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Nationwide: Insurance Review Checklist

Many people purchase insurance for their home or farm and then neglect to periodically review their policy or reassess their insurance needs. Unfortunately, this can lead to a gap in insurance coverage and prove costly when you file a claim and discover that you are under insured. It's a good idea to meet with your insurance agent annually or whenever there is a change to your personal life circumstances or your farming business. Southern States has partnered with Nationwide® Agribusiness Insurance to provide an insurance review checklist to make sure your coverage is meeting your current needs.

Your Nationwide® insurance review checklist should include: a review of your life circumstances, your home, your farm property and equipment as well as your farm operation. Changes in life circumstances typically require an immediate review and revision of your insurance coverage. Obvious changes would include: marriage, divorce, birth of a child or death of a family member. Other circumstances might include: a new business venture, retirement, or if you inherit property or income.

Over time, the fluctuation in the economy can mean that your insurance coverage no longer meets your current situation. Nationwide® Agribusiness Insurance Company recommends that farmers meet once a year with their insurance agents for an annual policy review. In discussing your home, include any improvements since your last review. Have you completed any new construction on the property? A new shed, new fencing or a new swimming pool should be listed. Don't forget to mention any new household safety devices such as smoke detectors or theft alarms that have been added. Major purchases like cars, jewelry, furs or firearms may require additional coverage. Also, ask if you may be eligible for any possible discounts on your policy since your last review.

Don't take chances with your farm property and equipment. Periodically review your inventory with your agent. Discuss any new construction, additions or deletions since you last met. Have you made improvements or built additions to any existing farm structures? Have you added any bins or silos? Are you planning any new construction in the near future? Have there been any significant changes in grain, livestock or commodity pricing since your last review? If so, you may want to review adequacy of inventory limits with your agent.

If your farm or ranch operation changes, take a look at your insurance to ensure that you still have sufficient coverage. Have you had a considerable change in sales volume since your last review?  Are you involved in any new partnerships or other business affiliations? If you decide to expand or branch into new business activities, you may not have adequate insurance. Chances are your policy only provides protection for liabilities incurred from your personal and farming activities. Agritourism activities may not be covered under your existing plan. For your protection, keep your insurance agent apprised of any changes in your farm or ranch activities.

Protect your home and farm with an insurance review. It isn't difficult or extremely time-consuming. Often, one phone conversation or brief visit with your agent can make sure that your insurance is taking care of your current needs.

Special Member Savings

At Southern States®, we are proud to be one of the nation's largest farmer-owned cooperatives. Southern States has partnered with Nationwide® Agribusiness Insurance to offer Southern States Cooperative member-producers in North Carolina and Virginia special discounts on insurance. In addition to giving you exclusive insurance savings, we're also joining forces to support the cooperative that means so much to you.

Nationwide® Agribusiness is the number 1 insurer of farms in the U.S. and a leading insurer of commercial agribusiness. Go to southernstatesnwag.com to find a local agent.

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