Are farm improvements included in my coverage?

Improvements and renovations can help your farm operations operate more efficiently and safely. If you have a number of outbuildings, you are probably fixing them up all the time. Make sure that all of your hard work doesn't go unnoticed by your Co-operators Financial Advisor.  

When should I notify you about my improvements?

If possible, contact your Financial Advisor before you start your renovations or improvements. If you notify us after they are constructed, you leave yourself open to the loss of the improvements not being covered should something happen to the structure.

What proof do you require?

This depends on the improvements. For a major addition, we may need to visit the structure to do a new valuation, but for a minor improvement, we may only need receipts. 

Does my premium increase?

If the value of the improvements significantly impacts the value of the insured structure, your premiums may go up to ensure that you are receiving proper coverage.

What happens at policy renewal time?

When it is time to renew your farm structure policy, the value of the improvements will be added to the total building value rather than being treated as a separate item.

What can you do for me if I need more than $250,000 of coverage?

For some classes of farms, you can have additional coverage up to $350,000. This is only for newly acquired or built structures. Contact your local Co-operators Financial Advisor for more details.

What if I need coverage for renovations on my farm house?

If you notify us of the improvements, this will be covered under your farm dwelling policy. Different limits apply for farm dwellings.

What if something happens and I haven't told you about my improvements?

We cannot accept retroactive proof of improvements in the event of an insured loss. Your building will only be covered to the agreed-upon amount in your original policy and your improvements will not be included.

New building valuation

Because most insurance policies pay the replacement cost of a building or structure, you should have your Financial Advisor see the building after the renovation to determine the new building value. Your Financial Advisor can then adjust the replacement cost on your newly improved structure in your policy, which ensures that you are fully covered if a loss happens. 

Different use of a structure may equal different coverage

If you are using a structure for something other than what it was built for, such as using a shed as a pie shop or for canning food rather than storing farm equipment, your policy may need to shift to business coverage. Before changing the use of a structure, contact your Financial Advisor to see if you’re still properly covered. 

Make sure there are no surprises

One of the most common issues we see on farm properties is electrical hazards and fires. If you're having a building wired or rewired, or having any work done on electrical components, make sure you hire a licensed electrician as your Financial Advisor may require proof of that license. 

New Farm Machinery coverage

You usually buy farm machinery because of an immediate need. Make sure you contact your Financial Advisor for new insurance coverage so that it’s protected under your policy.

Keep in touch with your Financial Advisor

There are many small things that happen on a farm every day. Put a monthly item on your schedule to call your Financial Advisor and keep him or her informed of any improvements to the property or new purchases.