{"version":1,"type":"rich","provider_name":"Libsyn","provider_url":"https:\/\/www.libsyn.com","height":90,"width":600,"title":"Insurance Premiums Are Destroying Farms\u2014Here\u2019s What Actually Works (Ep. 340 )","description":"Insurance premiums doubling\u2026 tripling\u2026 and companies still denying claims. Should you just self-insure and be done with it\u2014or will that decision wreck your finances when disaster hits? In this episode of Farming Without the Bank, we dig into Chapter 8: Building Your Warehouse of Wealth and talk about what self-insuring really looks like using cash value life insurance, and where it absolutely does not make sense to go it alone. \ud83d\udd0d What You\u2019ll Learn When it actually makes sense to self-insure vs. when you\u2019re just gambling How Nelson Nash used dividend-paying whole life to self-insure comp & collision Why auto and homeowners insurance costs are exploding (it\u2019s not just \u201cgreedy companies\u201d) The ugly side of health insurance: denials, subsidies, and better options people are using Why crop insurance is subsidized and what that means for your farm risk How to start building your own \u201cwarehouse of wealth\u201d so you\u2019re less dependent on traditional insurance \ud83e\uddfe Key Takeaways Self-insuring is not \u201cgoing naked.\u201d It means building a pool of capital (like cash value in whole life) large enough to handle losses without destroying your lifestyle. If you drop comp & collision but spend the premium, you\u2019re not self-insuring\u2014you\u2019re just hoping nothing happens. That premium needs to be redirected into an asset (like whole life). Auto and home claims are more frequent and more expensive\u2014sensors, cameras, tech, and repair costs all push premiums up. Some people can self-insure their home or health because they are debt-free, frugal, and have a plan for where they\u2019d live or how they\u2019d get care. Most people don\u2019t. Health insurance has become a racket for many: denials, crazy premiums, and poor care. That\u2019s why some are choosing health sharing or direct primary care subscription models. Crop insurance is subsidized because actuaries can\u2019t collect enough premiums to cover catastrophic events without help. And like it or not, everyone is getting some kind of subsidy (child tax credits, mortgage interest, etc.). You can choose to self-insure some things, but you must run the numbers and understand the risk, not just react to high premiums. \u23f1\ufe0f Chapters (00:00) \u2013 Can You Really Self-Insure? (story + crop example) (00:46) \u2013 Nelson Nash on Self-Insuring Comp & Collision (02:54)\u2013 Why Auto Insurance Is So Expensive Now (06:01) \u2013 Self-Insuring Home & Health: Who Can Really Do It? (10:56) \u2013 Crop Insurance, Actuaries & Government Subsidies (16:23) \u2013 Final Thoughts & How to Run Your Numbers If you\u2019re tired of feeling trapped by rising insurance premiums and guessing about self-insuring: \ud83d\udc49 Subscribe for more episodes of Farming Without the Bank \ud83d\udcc6 Read the book and book a call, and let\u2019s see what self-insuring could look like mathematically for your farm or ranch. \ud83d\udcbb Work with Mary Jo: Get your copy of Farming Without The Bank, read it, and then schedule your appointment so we can look at what this strategy could mean for your operation and your numbers. No pressure, just a real conversation. \ud83d\udce9 Have questions? Email Mary Jo: maryjo@withoutthebank.com ","author_name":"Farming Without the Bank Podcast","author_url":"https:\/\/www.farmingwithoutthebank.com\/","html":"