What type of losses might affect me in terms of pivot insurance?
Wind, tornado, flood, fire, lightning, vandalism, theft, and collision.
Do I want to insure expensive irrigation equipment separate from my farm blanket? If so, why?
Yes, you want the broadest coverage available on your most expensive equipment. If you have a stand-alone pivot coverage policy, reoccurring losses won’t increase your farm policy, or in some cases cause cancelation, like they would if they were included in your farm blanket.
What’s the biggest problem with most farm policies?
Payment for damaged equipment is made based on its depreciated value.
You mean I won’t be paid enough to repair or replace my older unit?
Normally, equipment is depreciated by 5%-10% per year. Older equipment can be depreciated 50% or more. That’s $17,000 on a $34,000 unit. A stand-alone pivot coverage policy offers replacement cost with no depreciation.
Last night I checked my irrigation system and it was fine but, this morning I drove out and it has now collapsed. Does my policy pay for this collapse?
Standard insurance policies exclude losses to irrigation units due to mechanical/electrical failure and resulting damages.
Can The Home Agency provide this additional protection?
Yes! We offer optional coverage for damage resulting from a mechanical or electrical failure.
(Losses caused by warranted items are not covered.)