Insurance
- Thread starter Stevieray
- Start date
Mennoniteman
Well-Known Member
My Erie homeowners insurance on my house covers my cabin, it's a provision in the policy for adding a vacation property for three hundred a year, covers buildings for fire and liability for trespassers. It covers contents including tractors, but no vehicles.
Hoosierhunting
Well-Known Member
I second that million dollar umbrella idea Swat. I carry one too and it provided a lot of peace of mind during a recent auto accident my wife had. Very cheap piece of mind.
Kwood
Well-Known Member
Insurance is what I do. Liability is important. We live in a crazy world.
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pinetag
Well-Known Member
I'm interested in this as well. I asked my insurance guy to see what he could find and he said adding an umbrella policy would also require upping my current auto policy. With a 20 year old driver on our insurance that adds up fast. He is usually pretty good at helping us out with this stuff but I find it hard to believe there is nothing cheaper and more simple than what he's suggesting. I see a bunch of you saying you added additional liability for just a few more bucks a month. What sort of policy is that?
Kwood, any recommendations?
Kwood, any recommendations?
Buckly
Well-Known Member
An attorney who handles liability claims for my auto insurance told me in the 30 years he's been doing this he's never seen any one lose personal assets if sued in a auto accident. They are strictly after the insurance money. I do however have a liability umbrella for 1 mill just because. I think its around 300 per year and it's added to the homeowners policy. It also has 10 pages of things it doesn't cover so, someday I will talk that over with them so I understand it better. If this is really needed or not I don't know but, for now I have the umbrella because it's reasonably priced.
pinetag
Well-Known Member
Yea, my umbrella quote was $303 per year to be exact. But then I would have to add on an additional $400+ to up the auto so we're talking an additional $60+/month on top of the $240 I'm already paying. That just seems steep and I would think there's got to be something else out there at a more reasonable price.
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Hoosierhunting
Well-Known Member
Pinetag, I don't have the exact details in front of me but this is what I can tell you. My $1M umbrella policy was structured as a farm umbrella but covered a whole host of non-farm liability events. I liked it because it covered about any possible liability connected to our property along with non-farm general liability and was very cheap (less and $300 year). My policy was through Farm Bureau Insurance and we did have several policies with them already when we added it, so not sure how that impacted the pricing.
weekender21
Well-Known Member
Has anyone noticed any major benefits for using a farm specific insurance company vs. a standard insurance company that covers home owners etc.? I noticed Dr. Grant Woods was putting a plug in for Outdoor Underwriters. I'm sure they are a sponsor but do they offer something that other providers don't?
Our land is heavily wooded and although a fire or unexpected disease could severely impact the value of the timber, I'm really not interested in that type of protection. I do however see the logic in having liability insurance to protect us in case someone is injured on our land.
Our land is heavily wooded and although a fire or unexpected disease could severely impact the value of the timber, I'm really not interested in that type of protection. I do however see the logic in having liability insurance to protect us in case someone is injured on our land.
MarkDarvin
Well-Known Member
I live in an apartment. State Farm told me they could write a homeowner policy for my cabin for around $275/year. I already carry an umbrella with my renters insurance.
weekender21
Well-Known Member
I’m looking for different coverage than the OP. In my case I’m not looking for insurance to cover any property loss or damage, only liability in case anyone (with or without permission to be there) is hurt.
Also I’d like to conduct prescribed burns at some point. Do standard insurance companies sufficiently cover these types of activities?
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Also I’d like to conduct prescribed burns at some point. Do standard insurance companies sufficiently cover these types of activities?
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I know trespass laws vary from state to state as far as how liable the landowner can be.I know in Kansas i heard where a trespasser fell from a tree stand and had to have FD carry him out to waiting ambulance.His trespassing buddy couldn't believe that the landowner who had arrived by now was pressing charges,which he said he had to do to prevent from being liable.the landowner told the buddy if you don't like it leave him here and I will shoot coyotes over him.Don't know if pressing charges protected him or not but it was a funny story told to me by personnel on scene
X-farmerdan
Well-Known Member
Don't know if these folks can help you, but I use them to add additional liability coverage on leased land.
Outdoor Underwritershttp://www.outdoorund.com/products.html
A million dollars of additional coverage is $30 per lease and 7-cents an acre.
I guess I should qualify that. Its $300 (minimum) and what I said above after that.
Outdoor Underwritershttp://www.outdoorund.com/products.html
A million dollars of additional coverage is $30 per lease and 7-cents an acre.
I guess I should qualify that. Its $300 (minimum) and what I said above after that.
I use the Outdoor Underwriters product through ATFS for Liability Insurance. Pay $185/yr for 1mil per occurrence/2mil aggregate ( that’s the minimum that they charge, I have a little over 40 acres, pricing should be good up to 670 acres). I use it because we use a similar product for our leased land.
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