Looking for a new lease next year, came across a few that are asking for a million dollar policy to lease. I dont know where to even find a policy like that, let along what it would cost.

Anyone have to do this on their place? Whats is cost? Doesnt a hold harmless agreement take care of any liability on the landowners?

If it is like the insurance we have to have for electrical, it isn't that expensive. Though it is just wasted extra money that could go to fuel and corn.

After 11 years our landowner got real cozy with either her lawyer or insurance agent and required us to take out a $1 million "umbrella" liability policy.

Cost us right at $1000 split 4 ways.

it's not that much...... ends up being anywhere from $80-120/month. Hold Harmless Agreement sometimes isn't worth the paper it is printed on. Normal insurance required by the timbercos in our area is between .25-1.00/acre.

Four years ago we had a fourwheeler start a grass fire, 10000 acres latter the bill for damages came to more than $300,000 thank goodness for the insurance. I personally have a $1,000,000 liability that covers me and my vehicles after the basic insurance has been exceeded and it cost abot 300 per year.

It is usually priced by the acre. So it will depend on how much acreage the lease is. I have 10,000 acres and my policy cost me $1400 a year to give you an idea. I think it is worthwhile because you never know what can happen out there.

The cost depends on the acreage.

Sending you a PM.

Find another lease. Just another scam to get your money.

We are required to carry and Umbrella policy for our lease, the cost comes out to an extra $175 per person between 6 of us.

get one through your homeowners policy..umbrella..it will save you..big time

I work for State Farm Insurance Company. The best thing to do in my professional opinion, would be to get a Personal Liability Umbrella Policy that extends 1 million in excess coverage once you tap your auto and homeowners liability. On average this cost between 250-500 a year and well worth it. It covers your immediate family within your home for any negligence they may be liable for such as an auto accident where someone is killed or severely injured as well as when someone is injured on your property such as a 4 wheeler accident or if a child drowns in a pool. Then you do not have to take out a policy just for your lease, you are insuring your family rather than some RANCHER/Land sub-lessor.

In my opinion you should counter and see what kind of Ranch/Farm policy they have. Some land owners will, but most of these sub-lessors are required to get this liability coverage therefore if they can persuade/require you to get it they just increased their profits. You will find out not many have this coverage due to the expense of a Farm/Ranch policy.

Overall a PLUP will follow you/your family anywhere in the world and will be adequate coverage to present when requested, especially for a deer lease.

If you have any questions, feel free to email me or call me at:

Justin Slocum
State Farm
justin.slocum.rw1b@statefarm.com
972-279-3333

Thanks all, sounds like something to have regardless if its required by the landowners or not.