Home on the range: challenges insuring farm residences

Source: Insurance Business Australia Magazine, 23 December 2022

The succession of flooding events across Australia has put pressures on farmers, including wreaking havoc on their summer harvests. However, insurance can offer crop protection from some natural disasters and poor harvests. PMA Trilogy Insurance Solutions’ Geoff Boyle (pictured above) said that apart from protecting crops, a growing issue for farmers is hanging on to their homes.

“One of the greatest challenges is insuring the residential home on the farm,” said Boyle, who is senior account manager. His Toowoomba based brokerage specialises in insurance and risk management for agricultural business clients.

“The insurance premiums are increasing every year,” he said. “The cost to rebuild is also increasing due to the remote locations and the extra costs builders face to adhere to workplace safety requirements.” Boyle said a builder’s employees may have to stay on site for weeks.

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