In the ever-evolving world of agriculture, precision data has emerged as a game-changer, particularly in crop insurance. This innovative approach leverages advanced technology to provide farmers with more accurate, efficient, and beneficial insurance coverage. Here’s a closer look at the advantages of precision data for crop insurance and how it’s transforming the agricultural landscape.

1. Enhanced Accuracy in Coverage

Precision data allows for more accurate assessments of crop conditions and yields. Insurers can gather detailed information about a farm’s specific conditions by utilizing satellite imagery, drones, and other advanced technologies. This leads to more precise coverage that reflects the actual risks and needs of the farm, ensuring that farmers are neither over-insured nor under-insured.

2. Reduced Premium Costs

With more accurate data, insurers can better assess the risk associated with a particular farm. This often results in lower premium costs for farmers, as the insurance is tailored to the specific conditions and risks of their operations. Precision data helps eliminate the one-size-fits-all approach, leading to more cost-effective insurance solutions.

3. Increased Actual Production History (APH)

Precision data contributes to a more accurate calculation of a farmer’s Actual Production History (APH). By providing detailed records of crop yields and conditions over time, farmers can demonstrate their productivity more effectively. This can lead to better insurance terms and higher coverage levels, as insurers have a clearer picture of the farm’s performance.

4. Simplified Submission Process

The use of precision data streamlines the insurance submission process. Farmers can easily share data collected from precision agriculture tools with insurers, reducing the need for extensive paperwork and manual reporting. This saves time and minimizes the potential for errors in the submission process.

5. Improved Risk Management

Precision data enables better risk management by providing real-time insights into crop health and potential threats. Farmers can use this information to make informed decisions about their operations, such as adjusting planting schedules or implementing pest control measures. This proactive approach helps mitigate risks before they become significant, leading to more stable and predictable yields.

6. Secure Data Handling

With advancements in technology, the security of precision data has also improved. Farmers can trust that their data is handled securely and used solely to enhance their insurance coverage. This builds trust between farmers and insurers, fostering a more collaborative relationship.

7. Environmental Benefits

Precision data promotes sustainable farming practices by enabling more efficient use of resources. Farmers can optimize their use of water, fertilizers, and pesticides based on precise data, reducing waste and minimizing environmental impact. This benefits the environment and aligns with the growing demand for sustainable agricultural practices.

Conclusion

The integration of precision data into crop insurance is revolutionizing how farmers protect their livelihoods. By offering enhanced accuracy, reduced costs, simplified processes, and improved risk management, precision data empowers farmers to navigate the challenges of modern agriculture with greater confidence and efficiency. As technology advances, the benefits of precision data for crop insurance are likely to grow, further solidifying its role as a vital tool for farmers worldwide.

This article is intended for informational purposes only and is not intended to be exhaustive, nor should any discussion or opinions be construed as professional advice.

Dimond Bros. Insurance is proud to offer our Commercial Lines, Group Benefit and Farm customers with access to HR consultants to assist them in their business operations.  These HR consultants serve as valuable resources for navigating the pressing challenges facing employers today. This team, fields dozens of questions each day from employers seeking answers to their most pressing questions. Our data provides real-life insights into what is happening in HR and what types of workplace topics are on the minds of employers.

Here are the top five trending topics employers asked about in March 2025, our most recent month of data.

1. Benefits:  Examples – ACA reporting, midyear election change
2. Leave of Absence:  Examples – FMLA exhaustion, maternity leave
3. Discipline:  Examples – Furloughs, WARN Act
4. State Employment Law: Examples:  Labor law posters, paid sick leave
5. Wage and Hour: Examples:  Final wages, jury duty

If you find yourself in need of assistance and information on any of the above topics or other HR questions contact your Dimond Bros. Account Executive today to gain access to this free resource and tool available to our customers. 

This article is intended for informational purposes only and is not intended to be exhaustive, nor should any discussion or opinions be construed as professional advice.

