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Avoiding Insurance Pitfalls: What Every Rancher Should Know [episode 69]


header graphic Avoiding Insurance Pitfalls: What Every Rancher Should Know [episode 69]

Listen to Avoiding Insurance Pitfalls: What Every Rancher Should Know on: Apple Podcasts | Spotify | Your platform of choice  



Host John Haskell welcomes Julie Davidson to the podcast today to discuss trends in the insurance industry and how to avoid common insurance pitfalls. They discuss changes to underwriting and the increased use of drone technology, when to use insurance apps (and when not to), and what to consider before making an insurance claim. Julie also highlights the importance of understanding deductibles, especially for comprehensive coverage, and the potential impact of claim frequency on premiums. She highlights the need for proper eligibility checks when switching policies and the possible challenges of insuring in high-risk areas, such as those prone to wildfires.


In this episode, Avoiding Insurance Pitfalls: What Every Rancher Should Know, we cover: 

  • The increasing use of technology in underwriting, including drones and satellite imagery

  • Using insurance apps for checking premiums, coverages, and changing payment methods, but not using them for complex tasks like filing claims

  • The importance of consulting agents before filing claims to ensure the best possible outcome and avoid unnecessary claims

  • What every rancher should know about transitioning insurance policies

  • Insurance eligibility, high-risk areas, and self-insuring


Meet Julie Davidson:

Julie has over 20 years of experience in the insurance industry, including many years as a Claims Specialist, where she handled complex liability, farm/ranch, commercial, and property casualty claims. For the last several years, she has worked as a producer, licensed in four states, specializing in farm and ranch coverage. She has also spent most of her adult life immersed in the world of Ag, including many years on the leadership team of a large implement dealership group, many years handling the books and business aspects for a large cow/calf operation, and, of course, the best part, general labor in the great outdoors, processing, feeding, etc. She has three children, two are grown and living in TX, and the youngest is about to start his senior year. They all love spending time hiking, fishing, and exploring the Bighorn Mountains.

  

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More about the Ranchonomics podcast:  

Welcome to Ranchonomics, where we empower you to build a better ranch and transform your operation into a thriving business. This podcast is brought to you by Ranch Right LLC, and together we will look at essential strategies, mindsets, and processes needed to take command of your financials and master the business metrics that make all the difference. If you are ready to start winning at ranching, then you are in the right spot. 


With each episode of Ranchonomics, you will hear inspiring success stories, gain simple yet powerful financial literacy tips, and listen to insightful interviews with industry experts and real-life practitioners. 


Whether you are a seasoned rancher or just starting out, we believe that managing a ranch shouldn't mean drowning in paperwork or missing out on valuable opportunities. Our mission is to help you see the link between your daily ranching operations and your financials that allow you to go from chaos to clarity and achieve your goals. 


Join us as we explore the intersection of ranching and finance, helping you understand your numbers and make informed decisions that propel your business forward. 

Subscribe now and start your path to a more profitable, less stressful ranching experience with Ranchonomics. It's time to harness the full potential of your operation. 

 

Make sure to hit subscribe/follow so you never miss an episode! 

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