Mitigating risk when buying and selling property, with Deb Maddox, Achmea Australia Farm Insurance Specialist, Tamworth region NSW

Are you in the process of buying and selling property? It is important to be aware your existing farm insurance policy may not  automatically transfer to your new property after purchase. Typically, insurance policies are specific to the property they cover.  

Speaking with farmers, I understand that updating insurance is not always top of mind. However, not updating your policy may put you at great financial risk. It may leave your new property, including machinery, building and contents, uninsured. It also means you may be paying for coverage you no longer need.  

To avoid these risks, it is crucial to take the time to review and update your policy as your circumstances or insurance needs change.   

Here are some key measures for you to consider that may help you avoid the risk of being uninsured or underinsured:  

• Every farm is unique, and your previous level of cover may not be sufficient for your new property. Consider getting your new property valued to help you select a sum insured that covers your needs. You can also download Achmea Australia’s Farm Insurance Review Checklist to help you review your farm insurance needs and make informed decisions about your cover.   
• Review your existing policies to determine which items need to be cancelled or transferred to your new policy, particularly if you have sold machinery with the property.   
• Update policies for items such as vehicles and home contents to your new address.  
• Specific insurance may be required when moving inventory, including home contents, to a new farm. Contact your insurance provider to discuss the transition from one property to another and ensure you have adequate coverage in place.  

This information is brought to you by specialist agricultural insurer, Achmea Australia, as part of our commitment to keeping farmers farming.

Contact us to request a tailored farm insurance quote, or to discuss your farm insurance needs, on 1800 724 214, info@achmea.com.au go to www.achmea.com.au  

Disclaimer: Insurance issued by Achmea Schadeverzekeringen N.V. (Achmea) ABN 86 158 237 702 AFSL 433984. The information in this document is general advice only and does not take into account your individual objectives, financial situation or needs (your personal circumstances). This means any advice may not be appropriate for your circumstances. Before using this information to decide whether to purchase the insurance policy, you will need to consider the appropriateness of any general information or advice we give you and how it relates to your specific situation to ensure the insurance cover meets your needs and the relevant Product Disclosure Statement and Target Market Determination (TMD) available from the ‘Downloads’ section of our website achmea.com.au/downloads. For feedback and complaints, visit achmea.com.au/complaints. To view Achmea Australia’s privacy statement, visit achmea.com.au/privacy. Achmea Australia does not warrant that the information contained herein is accurate, reliable, complete or up to date, and, to the fullest extent permitted by law, disclaims all liability of Achmea Australia and its Associates for any loss or damage suffered by any person by reason of the use by that person of, or their reliance on, any information contained in this document or any error or defect in on this document, whether arising from the negligence of Achmea Australia or its Associates or otherwise.