What’s the Value in Insurance?

Oct 18, 2016

Kevin Charleston

The periodic nature of insurance payments leads many to question the value of the insurance they buy every time they send in a check, whether it’s monthly, every three months, or even just once a year. Paying those premiums with the hope you will never see any money back by staying claim free will wear down anyone’s interest in buying insurance coverage. It’s important to remember that the world around you affects how you’re insured so there is no value unless your agent lives and truly understands the world in which you work and live. An agent that lives and works among farmers is a great way to get value from your insurance. In the event of a loss, they truly understand what the insurance company will pay for and what you are going to pay for. The time to know that your policy doesn’t buy you a brand new combine when your three-year old one burns up during harvest is before you buy the policy, not after the fire. The current price of corn is an easy topic for anyone to bring up for discussion. It’s easy enough for anyone in insurance to look it up and at least have something to talk about with the farmers they insure. However, an agent that lives and works among farmers understands how commodity prices affect your business, whether it’s managing your cash flow because you are stockpiling for upcoming price increases or you have everyone working all day and night harvesting to beat a price decrease.