January... Tis the Season to update those Farm Personal Property Listings

As we step into a new year, January offers farmowners an ideal opportunity to review and update their farm personal property listings. This simple yet crucial task can make a significant difference when it comes to protecting your assets and ensuring smooth claims processing.

Why Updating Matters

Over the past year, you may have purchased new equipment, sold older items, or made upgrades to your farm operations. If these changes aren’t reflected in your property listing, you could face challenges during a claim. More and more insurance carriers are now referring to these listings at claims time to verify coverage. An outdated list could lead to delays—or worse, disputes—when you need support the most.

Benefits of Keeping Your List Current

• Accurate Coverage: Ensures all your valuable assets are properly insured.

• Faster Claims: Reduces back-and-forth with carriers during the claims process.

• Peace of Mind: You’ll know your farm is fully protected against unexpected losses.

Tips for Updating Your Listing

1. Inventory Check: Walk through your farm and note any new or retired equipment.

2. Include Serial Numbers: For high-value items, record identifying details.

3. Review Annually: Make January your go-to month for this task—it’s easy to remember and aligns with planning for the year ahead. It may also align with submitting your asset listing to your tax preparer allowing you to tackle two birds with one stone!