Farm insurance

Country life

My farm insurance quote went up by 20% with fbd .anyone getting good value at the moment?

finbarrk

Ours went up a bit too. But couldn't get any better.

whelan2

It's the replacement costs that are driving the increases.

Dunedin

https://www.boards.ie/discussion/comment/122333388#Comment_122333388

what do you mean by replacement costs?

whelan2

https://www.boards.ie/discussion/comment/122333439#Comment_122333439

To rebuild a shed or house. Also lots of people undervalue what they are insuring

Country life

How about the profits there making yr after yr

mr.stonewall

I got a phone call from fbd about renewal of a tractor policy. Haven't had insurance with them for over 3 years. They are getting desperate with the canvassing now. With Zurich for the past 3 years. Just wondering what companies are coming in competitive these days

valtra2

Have been with AXA for the last 8 years and back to fbd now. The difference of a grand. In a small farm operating is a lot. No moving on AXA

White Clover

I am back with fbd too after 5+ years. Better cover from slightly less premium.

pureza

Interesting

FBD were DOUBLE axa for me last year,renewal is coming up soon ,so we will see

TinyMuffin

gone up 4k.
Robbin feckers.

Jb1989

Just need to change company every year. Not rocket science.

StevenToast

Shop around…if you pay way more than last year....YOU are the fool....

Gilly43

Just make sure your sums insured are right. Most policies now have proportionate settlement (Average) applying eg - if x% underinsured your claim will be proportionately reduced

SCSI 2023 rebuild rates for houses plus extra for garages driveways and boundaries. (wee.scsi.ie) - they’re adjusted to allow for geographical cost variations

Shed rebuilds vary depending on finishes (slats, dry, wired or not etc) between €300-€750 per sq.m.

Know your floor areas - onus will be on you to set at the right level. Brokers won’t give a f***, no more than insurers they just want to sell a policy so most will cover you whatever you say no matter how ridiculous your suggestion is! Don’t leave yourself exposed.

Might cost a few quid extra to do it right but it’ll be far cheaper than cutting corners and getting screwed on claim settlement due to inadequate cover

jd06

Changed from AXA to fbd, went up by 400e on a 1500 policy, got fbd out and measured the building s, so proper cover now and still cheaper than AXA,

Seadin

I got my tractor insurance today for three tractors €1194 for the full year.

Gilly43

https://www.boards.ie/discussion/comment/122337232#Comment_122337232

FBD have the local reps to do that- AXA don’t have that luxury.

AXA have all farm buildings lumped together in a cumulative sum insured whereas FBD insure and name individual buildings usually which is beneficial in the event of underinsurance

Lorne Armstrong

https://www.boards.ie/discussion/comment/122336156#Comment_122336156

+1. Just the same with electric providers

TinyMuffin

€11400.

HMS Erebus

back to FBD too for me, AXA up €650 on last year despite me having less stock on the policy. I don’t think they have the same expertise either other than the lads they poached from FBD

Dunedin

https://www.boards.ie/discussion/comment/122333444#Comment_122333444

insurance will only pay on the value. If you undervalue, then it’s your loss. Won’t have impact on premiums.

Manorpark man

just got renewal quote from axa up €1100 on last year 😭

Gilly43

https://www.boards.ie/discussion/comment/122344984#Comment_122344984

It will wreck your claim if you underinsure though…. a few quid in extra premium while not ideal is preferable to a claim cut to ribbons

Dunedin

https://www.boards.ie/discussion/comment/122455301#Comment_122455301

probably saying the same thing here. For simple maths, building value is €350k, but you say it’s only €300k, you will only get paid on €300k irrespective of premium you paid. So it’s your loss if that’s what you mean by wrecking your claim.

Bass Reeves

https://www.boards.ie/discussion/comment/122462975#Comment_122462975

And if you value it at 350k you will probably only get 300k anyway and @Gilly43 it a bit more than a few euro. It's amazing the bit and piece's add to an insurance quote

clonagh

https://www.boards.ie/discussion/comment/122465123#Comment_122465123

They can go a step further and make a deduction for under insurance, especially if there's an "Average" clause on the policy. For example, if you insure your 350k building for 300k, it's underinsured by 15% and they can cut your claim by his ammount. So your 300k claim could end up being c.254k.

Gilly43

https://www.boards.ie/discussion/comment/122469389#Comment_122469389

Sorry for the delayed response- only seeing this now.

100% correct- Average is the claim killer. I know for a fact both FBD & AXA have this term written into their policies. Your adjusted claim would be reduced by the same amount so for example if you’re 25% underinsured your adjusted claim is reduced by the same percentage. In a small claim you might suck it up, but if you lose a shed for example it could turn out to be a significant shortfall in your claim for the sake of a couple of hundred quid premium.

