I had previously asked a question on here about the value of the horse barn & arena I am buying, for insurance purposes. Well the insurance people came out, measured, took pictures and put a replacement value on my barn of $618k. There is also a house on the property. I was told that not many insurers in my area specialize in these type of properties. The quote I received, from one of these companies, was for over $8k/year. So what I don’t understand is, I have the quote that shows how much everything is being insured for so why can’t any insurance company write this same policy? Why is it special? Are there details within those coverages that only certain companies deal with and understand?
Different insurers have different criteria and items they are and are not willing to cover. It’s not a matter of “why can’t they” it’s a matter of they just won’t.
Just like some companies in Florida won’t insure a roof over a certain age, no matter how good of condition it is.
Or some companies will insure it but will require extra expensive wind coverage.
Some companies won’t insure a home with a pool.
Insurance companies are private companies. They get to pick and choose what they will and will not insure.
Try Traveler’s.
4 Likes
Auto-Owners Insurance provided my coverage. State Farm would not cover horse facilities for me.
1 Like
an insurance company is regulated by Each state it is licensed to operate with in
Do a Google search for a List of companies that are licensed for your state
You should be able locate a State listing such as this for my state of Texas
My guess is even at $618k they have under estimated the actual replacement cost as most likely they have not included the support items such as fencing.
2 Likes
Not every insurer insures farms, it’s a specialty market. You’ll have to work with a market that specializes in farms or the equine industry.
2 Likes
The fencing is written separately and they have it insured for $50k which I hope is enough. 10 acres completely fenced with three rail wood horse fencing. Guessing 2700ft based on the property dimensions I have.
