Inflation is driving up the cost of farming equipment, building materials and labour. In this video, our Farm Insurance Specialist Gerard Bennett explains how inflation may put you at risk of being underinsured and why it is essential to keep your farm insurance up to date. #KeepingFarmersFarming
Have you considered the impact of inflation on your farm insurance policy?
We’ve all been hearing about the costs of living and we’re all impacted by that. In insurance, at claim time, this is really impacting in terms of the cost of labour and of course, the cost of materials.
With insurance, it’s really important to review your sums insured to ensure that they’re adequate, because the last thing you want is to be in a situation where you sum insured, at claim time, will not reinstate your assets.
You can always use Achmea’s Farm Insurance Checklist to help you review your farm insurance policy, but also too, to contact your insurer to review your policy.
This information is brought to you by specialist agricultural insurer Achmea Australia, as part of our commitment to keeping farmers farming.
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