And don’t expect leniency - it’s a contract and they have you by the buachailli if your sum insured is light.

Hasmunch

Got my renewal today, with AXA again and its gone up 160% over 2 years. No changes or claims.. I understand rebuild values have gone up but it seems extortionate

StevenToast

https://www.boards.ie/discussion/comment/122553154#Comment_122553154

Why have you not moved?....i was with them but changed back to FBD...you need to put manners on AXA- they are relying on lazy farmers not bothering to switch after coaxing them 2 years ago....

Tileman

I left a a this year also. There wasn’t huge difference but it pays to keep moving. Keep them all on their toes

Hasmunch

https://www.boards.ie/discussion/comment/122553187#Comment_122553187

I am through a broker… need to chase them to see if i can get it down.

I am all for switching !!

fulldnod

Last year was with axa for 3 or 4 years and then they jacked up the price, rang fbd and zurich, fbd came in slightly cheaper so went with them, found the rep very good, renewed yesterday contents are valued up 12.5%, my policy gone up €250 to 5.5k

Omallep2

Do most here insure all sheds to their value? I know from talking to agent that a number of people have dropped sheds to keep policy down.....

Dunedin

https://www.boards.ie/discussion/comment/122556178#Comment_122556178

I’ve increased the value of the sheds the last couple of years in line with the increase in building costs- same with house.

Under valuing them to keep the premium down is a bit silly. Sur just don’t bother insuring them at all and you’ll have no premium to pay at all then.

Omallep2

https://www.boards.ie/discussion/comment/122556525#Comment_122556525

I take your point but my thinking was if you have a well built slatted shed feeding silage then storm damage is unlikely and fire unlikely....

Danny healy ray

i payed 50 euro more than last year good share of stuff insured I would have a very good claims record thank god

Cattlepen

mine was the same

Cattlepen

something went wrong with my post there. Changed back to FBD from axa last year. Considerable difference

Thekeencyclist

Just received quote from Broker - Zurich gone up 1400e, looking for 3.75K this year.

Looks like I may need to switch back to FBD, left them about 5 years ago but from reading previous posts, they seem to be the best value these days.

Dakota Dan

https://www.boards.ie/discussion/comment/122333444#Comment_122333444

the insurance companies won’t pay you anything extra if you under value which is no excuse to hike premiums

older by the day

https://www.boards.ie/discussion/comment/122556525#Comment_122556525

But it's only the roof will come off in the storm, the slatted tank won't blow away 😀

Conversations 3

Any recommendations for standalone tractor insurance?

Tileman

fbd would probably be the cheapest buy you can do that and axa on line to compare

Omallep2

Do people think there is value in insuring good quality sheds? I have been but I question my thinking with the increase in hikes each year.....I wouldn't compromise on tractor, public liability etc but sheds I do

Bleating Lamb

The House Insurance renewal came in today.I appreciate that rebuild costs have gone up a lot,but have factored that in over last few years so have increased rebuild cost cover accordingly.

Have the house covered with FBD,and have the farm buildings etc covered on a separate policy,also with FBD for years.
Looking at Premiums for last 5 years…..

2020 - €470

2022 - € 660

Last year - €900

This years quote - €1062

After haggling will probably get it down to an even €1000.

Just wondering are others experiencing an increase in costs of House cover this year?

Bass Reeves

https://www.boards.ie/discussion/comment/122885212#Comment_122885212

Always insure the house with the farm it much more competitive. What size house is it and how much is it valued at

Dunedin

https://www.boards.ie/discussion/comment/122674703#Comment_122674703

say for example total cost of shed is €150k and €50k is for slatted tank and €100k above the ground, and you insure for only €100k.

Storm comes and does €100k damage above the ground - you will only get paid on two thirds of the €100k damage €66k as you only insured two thirds of the shed.

However, given the likelihood of rhr slatted tank being damaged, the premium on that bit is low compared to a hayshed for example. A call to your insurance company will explain it all.

anthony500_1

Recently

https://www.boards.ie/discussion/comment/122885212#Comment_122885212

Recently renewed with axa, same situation as you own, policy has gone up double since 21, axa were 300 cheaper then FBD for a like for like policy, that was for house farm tractor etc, even had fbd out to inspect sheds house etc, very good rep from them, was very honest and straight, but couldn't match axa, might be worth shopping around even for the small savings

Qprmeath

https://www.boards.ie/discussion/comment/122885212#Comment_122885212

I have the farm and house insured with Zurich through Gallagher for a few hundred more than that, how big is the house?

Thekeencyclist

https://www.boards.ie/discussion/comment/122885212#Comment_122885212

Yip….Paid 3250 for Farm and House back in October. Last year it was 2300. 5 or 6 years ago I remember paying 1100 for farm and house.