Large corporations craft “risk management” plans that people in the agricultural business might also want to employ. These leadership strategies consider a series of “worst-case scenarios” and prepare accordingly. When things such as severe weather events or fire damage structures, risk management plans trigger insurance claim payouts and immediate rebuilding.
One of the elements that sometimes falls through the cracks is actual replacement cost coverage. Corporate policies, like farm insurance, don’t always cover full replacement costs. That’s why an increased number of people use the Douglas Agricultural Cost Guide to get an accurate replacement cost specifically for barn and outbuilding insurance policies.
Do You Have an Outbuilding and Barn Insurance Gap?
It’s essential for hard-working people in the agricultural sector to understand they may require two distinct types of farm insurance. A farmhouse typically falls under a hybrid policy that covers commercial and residential use. Outbuilding insurance is usually solely commercial. Although an insurance carrier can provide a cost-effective package, ask yourself these questions before putting a policy in place.
- Does the barn insurance account for today’s labour costs?
- Will the policy pay for foundations required by current building codes?
- Would a claim for “specialty” post-and-beam timber work be honoured?
- Can you anticipate premium contractor payouts for a quick rebuild timeline?
These questions go to the heart of an agricultural business’s needs. Many policies underinsure the barns and outbuildings based on today’s costs. Farmers also need outbuildings such as barns and silos promptly rebuilt to earn a living. Without accurate replacement cost coverage in place, your farm remains at risk.
Douglas Agricultural Cost Guide Accurately Estimates Barns & Outbuildings
Successful risk management plans must account for all the potential moving parts to cure a disaster. Agricultural business coverage requires accurate estimates for every building on the property. And a quick recovery from a loss also may call for expedient rebuilds and updates to meet today’s codes. The Douglas Agricultural Cost Guide brings 30 years of experience to the table and uses the latest labour, materials, and code data. Agricultural business owners can select the easy-to-use online option to get a reliable estimate and mitigate risk.