Farm Insurance 2023

Sami23

Well who are people finding competitive this year for farm and house insurance ?

Currently with AXA and renewal quote is up over 22% on last year 😤

It is just FBD and Zurich I can price or are there others out there that ye are using ?

DBK1

Zurich by far the most competitive around here anyway.

Sami23

https://www.boards.ie/discussion/comment/120360833#Comment_120360833

Thanks waiting on call back from them

Rusheseverywhere

Make sure you price like with like. Been with them all. Think all up this year, mine was too. Make sure fully insured as rebuilding costs huge and they pay out on insured sum or rate there of. Found Axa best for package where a number of vehicles etc on it.

Cavanjack

Back to fbd this year after being with Zurich for the last few. Increased the value of all the sheds and house. They still came in cheaper. You have to move every few years.

Base price

https://www.boards.ie/discussion/comment/120361617#Comment_120361617

Same as, were also back with FBD last year after being with Zurich for a few years before.

Fine Day

Moved from FBD to AXA this year. Big saving for the same policy. Might be just to get me in the door. Will see how next renewal will fair out. Zurich were even cheaper but policy was not as good I thought. Was with FBD for years. Will try them again for price.

Sami23

FYI - ended up staying with AXA in the end as they were 150-200 cheaper than FBD and Zurich.

893bet

Moved from fbd to Zurich. 200 ish cheaper.

pingg10

Anyone know what companies insure farm quad . Is it just fbd and Zurich.

passremarkable

https://www.boards.ie/discussion/comment/120446666#Comment_120446666

Axa will do it as part of their farm policy also

Bass Reeves

My insurance is up for renewal at present. Believe it not for the first time in about 12-15 years FBD is coming back with a competitive quote.

As an aside the last time I insured with them the old farmhouse was derelict, I had only one tractor that was worth 3-4k and stock value would have been about 30-40% of now. As well I have a meal bin and trailer insured

There quotes is prop only 3-400 more than the quote back then for probably double the risk.

I remember when I first moved from them to Aviva the amount of lads that taught the policy had to be different.

StevenToast

Im with AXA for the farm....going up too much for my liking....

Giving FBD a chance to win back my business...

Lets see what they can come up with...

leoch

Just out of interest do many on here claim or ever over its lifetime claim of the farm insurance for much

Silverdream

Had one claim, cattle broke out onto the road, made there way in around a house and done some lawn damage. House owners went hysterical instead of making a phone call and putting them out they rang Guards and made a big song and dance about it. I got a 3k bill so I just passed on the details to the Insurance co who took care of it. Insurance assessor took no BS from them and challenged the Bill. They ended up accepting €700. My Insurance cost didn't change either!

Bass Reeves

https://www.boards.ie/discussion/comment/121008458#Comment_121008458

Two claims one for a tractor that went on fire after scrap value for the tractor I got a out 6k. No way would it have replaced the tractor but where do you got with it. Second was the roof of a hayshed easier to deal with it as it was up to them to get a comparable value. The settlement covered the price of the roof. Ended up with an A shaped steel roof instead of the old round roof as it worked out at the same price. You had to replace the roof and send on photos before they paid the complete claim.

Neither claim substantially increased my insurance as the farm insurance sector is very competitive at present.

hopeso

https://www.boards.ie/discussion/comment/121008871#Comment_121008871

What happened to the roof for it to qualify as a claim? I don't think general age related damage is covered?

Bass Reeves

https://www.boards.ie/discussion/comment/121009390#Comment_121009390

Darwin (the big storm in February 2014 ) I think probably weakened it. Then in 2016 I think it was storm Imogen took away part of it and strained it. That is why I made the claim.

ruwithme

https://www.boards.ie/discussion/comment/121008686#Comment_121008686

The same assessor would take no BS on any claim. That is why I don't believe a narrative insurance companies have out there regarding claims been extremely high in number's & amounts paid out.

