. It leaves them more equipped to take care of themselves without you providing for them. Step 2: Define Specific Goals for Your Transition Plan Start discussions on how to transition assets and property over to the next generation. Remember, it’s critical to take some time to evaluate all assets and sources of income and to establish goals. To help, think about some of these questions: What do my loved ones need to live if I’m not there to support them? (Consider using OKFB’s life insurance calculator to help determine the appropriate amount.) What passive income sources (rental properties or machinery, cell towers, etc.) do I have that I need to keep to sustain my family through retirement? What stipulations or requirements do I have for the new manager of my property and assets? With these questions in mind, you can start to establish some goals for transitioning over these important assets. Step 3: Define Your Successor(s) in Your Farm Transition Plan One of the most difficult topics to discuss is who will take over your farm or ranch and become the owner. Choosing the right person to take over the farm or ranch, finances and additional assets is a momentous task, but a critical one. There are many approaches that farmers and ranchers take when deciding who their successor will be and how to divide up assets. With multiple heirs, one approach is to split everything evenly between them. Another approach is determining what is fair and best for your farm or ranch. When considering the division of multiple types of assets i.e., finances, income, the management of property and livestock, etc. — take some time to drop them into a will or other legal document that specifically outlines the details. Step 4: Strategically Assemble Your Farm Transition Plan Now that goals have been established, along with who is taking over the finances, responsibilities and the assets, it’s time to start thinking strategically about how to transition these assets. There are many ways, but the two most common are giving the assets as gifts or transferring them through a will. With either approach, think about consulting with legal, tax and insurance professionals. Whether transferring assets through a will, by gifting, or through some other means, it’s important to understand the potential benefits and drawbacks of each approach. Planning to transition your life’s work can feel like a daunting task. At Oklahoma Farm Bureau Insurance, our agents are here to help you navigate all the intricacies. Consult with your local OKFB Insurance Agent to help you create a farm transition plan.
Top 5 Farm Insurance Myths July 2, 2021 Taking care of your crops, livestocks, upkeep and more is your responsibility and livelihood. To help, we cover your farm or ranch the way you need. We understand Farm Insurance coverage can be stressful to figure out. Especially since there are a number of aspects to think about. When obtaining coverage or looking to update your current policy, stay aware of these common Farm Insurance myths. Myth #1: Farm Insurance Offered as a Standard Package We know most farm and ranch operations are unique and all have different needs. That’s why Farm Insurance policies are not usually standard packages. There are a variety of policy offerings that are designed to be customized to the specific needs of your farm or ranch. Myth #2: Crop Insurance Premiums are High To encourage farmers and ranchers to use and obtain crop insurance, it is federally subsidized. This means the government helps cover some of the costs. Additionally, to increase accessibility for farmers and ranchers joining the industry, there are programs through the USDA’s Risk Management Agency (RMA) that include a lower premium subsidy and a waiver against fees. Myth #3: Disaster Assistance > Crop Insurance Disaster assistance coverage includes types of crops, losses, etc., but is limiting. While crop insurance provides a guaranteed amount of coverage. This gives farmers and ranchers the chance to cover an array of crops and losses. Myth #4: Farm or Ranch Vehicles Need Auto Insurance Coverage Auto insurance covers most vehicles. However, trucks, tractors or vans used for farm and ranch operations will likely need farm auto coverage to ensure it is covered for your specific needs. Myth #5: Crop Insurance Only Covers Corn or Wheat Growers Federally subsidized crop insurance is open to more than 500 different types of crops. Additionally, there is no required minimum acreage to qualify for crop insurance. It is also available nationwide. There is a lot to think about as you explore Farm & Ranch Insurance policy options. If you have questions or would like to discuss any of these myths, consult your local OKFB Insurance Agent today.
