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 - The Ferguson System Principal An implement cutting through the soil at a certain depth say eight inches requires a certain force or draft to pull it. Obviously that draft will increase if the implement runs deeper than eight inches, and decrease if it runs shallower. Why not use that draft fact to control the depth of work automatically? The draft forces are
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