Farming in Indiana is something many Hoosiers hold near and dear to their hearts. Whether that is a family farm that has been active for multiple generations or a new farm that is still growing, a farm is a place many call home and their livelihood.
At Indiana Farm Bureau Insurance, we understand that you want and need to protect your farm and livelihood as best as you can. Sometimes when protecting one of your biggest assets, it can get expensive. We can help explore ways to find affordable farm coverage options and offer several insurance discounts for farmers.
Exploring bundling options: How combining different insurance policies can result in overall savings
Do you just have a farm insurance policy with Indiana Farm Bureau Insurance and other insurance policies with different insurance carriers? If so, it may be worth looking at what Indiana Farm Bureau Insurance offers to see if you could save on your insurance policy premiums. With our Multi-Line Discount, if you insure your auto and your home with Indiana Farm Bureau Insurance, you can save up to 18% on your auto and up to 20% on your home or farm policy premiums.
Learn more about the benefits of bundling your policies by contacting your local insurance agent today.
Understanding insurance rates: Break down of how rates are determined and what factors can influence them
Farms come in all shapes and sizes in Indiana. Because of that, our local Indiana Farm Bureau Insurance agents can help with farm insurance policy optimization by assisting with finding a policy that fits your changing and growing needs. Our farm insurance and crop insurance policies can look different depending on several factors. Common factors that may impact your rates include:
Maximizing deductibles
One of the listed factors above includes deductibles selected. An insurance deductible is the amount a policyholder pays before the insurance policy pays the remaining amount of a covered loss.. This can be either a specified dollar amount, a percentage of the claim amount or a specified amount of time that must pass before a covered loss is paid. The bigger the deductible, the lower the premium charge for the same coverage.
By selecting a higher deductible, the farmer retains more of the risk for covered losses. One of the ways that a higher deductible reduces premiums is by helping reduce the number of smaller claims. Claims can be one of the largest factors in determining rates for a farm policy. For example, lets say a farmer goes from a $1,000 deductible to a $5,000 deductible. If the farmer has a $3,000 claim, the farmer retains the cost of the claim, thus reducing the amount of claims payable by the insurance policy. In many cases the amount of money saved in premiums can help cover the cost of the smaller claims the farmer retains over time.
Safety programs and discounts: Explore discounts available for implementing safety programs on farm equipment
There are a variety of safety programs and discounts available at Indiana Farm Bureau Insurance to help you save on your farm insurance policies.
These discounts are just some of the Indiana agribusiness insurance savings options Indiana Farm Bureau Insurance offers.
Potential rewards for loyalty and a history of few or no claims
With our Loyalty Discount, if you have an in-force homeowners or dwelling policy with Indiana Farm Bureau Insurance for a minimum of one year, you may qualify to this discount. Then, the longer you have your continuously in-force policy with us, the more your potential discounts could continue to grow.
The importance of annual policy reviews
Life can change, which means your insurance needs may need adjusted to meet the changing needs of your life. That’s why our local Indiana Farm Bureau Insurance agents schedule annual C.A.R.E. (Client Account Review & Evaluation) reviews to review your current policies and help you determine if changes are needed to keep things up to date and help make sure you’re getting the best value for your policy. To have effective insurance strategies for farms, scheduling an annual review for your insurance coverage is crucial because a lot can change on a farm in just a year. Depending on your situation, you could qualify for additional discounts, which is a bonus for scheduling these regular reviews and potentially help you save on your farm insurance rates in Indiana.
How else can I save at Indiana Farm Bureau Insurance?
At Indiana Farm Bureau Insurance, we understand that running a farm is no easy task, so let us help take protecting your farm off your plate. Our agents can help develop a plan to ensure you have the right amount of coverage for your farm needs and livelihood. If you have questions about discounts, programs, or other ways to save, contact your insurance agent today.
Frequently asked questions:
Here is a list of frequently asked questions about farm insurance rates and more. If you can’t find what you are looking for, the answer may be on our FAQ page or you can contact your local insurance agent for more help.
How can I qualify for lower farm insurance rates in Indiana?
The largest factor affecting insurance rates is claims history; working to reduce the severity of claims will have the biggest impact. One way to reduce claims is by implementing a farm safety plan to reduce and address risks on the farm.
You should also regularly inspect buildings to identify and reduce any hazards that may be present. Regular maintenance of farm machinery and equipment to ensure that everything is in good condition and all safety components are in place and in working order is imperative. Implement safety training for employees and family members to help avoid accidents. All of these items could help reduce the number or severity of claims on the farm. Check out these general farm safety tips to help you protect your farm and your loved ones.
Is it cheaper to pay farm insurance premiums annually or monthly?
It is cheaper to pay farm insurance premiums annually rather than monthly. Our Full Payment Discount offers up to a 5% discount if premiums are paid annually.
What types of farm insurance discounts are most common at Indiana Farm Bureau Insurance?
The most common discounts available for farm insurance are:
Can a risk assessment help lower my farm insurance costs?
Identifying and addressing risks on the farm may help reduce the number and severity of claims which can help lower farm insurance costs. Indiana Farm Bureau Insurance offers programs to help identify and manage risks on the farm, as well as develop a preparedness plan in the event of accident, fire or natural disaster, with additional discounts available for the completion of these plans. Contact your local Indiana Farm Bureau Insurance agent to see if you are eligible and for more information.
Do younger farmers pay more for farm insurance in Indiana?
No, age and experience of the farmer does not play a factor in determining farm insurance rates.
Are there specific breeds of livestock that are cheaper to insure?
No, all livestock, which includes cattle, horses, buffalo, elk, ostrich, emu, mules, donkeys, llamas, deer, alpaca, swine, sheep or goats are rated the same for coverage.