Every household and business have a budget. We’re here to ensure you have the most cost-effective insurance coverage based on your needs. Through our detailed information gathering process, our team determines your risk profile. Creating a proposal, we provide multiple options based on that profile so that you may choose insurance based on your coverage expectation as well as the price.
Continue reading below to learn about a few potential factors affecting the cost of each unique insurance package.
Home and Outbuilding Coverage Level and Limit
In 1975 the average cost to build a new home was $28,970. Today it’s more than 10X that. If your policy isn’t increasing the dwelling coverage limit over time, it will fall behind the cost to repair, or replace, the property if a major loss occurs. With today’s volatile market, it is more important than ever to review your home and outbuilding coverage limits with your agent.
Other factors to consider are the replacement cost basis and policy form your home and outbuildings are insured on. Those topics are covered in the “Actual Cash Value vs. Replacement Cost” and “Basic, Broad, Special Form” pothole sections.
Multiple peril vs. Crop-hail
Multiple peril crop insurance covers crop losses caused by natural events such as:
- Insect Damage
- Destructive Weather (hail, frost, damaging wind)
Crop-hail policies are written to protect high-yielding crops against hail loss.
Additional Optional Coverage
Supplemental Coverage Option (SCO) & Enhanced Coverage Option (ECO)
Farm-based multiple peril products are limited to a coverage level of 85% by federal law. Endorsements such as SCO and ECO are offered to extend coverage beyond that limit. Both SCO and ECO provide county-based coverage for a portion of the insured’s underlying crop insurance policy deductibles.
Believe it or not, your claims history may have a significant impact on your pricing and eligibility, causing your premium to increase or make it a challenge to obtain insurance. The cause of loss and frequency of loss is considered. Were the losses preventable? Have the causes and/or damages been corrected?
To take a deeper dive into this conversation, contact an agent today!