Life insurance is an essential financial product that provides peace of mind and security to individuals and their families. As we navigate various life stages, understanding the most common types of life insurance can help you choose the right coverage for your needs. Here’s a quick overview:

1. Term Life Insurance:

– Definition: Provides coverage for a specified period (e.g., 10, 20, or 30 years).

– Benefits: Generally lower premiums; suitable for temporary coverage needs (e.g., raising children, mortgage).

– Consideration: No cash value; only pays out if the insured passes away within the term, although there are policy riders available that offer return of premium.

2. Whole Life Insurance:

– Definition: Permanent coverage that lasts for the insured’s lifetime, with consistent premiums.

– Benefits: Accumulates cash value over time, which can be borrowed against.

– Consideration: Higher premiums compared to term life; often used for estate planning.

3. Universal Life Insurance:

– Definition: Flexible coverage that allows policyholders to adjust premiums and death benefits.

– Benefits: Cash value component grows based on interest rates; offers more control over your policy.

– Consideration: Requires careful management to ensure it remains in force.

4. Variable Life Insurance:

– Definition: A permanent policy with an investment component; offers flexible premiums and death benefits.

– Benefits: Potential to grow cash value based on market performance; can adjust the investment strategy.

– Consideration: Investment risks impact cash value; requires financial knowledge and monitoring.

5. Final Expense Insurance:

– Definition: A smaller policy aimed at covering funeral and burial costs.

– Benefits: Simpler application process; provides peace of mind for loved ones.

– Consideration: Coverage amounts are typically lower than other life insurance types.

Choosing the right life insurance coverage is crucial for financial planning and protecting loved ones. Understanding these options will empower you to make informed decisions that align with your goals. For more information, please contact Mike Holley, Vice President of Life & Health for Dimond Bros Insurance. Mike.holley@dimondbros.com

This article is intended for informational purposes only and is not intended to be exhaustive, nor should any discussion or opinions be construed as professional advice.

Insurance carriers realize that offering additional lines of coverage to an existing customer is less expensive than trying to attract new customers. They also know that the more lines a given customer has, the longer they’re likely to stay with them.

While bundling policies is beneficial to insurance carriers, it is also highly beneficial to their customers. Similar to how bundling your personal home and auto policies may give you a discount, bundling your business policies can provide benefits way beyond cost savings.

Simplified Bookkeeping

Most businesses require a number of insurance policies in order to properly insure their operations, including:

• Workers’ compensation
• General liability
• Commercial property
• Professional liability
• Commercial auto
• Business interruption
• Cyber liability
• Directors and officers

Keeping up with that many policies isn’t an easy task for business owners. Therefore, bundling multiple policies with the same carrier simplifies things for bookkeeping purposes. Besides having fewer bills to keep track of every month, it also makes it easier come renewal time if the bundled policies renew at the same time each year.

Your HR department will also appreciate having one number to call when you’re hiring a new employee, have claims questions, are adding a location or making any other business decisions that impact your insurance.

Fewer Agents to Educate

Properly insuring your business requires explaining to your insurance agent exactly what your business does and the exposures that come with it. But without bundling your policies, you have more agents to educate, which takes time. The fewer agents you have to work with, the better equipped they’ll be to help identify and address your exposures.

Assurance That Your Policies Work Together

There may be circumstances when two of your business insurance policies have to work together. For example, you may assume that something not covered by your commercial auto policy would be covered by your commercial umbrella policy. However, many umbrella policies will only extend above an auto policy if the insurance company offering it has a specifiedfinancial strength rating. If your carrier’s rating falls below a certain grade, your umbrella policy may not cover an auto loss. That’s just one type of problem that could arise if you keep your policies under separate roofs, with separate agents.

Less Security Risk

When obtaining insurance, business owners are required to divulge sensitive personal information about their employees, as well as financial information about the business itself. When dividing your policies among multiple agents, you’re basically providing all that information to more people than you would have to if you’d bundled your policies with one agent. And in doing so, you’re increasing the risk of highly sensitive information ending up in the wrong hands.

