I insure most everything with at least some coverage. Its a balance between self insurance and purchased insurance. In the first year I insure anything with a purchase price of over 2000 dollars at purchase price. After that I increase or decrease accordingly. Mine costs shade over 6 dollars per thousand dollars coverage for machinery and equipment, 7.50 per thousand on wooden farm buildings, and 6.00 per thousand on metal or masonary buildings. The barns in particular are only covered at what they are worth to me for hay storage. Were I to lose one I'd not replace it with another 40K dollar tobacco barn but a 10-15 K hoop building. Where I really felt the need to increase coverage was liability. My base farm owners had 300,000, and on auto I was carrying 100/300. Not enough for a bad accident. So I upped my auto to 250/500 and added 4M of umbrealla liability. Its one thing to have barn burn and I lose something, its another to have to pay out a bunch to someone else. The liability upgrade was 300 bucks for the first 1M and 100 for each additional.
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Today's Featured Article - Listening to Your Tractor - by Curtis Von Fange. Years ago there was a TV show about a talking car. Unless you are from another planet, physically or otherwise, I don’t think our internal combustion buddies will talk and tell us their problems. But, on the other hand, there is a secret language that our mechanical companions readily do speak. It is an interesting form of communication that involves all the senses of the listener. In this series we are going to investigate and learn the basic rudimentary skills of understanding this lingo.
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