As the name implies, a companion hail policy is used in conjunction with a multi-peril policy. It protects against the peril of hail and is based on a dollar per acre amount. Various deductibles range from 5% to 20% but Companion 2+ has no deductible and is a popular choice of The Home Agency’s customers. This and the Companion 2 plan total out at a 55% loss while other plans may not pay until the adjusted loss reaches 60%, 75%, 90% and even 100%. As always, you get what you pay for.
We spend a lot of time at our offices designing ways to clarify what we sell. This includes, spread sheets, charts and diagrams. We show our companion hail in a way that visually explains what protection you are getting at what price and when it will pay out. Some agents sell you the cheapest plan. We can do that too but we’d like to show you all the options and let you decide. After all, why would you choose a companion hail plan that is covering the same protection that your multi-peril already does just because it’s the least expensive?
Production Hail is a product that has grown in popularity over the past few years. And even with a rate increase it is still the product of choice with The Home Agency’s crop customers.
Some of the benefits of Production Hail are that it allows you to insure up to 125% of your Approved Production History (depending on your underlying company). So if you have a lower APH because of past losses you can boost your amount of protection up which lets you cover the portion of the crop that is not insured under your multi-peril policy. Production Hail is also cost effective. It is usually less than buying similar levels of coverage using other companion hail policies. And the payouts are typically quicker.
Call one of our crop specialists at the Home Agency who thoroughly understands and explains crop hail insurance. Our toll free number is 888-785-3077 or send us a message through our contact form.