Everything You Need To Know About Your Farm Insurance Renewal

Farm Insurance Renewal Overview 

Farming can be a very rewarding career. Without all of our hard-working farmers, we would all need to go back to the days of being hunters and gatherers. Despite all the good things farmers do to prepare their crops and their livestock, there is risk involved. Luckily, farm insurance is there to cover them in case something goes wrong. 

Farm insurance is a form of business insurance designed to protect farmers from the risks involved in their occupation. It gives them financial reimbursement for situations like their livestock or crops being damaged by something out of their control, such as theft, equipment damage, and damage to the farm buildings themselves. It also provides liability coverage in several scenarios. However, farm insurance does not last forever and needs to be renewed once a policy is up. 

What Is A Farm Insurance Renewal In Ontario? 

Farm insurance, like any type of insurance, doesn't last forever. Any insurance contract expires after a set amount of time. To keep your farm insurance, you need a farm insurance renewal when your farm insurance policy expires. During your farm insurance renewal, you’ll need to update your insurance provider or broker on anything that may impact your farm insurance. This includes any changes or additions to your machinery, livestock, crops, property, or any other item that could impact risk that you have. While this might seem like a pain in the neck, it turns out that this is actually a terrific opportunity for you to improve your insurance situation. Your farm insurance renewal is the perfect time to make these changes, as well as make any further adjustments, such as seeing if you're eligible for any discounts. 

Does Farm Insurance Renew Automatically In Ontario? 

It depends. Some farm insurance companies allow an option for an automatic renewal process if the insured does not respond to their renewal notice. In this instance, the insured's coverage will be updated based on the most recent information available to the provider. If you are happy with your current coverage and have made no changes to your farm, this option may work. However, this is not the case for most people for many reasons. 

The first reason not to allow automatic renewal is that your farm or situation may have changed. If you have added something to your farm that needs to be insured, you definitely need to update your insurance broker or provider so that you can get the proper coverage and ensure that your new acquisitions are protected. You might also want to change your coverage levels to better suit your current situation. 

Another reason you might want to update your insurance is that you might be able to save money. It's possible that you've done some work to increase safety or otherwise lower risk on your farm. You might be eligible for some discounts or other ways of lowering your insurance rates that you were completely unaware of. You may also be able to shop around (or have your broker do so on your behalf) with other insurance companies to lower your rates. 

If you would like to know more about your farm insurance renewal process and how you can use it to better understand your coverage options, it is recommended that you speak with your Morison Insurance broker. 

How Often Do I Need To Renew My Farm Insurance? 

The most common situation is for your farm insurance policy to require annual renewal. However, this is not the case for every policy. If you would like to know when your farm insurance needs renewal, and how to change the frequency in which a renewal will be required, it is best that you speak with your Morison Insurance broker. 

How Do I Renew My Farm Insurance In Ontario? 

Before it is time for you to renew your farm insurance policy, your Morison Insurance broker will reach out to you, letting you know that it's time to renew. Their reaching out to you will coincide with them sending you an insurance renewal notice, usually about a month or two before your current plan is due to expire. This will allow you enough time to take action if you would like. This includes the possibility of making any changes to your insurance plan known, searching for ways in which you can lower your farm insurance renewal quote, or shopping around if you feel the offer you have received is unfair compared to the market price you were expecting. 

If you would like to know what your options are with your farm insurance renewal and want advice from someone with a lot of practical knowledge, your Morison Insurance broker will be happy to help you out. 

What Changes Might Impact My Farm Insurance Renewal? 

There are plenty of changes that could happen on your farm that might potentially impact your farm insurance renewal. If any of these have happened, it is critical that you let your broker know so that they can contact your insurance provider and help make the needed changes. Some of the changes that could impact your farm insurance renewal are as follows: 

  • Changes in the crops or livestock. For example, a poultry farm that added some cows to also become a dairy farm will face different risks and be required to tell their insurance broker. 
  • Any changes to the property of the farm, such as adding or subtracting land used for farming or owned by the farmer, or if the farm has moved location entirely. 
  • Any additional structures built. 
  • Any equipment that you have acquired or removed from your farm. This includes vehicles such as tractors that would be used to assist on a farm. 
  • If you would like any optional coverage that your insurance provider offers. 
  • Any additional safety precautions you have taken that might lead to possible lowering of your rates. 
  • If any renovations or other adjustments have been made since your most recent renewal. 

Please note that these are not the only changes that might impact your farm insurance renewal. If you would like to know more factors, it is best that you speak with your Morison Insurance broker. 

