Underinsurance risk increasing due to surge in farm building costs
One in three farm clients availed of an offer to review and increase levels of protection under their farm policies. Photo: Stock image
Surging farm building costs in recent years has increased the risk of underinsurance on farms, causing major companies to urge their customers to review their policies.
In a statement to the Farming Independent, FBD said the risk of underinsurance is greater at times of inflation and can result in claim payments being reduced and/or not meeting costs of building reinstatements/repair.