Fbd ripped off loyal customers for too long.eventually most get some sense & leave em. Attempting in more recent times to get that business back.

Dunedin

https://www.boards.ie/discussion/comment/121010000#Comment_121010000

I left FBD about 3 years ago. They made zero effort then to keep me and I haven’t heard from them since. Saved €1000 by moving to axa at rhe time.

Funnily enough when I came to renewing with axa after the first year, I couldn’t contact the rep so eventually I got pissed off and went with Zurich who I’m still with. Axa rep rang me back about a month afterwards ‘ah jayus sorry about that , I was on holiday and up the walls since I got back’…..

_Brian

We’re with AnPost. They gave good value on the houses too.

Fine Day

https://www.boards.ie/discussion/comment/121013563#Comment_121013563

Farm insurance must be very lucrative when Anpost are at it.

StevenToast

Definitely worth shopping around this year...FBD working hard to get me back this year in fairness...coming in a few hundred cheaper than AXA...

hopeso

My tractor insurance is up this month, and the farm insurance will be due next month. Do most people have separate policies for tractor and farm, or are they generally insured on the same policy?

orm0nd

https://www.boards.ie/discussion/comment/121082804#Comment_121082804

every thing except o/h's car is on the farm multiplier policy here including the dwelling house

Cattlepen

Was with Ada through a broker for a good few years now. Rep went and service wasn’t the same. Came up with a premium 4k dearer this year. Gave FBD the chance and they beat them. These insurers get used to you after a few years and try to load it up on you. Start shopping around 6 weeks in advance

Gilly43

Insurers might be overstating it in terms of volume/value but some loss assessors do take the absolute piss. 100% overstatement of cost is not uncommon. The increase in materials and labour cost is inflating claims cost and that will inevitably push premiums in the short-medium term.

Gilly43

Just make sure that you’re not skimping on your sums insured on house/livestock/farm buildings. Most companies apply average (proportionate settlement) in event of claim- if significantly underinsured it can take the value out of a claim. Better pay a hundred or two more in premium that lose out on thousands on a claim settlement!

amacca

https://www.boards.ie/discussion/comment/121145758#Comment_121145758

Never understood the justification for that

If I pay a premium to insure say a house for 200k but it turns out the house was actually worth 250k wtf can the company turn around in the event me needing to make s claim and say we won't pay you the 200k?

I mean, it's my loss I won't get the full cost of 250k to rebuild but I have paid a premium to insure up to 200k

It seems like a heads you win, tails I lose situation with the insurance company winning either way...

I have yet to meet an insurance rep that could explain clearly why this was the case....I'm already hurting my payout by underinsuring why should they get to lower the payout...the premium was based on insuring fir the lower sum, why can the **** make it lower again?

Bass Reeves

https://www.boards.ie/discussion/comment/121147172#Comment_121147172

Only in the case of a fire or serious damage is there a full claim. If a storm damages your house, you have a burst pipe you have a partial claim.

In your case above the house is undervalued by 20%. Now a leak happens and there is 10k worth of damage you have an excess of 350 so total payable claim is 9650 less 20%. However it's really hard in claim like this to prove undervaluation.

Therefore to discourage undervaluation the insurance companies will double the penalty in the case of undervaluation.

amacca

https://www.boards.ie/discussion/comment/121147527#Comment_121147527

I'm still not sure I fully understand

1) the justification for it....why do they have to discourage undervaluation? Should that not be my lookout....I've set an amount below what's needed to fully restore the asset insured ...but I've paid the premium they asked for to insure that lower amount ...in the event of the asset going kaput why shouldn't they have to pay out the full lower amount...why do they get to lower it again because I underinsured? Shouldn't that be my purview?....is it some sort of scam they are trying to discourage or is it just another handy lever to screw you if you actually need the payout

Is it solely because in the event of a partial claim they usually have to pay the full amount but you didn't pay the full premium so they are at a loss? And to cover that they put an underinsurance penalty on full claims?

