Your insurance coverage on farm produce, farm machinery and farm livestock are subject to a Co-Insurance percentage of 80%. You therefore need to maintain a limit of insurance on these items to at least 80% of the value of this property.
Your farm property is subject to the policy deductible. You may be able to lower your premium by buying higher deductibles.
All claims will be settled on an Actual Cash Value basis unless Replacement Cost is stated on the policy. Actual cash value will take into account depreciation of the property based on the age of the damaged property. Replacement Cost settlements do not take depreciation into account provided you actually replace or repair the damaged property.
Some farm buildings may be subject to a Rebuilding Clause depending on the condition. If you replace or repair the damaged property then you will receive the full amount of any loss up to the amount specified on the declaration page. If you do not repair or replace then you will only receive a specified percentage of the amount of loss payable.
