“There are parts of Florida where most insurance companies, given what’s happened with the weather, are at capacity. They’re only going to take so many risks in Florida. If I have someone sell their farm in Wellington, that opens up another farm to coverage. But if I was buying a farm in Wellington, I would first find out who insures in Florida and what the premium might be. Someone’s who’s moving from Virginia to Florida would have complete shock about how much insurance can be.”
Q. What factors influence my premium and my ability to find insurance?
A. One thing insurance adjustors consider carefully is a property’s distance from a fire department. “If it’s too far away, you might get some underwriters that won’t take the risk,” Bopp said.
And the materials used in constructing your barn and other outbuildings also count. Masonry or steel buildings will cost less to insure than wood frame.
Updated and to-code wiring and plumbing will also earn you a discount, as will lightening rods, smoke detectors, a sprinkler system and CO2 sensors.
Contrary to popular belief, where your hay is stored does not affect the policy.