So people are being additionally let's call it penalised solely because they (the insurance companies) can't prove undervaluation or its very difficult ...too expensive to pursue and enforce?

Similarish reason premiums were so high in this country as the payouts for personal injury (the state/lawmakers etc fault) were too high and they (the insurance companies) wouldnt pursue scammers and just paid them...

It seemed to me...from an admittedly uneducated perspective....I'm already getting less than I need if I underinsure and have to claim (so it should police itself)..then they get to lower that payout amount again....after charging me to insure that initial lower amount...it just seems off and I couldn't see a justification for it beyond it gives them an excuse to lower what they payout and increase what they charge as people will be insuring for larger sums..I can I suppose see that if I got my way the **** would use it as another to increase premiums even more however ......

2) what you mean by the last sentence in the quote above

"To discourage underinsurance the companies will down the penalty in the case of underinsurance"

So the penalty is reduced if you underinsure?? Do they not apply the penalty if you underinsure?

Bass Reeves

https://www.boards.ie/discussion/comment/121147695#Comment_121147695

It's should have been double the penalty. So in the case above where the damage was 10k and the under Insurance was 20% they reduce the value of the claim to 6k-350 for the excess.

TBF to insurance companies when I was pricing last year the increase in building cost was something they were constantly on about

amacca

https://www.boards.ie/discussion/comment/121147804#Comment_121147804

Ah yeah but it's in their interest for you to not underinsure as they get to charge higher premiums....so they are incentivised to not let you make that mistake...

But if you do they can reduce the payout

And they can reduce the payout if you overinsure too (and rightly so)

It does seem like they've got a bit of a having their cake after eating it scenario organised for themselves in a way.

Thekeencyclist

Farm Renewal in the post here yesterday, with AXA through a broker and it is up 25% (400euro) on last year, in the past 5 years, that will now be a 750euro increase since I moved to AXA 5 years ago. I'll not even be bothering to ring to see if they can do any better!!

hopeso

Has anyone got an Ifor Williams type trailer included on their farm insurance? I suppose theft would be the biggest concern. What would it cost, roughly?

Bass Reeves

https://www.boards.ie/discussion/comment/121162932#Comment_121162932

You have to get quotes for insurance every year, whether it's farm house car tractor or health insurance. I think I saved nearly 2k one year from initial quote to when I finally paid

Bass Reeves

https://www.boards.ie/discussion/comment/121163977#Comment_121163977

Off hand I do not know but I say I'm the 50-100 euro bracket.

House, old farm house, two tractors (80 HP) , 70 acres, 100k++ in sheds, 75k in stock, silage and meal bin as well as IW box total cost 1500 ish euro

Thekeencyclist

https://www.boards.ie/discussion/comment/121165782#Comment_121165782

Can i ask who that cost is with??

I would be looking at a similar list for insurance and renewal came in at 2300

Bass Reeves

https://www.boards.ie/discussion/comment/121169143#Comment_121169143

Zurich insurance, AXA my previous insurer was a out 250 more expensive on the renewal but dropped to within about 50 of the Zurich price

orm0nd

Whatever company ye go for make sure to up the value of sheds , stock and tractors. local man had storm damage on an outhouse last year and what he eventually from fbd after a struggle didn't even cover the cost of disposal of the old asbestos sheeting .

also make sure you have your cover for public liability, employer liability, pollution, revenue audit etc, etc, fully explained and you understand them because a lot of people don't

hopeso

How much per bay would you want to value a basic slatted house at now?

Fine Day

https://www.boards.ie/discussion/comment/121280264#Comment_121280264

All depends on Size of tank, type of shed ie. lean too or A frame as cost would vary considerably, if it was a grant spec then that would cost more again. Also add in rubber mats if you have them. For a decent well built sheds with mats I'd say you want to be looking at 25 to 30k per bay.