I wouldn't dream of being without property and casualty insurance. Self insurance is great if you don't have a catastrophe. I used to partially self insure, insurance was 'too high' until I had a rental house burn with 50,000 coverage (what I owed) when it would cost 135,000 to replace.
I'm pleased with Kentucky Farm Bureau, its a mutual insurance company. There are no stockholders needing a dividend. Our goal is to pay back 83 to 87 percent of premiums in claims with the 13 to 17 percent going to operations. Honestly, that's a tighter margin than I can run my business on.
My rule of thumb is, with a 1000 deductible I can self insure things worth less than 3000 dollars. Otherwise, its covered, from hay in the barn to my house to barns, tractors, and equipment. At least to the level I paid for it. A bit over 500,000 in property coverage with 300,000 liability runs a shade over 3500 per year. That's not counting vehicles, umbrella liability, or workers comp but I sleep at night.
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Today's Featured Article - A Lifetime of Farm Machinery - by Joe Michaels. I am a mechanical engineer by profession, specializing in powerplant work. I worked as a machinist and engine erector, with time spent overseas. I have always had a love for machinery, and an appreciation for farming and farm machinery. I was born and raised in Brooklyn, New York. Not a place one would associate with farms or farm machinery. I credit my parents for instilling a lot of good values, a respect for learning, a knowledge of various skills and a little knowledge of farming in me, amo
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