Better Pricing

Bundling your business’s insurance policies allows your insurance professional to give you access to multiline discounts that help boost your bottom line. Contact Dimond Bros. Insurance to see if any of your insurers offer multiline discounts. We can give you estimates for bundling your policies with each carrier.

This article is intended for informational purposes only and is not intended to be exhaustive, nor should any discussion or opinions be construed as professional advice.

 Home insurance is among the most purchased and essential types of coverage. Given the significant investment of a home and the many risks and perils that could cause damage or other financial losses, securing sufficient coverage should be a top priority. 

However, the home insurance market can be complex and volatile, often imposing increasing prices and fluctuating coverage availability. Fortunately, by understanding what happened in 2024 and what to expect in the year to come, homeowners can position themselves to acquire and maintain ideal policies while maximizing the cost-efficiency of their premiums. 

Understanding Market Expectations 

The 2024 home insurance market presented dynamic and transformative conditions throughout its 12 months. Many factors that impacted the marketplace in recent years, such as natural disasters and rising reinsurance rates, continued to play a role in carriers’ offerings and rates. For example, the National Centers for Environmental Information reported that 2024 was on track to have the second-most catastrophic weather events in history. In total, as of Dec. 9, 2024, there had been 24 such incidents resulting in over $500 billion in total losses throughout the United States. 

However, despite market volatility in 2024, there were signs of potential financial relief for policyholders heading into 2025. For instance, according to a report by Matic, premium increases slowed in the latter half of the year. Whereas there was an average increase of 10.7% in premiums for new home insurance policies during the first six months of 2024, the latter half of the year observed increases falling to an average of 6.6%. Additionally, several carriers that had left certain high-risk regions have returned, leading to a 60% increase in available quotes. Such findings suggest the overall homeowner’s insurance market may be stabilizing. 

7 Tips for Finding the Right Home Insurance in 2025 

In the year to come, existing policyholders looking to renew coverage and new homeowners securing their first policies may benefit from the following tips:

1. Shop around. Perusing the offerings of multiple insurance carriers is always an advisable step and may be even more valuable for those in areas where insurers are re-entering the marketplace. By comparing more quotes from different providers, homeowners can identify the best available coverage for their needs and budgets. As independent agents, our job at Dimond Bros. to help do this for you. 

2. Upgrade homes. Investing in your home’s security and safety can play a significant role in helping with insurance premiums. For example, nonflammable materials, steel roofs and storm shutters can help limit damage from natural disasters. Similarly, security systems, deadbolt locks and smart smoke alarms may reduce the risk of crime and accidental damage. These enhancements may make homeowners appear less risky to carriers, potentially leading to lower rates. 

3. Adjust coverage. Home insurance can often be customized and tailored to suit a homeowner’s unique needs, preferences and risk tolerance. In some cases, policyholders may choose to adjust coverage to reduce premiums, such as by increasing their deductibles. While this may help save on regular costs, homeowners should be aware that such adjustments may leave them facing higher out-of-pocket costs when filing a claim. 

4. Bundle coverage. Purchasing multiple insurance products from the same carrier can be an easily accessible way to save on total costs. For instance, homeowners’ insurance can often be bundled with a personal auto policy. By doing so, policyholders can often qualify for discounts while also potentially reducing their risk of nonrenewal; carriers may be hesitant to discontinue coverage for a customer who purchases multiple forms of insurance. 

5. Limit liabilities. Home insurance policies typically include personal liability coverage, which can cover third-party losses caused by homeowners, as well as their spouses, children, pets and other family members who reside on the property. Carriers must assess liability risks and calculate rates accordingly. Attractive nuisances, such as swimming pools, playground equipment and firepits, can lead to higher costs. 

6. Improve personal credit. Many home insurance companies use a figure called “insurance-based credit scores” to help determine the riskiness of insuring someone. These figures are calculated based on a homeowner’s credit score. As such, maintaining a diversified credit portfolio, making payments on time and limiting outstanding debt may help policyholders save on premiums. 

