9973720wb19
Platinum Member
Need insurance advise with farmland we own about a mile away from our home.
The property is farmed by a farmer to bail hay, there is a nice old large barn on the property we just had restored. we have liability insurance (which costs about 1k per year) but now sought property insurance for the barn.
Though someone is at the property at least once a week during the winter and several times a week during the growing season, from an insurance prospective, the property is deemed "vacant" since no one lives on the property.
I asked for a high deducible of $5,000 and $750,000 if building is destroyed. Assuming I'd pay for a broken window or some minor damage up to 5k that could happen, I wanted to get the barn insured in the event it burned down or sustained major damage. at least I get my money back for the restoration. However, the annual premium to add property insurance (only - not including liability) is $6,800 per year. We tried to lower the limit to $500,000, but the premium only came down a few hundred per year.
there are no animals at the property, no electric or plumbing to the barn...
Does anyone have any advise on how to secure property insurance for vacant property at an affordable price?
thanks
The property is farmed by a farmer to bail hay, there is a nice old large barn on the property we just had restored. we have liability insurance (which costs about 1k per year) but now sought property insurance for the barn.
Though someone is at the property at least once a week during the winter and several times a week during the growing season, from an insurance prospective, the property is deemed "vacant" since no one lives on the property.
I asked for a high deducible of $5,000 and $750,000 if building is destroyed. Assuming I'd pay for a broken window or some minor damage up to 5k that could happen, I wanted to get the barn insured in the event it burned down or sustained major damage. at least I get my money back for the restoration. However, the annual premium to add property insurance (only - not including liability) is $6,800 per year. We tried to lower the limit to $500,000, but the premium only came down a few hundred per year.
there are no animals at the property, no electric or plumbing to the barn...
Does anyone have any advise on how to secure property insurance for vacant property at an affordable price?
thanks