When Is the Best Time to Shop for Farm Insurance?

Farm insurance can be a crucial aspect of managing risk for farmers in Iowa. The best time to shop for farm insurance depends on several factors, including the type of coverage needed, market conditions and personal circumstances.

When to Shop for Farm Insurance

The following are some considerations for when to shop for farm insurance:

• Early spring—One of the optimal times to shop for farm insurance is early spring before the planting season begins. This period allows farmers to assess their needs based on the upcoming crop year and make necessary adjustments to their coverage. Insurance companies often update their policies and rates at the beginning of the year, making it an ideal time to compare options and secure the best deals.
• Before policy renewal—Another strategic time to review and shop for farm insurance is before the renewal date of your current policy. This allows you to evaluate your existing coverage, consider any changes in your farming operations, and explore better rates or additional coverage options. It’s essential to start this process at least a few months in advance to help ensure a smooth transition if you decide to switch providers.
• After major changes—If there have been significant changes in your farming operations, such as acquiring new equipment, expanding your acreage or diversifying your crops, it’s wise to shop for insurance immediately. These changes can impact your coverage needs and premiums, so promptly updating your policy helps ensure you’re adequately protected.
• Market conditions—Monitoring market conditions can also help determine the best time to shop for farm insurance. For instance, if there are fluctuations in commodity prices or changes in government policies affecting agriculture, it might be a good time to review your insurance needs and adjust your coverage accordingly.

Learn More

By staying proactive and informed, you can help ensure your farm is adequately protected throughout the year. Contact Ackerson Insurance today to discuss your farm insurance options.

This blog is intended for informational and educational use only. It is not exhaustive and should not be construed as legal advice. Please contact your insurance professional for further information.