7. Identify discounts. Many insurance carriers offer discounts to certain policyholders. For example, members of the U.S. military and law enforcement organizations may sometimes qualify for reduced rates. Additionally, homeowners who have remained with the same carrier for an extended period may be eligible for a loyalty discount. Alternatively, those who have not filed a claim against their policies in recent years may also access savings opportunities. 

Learn More 

Amid a challenging insurance market, homeowners must take a diligent and informed approach toward keeping costs in check. Staying updated on current conditions, relevant trends and recent patterns can help policyholders craft an optimal, affordable policy. 

At Dimond Bros. it’s our mission to help keep you informed and guide you through all available policy options. Start HERE to connect with a Dimond Bros. team member and start the quote process. 

This article is intended for informational purposes only and is not intended to be exhaustive, nor should any discussion or opinions be construed as professional advice.

Introduction

As a business owner, it’s important to be prepared for potential floods, which are one of the most common hazards in the United States. According to the Federal Emergency Management Agency (FEMA), all 50 states are at risk of flooding in some capacity. In addition, a study published in the Nature Climate Change journal predicts that the annual cost of flood damage in the United States will increase by more than 25% by 2050—from $32 billion to $40.6 billion.

The impact of floods on businesses can be devasting, resulting in lost production, sales, income and labor time; transportation costs; decreased tourist activity; and utility disruptions. In fact, 40% of small businesses never reopen following a natural disaster, according to FEMA and the U.S. Department of Labor. Therefore, it’s crucial to take steps to protect your business from potential flood damage.

Review Insurance Coverage

Flooding is a cause of loss that is not typically covered by commercial property policies; businesses usually need to purchase a separate flood insurance policy. Before catastrophe strikes, it’s important to take the time to conduct a detailed insurance policy review to ensure the coverage is adequate. In fact, if your commercial property is in a high-risk flood area and you have a mortgage from a federally regulated or insured lender, you are required to purchase a flood insurance policy. Considerations when searching for a policy include:

• Policy limits: Are the building(s) and contents insured to value?
• Business interruptions: Is there coverage for a potential loss of income while the premises are unusable?
• Extra expenses: Is there coverage for any extra expenses incurred while operating the business out of a temporary location?

Prepare Your Property

FEMA reported that more than 20% of flood claims come from properties outside of flood zones. This means it’s important to take precautions to protect your property before a flood occurs, even if your business is located outside a typical flood zone. Here are some tips to prepare your property for a flood:

• Create a flood plan that includes evacuation routes; crucial business details; gas, water and electric supply information; contact sheets for people and their responsibilities; inventory and electrical equipment details; and a list of disaster recovery companies.
• Create a data backup and recovery plan so critical business data is regularly backed up and stored offsite or in the cloud since data loss can severely impact business operations.
• Utilize dry floodproofing techniques, such as keeping flood-protective materials on hand, installing watertight shields over doors and windows, and implementing flood gates or permanent flood doors.
• Raise important equipment, electrical components and documents above expected water levels and store them in waterproof and fireproof containers if necessary.
• Landscape with native plants and vegetation to prevent soil erosion and allow flood waters to drain more efficiently.  
• Use flood-resistant materials for floor and wall coverings, insulation and building exteriors.
• Inspect the exterior building and roof/gutters regularly to ensure they can withstand wind and water from storms and flooding.
• Verify that all installed backflow valves and closures are functional to prevent chemicals, toxins and debris from entering clean water supplies.  
• Have backup systems such as portable pumps and alternate power sources located above the base flood elevation.
• Anchor fuel tanks to prevent damage to your building or other properties downstream, along with potential leaks, fires, explosions or pollution risks.

Conclusion

Being prepared for floods is essential for safeguarding lives and minimizing the impact of these natural disasters. By understanding the causes, recognizing the signs and knowing how to respond, your business can effectively navigate the challenges of floods.

While it may seem overwhelming, you can work with qualified insurance professionals to learn more about and assist with flood preparedness practices and policies. Contact us today for more information.

This article is intended for informational purposes only and is not intended to be exhaustive, nor should any discussion or opinions be construed as professional advice.