Even if your farm hasn't been flooded, scorched or hail battered by the past five years of peculiar weather events, insurance costs have joined the list of big price hikes pummelling the agricultural sector.
Last year alone the insurance industry had to absorb the cost of four officially declared natural disaster "catastrophes" and two "significant events" around Australia.
In total, insurers paid out claims worth about $36.5 billion across all categories, with eastern Australian floods in early 2022 attracting claims worth more than $6b - the industry's biggest ever single cost event.
Since the 2019-20 bushfire season payouts for catastrophic natural disaster claims have totalled more than $13b, according to the Insurance Council of Australia.
While farms typically represent a relatively niche area in the overall insurance market, this year's premium renewal costs have commonly leapt between15 per cent and 25pc, or more, depending on where and what assets are insured.
Until recently price rises were more likely to be in line with inflation, or even less, at maybe two per cent a year.
As overseas reinsurance giants have responded to Australia's run of devastating floods, storm events and bushfires, lifting their backup coverage charges to local insurers, the impact has flowed to primary producer premiums, even if they haven't made recent claims.
Inflated reconstruction expenses, including shortages of materials and workers, and increasingly volatile weather trends, have also added to farmers' coverage costs.
In the wider home insurance category, insurance premiums recorded their biggest rise in 20 years during 2022-23 - up an average 28pc.
"I've seen some farm renewals jump almost 50pc in the past year, although 20pc or even 30pc would be more typical," said insurance account manager with Nutrien Ag Solutions, Annette Cruickshank.
Nutrien provides a broking service to the farm sector.
Ms Cruickshank, based in North West NSW at Gunnedah, estimated her job was now twice as busy as it was two or three years ago as farmers revised insurance coverage plans, or sought new providers with better deals.
Insurance agents said the past two years' big rises in fuel, electricity, crop inputs and other farm running costs, now accompanied by poorer livestock values and drying seasonal conditions in many areas, had added urgency to producers' policy cost cutting hopes.
"At the same time, insurance companies have become less flexible with their prices," Ms Cruickshank said.
"We're in what's called a 'hard market cycle' at present, with fewer deals and enticements on offer.
"Insurance companies are also scrutinising customers' assets much more carefully than a decade or two ago, looking at how they can mitigate exposure to potential risks."
National agribusiness practice leader with Aon Australia, Tim Trandafilu, noted farm flood insurance coverage was now almost impossible to find.
At the same time, old electrical wiring in sheds, farm machinery used for off-farm work, or fire-prone vegetation risks near buildings or other farm assets were all potentially likely to force premiums higher or limit a farmer's coverage options.
Meanwhile, more variations to traditional mainstream policies were being negotiated between insurers and their farm customers as both weighed up cost-risk options.
Parametric insurance contracts offered policyholders coverage against a specific event, based on an agreed payout calculated on an event's magnitude rather than a payout based on the size of a customer's losses which would traditionally apply with indemnity coverage.
"We've definitely seen policy holders reducing their total asset coverage so they can cover the rise in premium costs," said Mr Trandafilu, one of many insurance industry representatives talking to farmers at last week's big AgQuip field days in northern NSW.
"Or, they might adjust their excess levels in return for premium relief, so they end up carrying a higher proportion of any claim situation.
"But while saving on premiums is one thing, it's important to put those savings aside and budget for what any self insurance strategy will cost if you do need to pay for a rebuild or repairs to farm buildings."
Several years of soaring building costs, including a 22pc jump in the past 12 months, were a key reason insurance coverage for repairs and building replacements had leapt in price.
Rural properties were also generally geographically remote, so building repairs were more likely to attract distance penalty loadings when tradesmen - whose skills were in demand everywhere - quoted for farm jobs.
"A five bay farm shed would probably have cost about $20,000 to build five years ago, now it's more like $60,000," observed another local insurance representative at AgQuip.
He agreed more customers now wanted to talk to insurance representatives about managing their exposure risk and costs, particularly as the busyness of recent good seasonal conditions and bullish market prices began to subside.
COVID lockdowns in 2020 and 2021 had also restricted opportunities for face to face conversations about what customers needed, so previous renewals went ahead without too many changes.
Regular farm visits, on-farm advice and face to face chats about refining insurance needs were good for both customers and the insurer, especially given commodity markets had come off the boil, said NSW and ACT manager with prominent farm sector insurer, WFI, Eliay Kakkar.
"Inflation has impacted everybody's costs, but weather events in recent years also created more awareness and recognition that insurance is critical."