The Pitfalls of Being Underinsured!
The rise in interest rates, alongside increases in building costs resulting from the outfall of the pandemic and Brexit, mean that many farming properties in the UK are now underinsured should a claim be made on their policy.
Many farm insurance policies have an index linked to the increase in interest rates, but an automatic rise should not be assumed. The unusual circumstances caused by the pandemic mean that some insurance policies now fall outside what would have historically been acceptable parameters.
To avoid being out of pocket, now is a good time to review the sum you are covered for. Our experts at Farm and General can give you more guidance on the types of policies we offer. We look forward to hearing from you.
The rise in interest rates, alongside increases in building costs resulting from the outfall of the pandemic and Brexit, mean that many farming properties in the UK are now underinsured should a claim be made on their policy.
Many farm insurance policies have an index linked to the increase in interest rates, but an automatic rise should not be assumed. The unusual circumstances caused by the pandemic mean that some insurance policies now fall outside what would have historically been acceptable parameters.
To avoid being out of pocket, now is a good time to review the sum you are covered for. Our experts at Farm and General can give you more guidance on the types of policies we offer. We look forward to hearing from you.