What Information Do I Need To Tell My Broker For My Farm Insurance Renewal? 

It can be difficult knowing what it is that you should and shouldn't tell your broker. You might be nervous about certain things impacting your coverage or rates in ways that you aren't too happy with. However, if there is anything that could impact your insurance coverage, whether it be positive or negative, it is vital that you let your broker know this information. 

If you fail to let your broker know about new risks or perils that you might be open to, you might think that you're cutting corners and saving some cash on your rates. However, if there is a claim and you did not let your broker or provider know of the risks that lead to it, you will almost certainly not be reimbursed. 

On the other side of the equation, you might also miss out on the opportunity of savings. If you are able to reduce the risks that you face, not letting your broker know means you could be missing the chance to lower your rates, meaning you missed the chance to save some money. 

Whether you feel this information increases or decreases your risk, it is vital that you let your broker know. If you are unsure whether or not to tell your broker, it's best to play it safe and let them know of the change in your situation. 

When Do I Need To Tell My Broker About Changes Before My Renewal? 

That depends. If you acquire new equipment or change livestock, crops, or property, you must inform your broker as soon as possible to ensure that you have the proper coverage for your shiny new acquisition. If you would like changes made to your policy and want to let your broker know, the best time to do this is soon after you receive your notice of renewal. This is because this is a time when it is relevant and is close enough to renewal time that it will be fresh in your broker's mind. It also provides enough time before the renewal deadline that any changes that you request to your Farm Insurance will be able to be thought out by the broker, and you will be given the best advice possible. 

How Long Does It Take To Renew My Farm Insurance? 

The farm insurance renewal process can take varying amounts of time, depending on the number of changes you would like to make and what needs to be discussed with your broker and your insurance provider. Most of the time, you will receive your farm insurance renewal notice between 30 and 60 days before you are required to go through the renewal process. This is designed to give you plenty of time to make any changes based on your current risk portfolio. 

If you are satisfied with your current farm insurance policy and are on an automatic renewal, no action is required on your end. If you would like to shop around for better coverage or a more competitive price, or if there are problems with your insurance company, such as a lack of clarity on what your insurance terms are, any specialized coverages you would like to add to or remove from your current policy, a miscalculation in risk exposure, or any similar issue, this window will give you ample time to fix these issues. If you would like assistance with your farm insurance renewal, your Morison Insurance broker has specialized knowledge in the field and will be able to provide you with the help you need. 

Do Premiums Change During Farm Insurance Renewals? 

Premiums do have the potential to change during a farm insurance renewal. This can be due to many different possible scenarios arising. If your farm operations have changed, the coverages you need, as a result, would change your rates. For example, adding grain coverage to what was previously just a hog farm would lead to your premiums changing. Sometimes, you can use this to lower your rates, such as by stopping production of a previous crop that increased your risk exposure. If you've added in forms of risk management to minimize the odds of certain perils happening, this could also reduce risk. Other times, your premiums change due to the insurance company you are with re-evaluating risks, and others, which makes the price adjust due to inflation. 

It is important that you pay attention to the details in your contract to find out if you might be able to lower your quote with discounts, risk-lowering precautions, or by shopping around for a more affordable option. If you would like assistance in doing so, your Morison Insurance broker will gladly lend you their expertise and assistance. 

Can I Compare Premiums During Farm Insurance Renewals? 

Yes. Not only can you compare premiums during a farm insurance renewal, but it is also a great time to do so. Since you're going to be offered a whole new contract with a quote presented to you, now is a great time to see what other offers might be on the table. This might seem like a time-consuming process, but it doesn't need to be. Your Morison Insurance broker would be happy to shop around on your behalf, as they have the knowledge to be able to do so efficiently while also getting you the best quotes possible for your situation. 

Where Can I Get A Farm Insurance Renewal? 

You can get a farm insurance renewal at Morison Insurance. Morison Insurance is a 5-star, family-owned brokerage that has been serving its clients as an extension of that family for over a century. Whether you want farm insurance or any other type of personal insurance or commercial insurance, we will do our best to get you the coverage you deserve. Call us at 1-800-463-8074 or fill out the form below to get started on your journey. You'll be glad you did. 

This content is written by our Morison Insurance team. All information posted is merely for educational and informational purposes. It is not intended as a substitute for professional advice. Should you decide to act upon any information in this article, you do so at your own risk. While the information on this website has been verified to the best of our abilities, we cannot guarantee that there are no mistakes or errors.

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