National Insurance Awareness Day falls on June 28th every year. And Mississippi Farm Bureau thinks it’s a great day to purposefully think about insurance, to open your filing cabinet and check the renewal dates on your insurance policies. Additionally, call your agent and make sure you have the right kinds of insurance policies in place.
Picking the Right Insurance
Most people have their cars and home insured, but what about hunting gear or kayaks? Farm Bureau’s Agents work with each policyholder to ensure that everything is protected.
Farm Bureau is one of the largest underwriters in the state of Mississippi, so you can guarantee we know our stuff! Whether you own or rent your home – or live in the country or bustling urban areas, we’ve got policies right for you. For extra coverage, ask your agent about flood policies.
Business owners have their livelihoods tied up in commercial ventures. So it’s important to Farm Bureau to make sure everyone in our community is supported. Business Insurance products include Fire Insurance, Commercial Liability and Commercial Umbrella. We even insure Churches!
Make sure you’re protected on and off land with boat insurance from Farm Bureau. Many types of watercraft are covered under various policies including:
- Fishing Boats
- Ski Boats
- Canoes and Kayaks
- And more
No matter how you get around, there’s a good chance that we cover it! From cars and motorcycles to ATVs and RVs, our auto policies are personalized for each policyholder’s requirements.
Liability Policies cover instances where you are obligated to compensate someone for injury or property damage.
How To Celebrate National Insurance Awareness Day
It’s a good idea to check with your insurance agent, even when it’s not time to renew your policy. As life changes, so do your insurance needs, and sometimes positive events, such as successfully completing a defensive driving course or a job change that means you no longer have to commute can lower your insurance rate. Or, if you do extensive renovations that increase your home’s value, you may need to increase your coverage, to make sure your entire investment is protected in the event of a catastrophe.
After you’ve spoken with your agent, spread the word about insurance awareness via social media or word of mouth. Remind everyone that there’s no better time to make sure coverage for important gear and investments is in good shape.
A Quick History of Business Insurance
The idea of sharing risk is at least as old as 3000 B.C. Chinese merchants mixed all their goods among each others’ ships, rather than a single merchant carrying all of his goods on his own ship. If one ship would capsize—a very real possibility—everyone would lose part of their merchandise, rather than one merchant losing his entire inventory.
Then, in 1750 B.C., Babylonians merchants taking out loans for ship building began paying extra to the lender. If the ship was lost, the loans would be canceled. This practice, recorded in the Code of Hammurabi, was the first insurance policy ever.
Around 1000 B.C., Persian merchants took the Chinese practice a step further. Traders shipping goods together could pay a “premium,” that would compensate any merchant whose goods might be lost or damaged during transport.
The idea of “rate-setting” came from ancient Athenians, who set ship insurance (the extra bit paid on a ship loan, to ensure the loan was forgiven should the ship be lost) at particular prices that differed due to the time of year of the voyage. This “insurance” was more expensive when the lender was funding a ship leaving port during a more risky season.
Finally, in the 1700s, Lloyd’s of London began issuing actual maritime insurance policies.
The Origins of Property Insurance
Property insurance dates back to 1676, when the Hamburg Fire Office in England began to offer fire insurance policies to businesses and homeowners, following the Great Fire of London a decade earlier. That fire had destroyed 13,000 homes and left between 70,000-80,000 people homeless.
The First Auto Insurance
In 1891, the first car accident on record occurred, when an Ohioan driver hit a tree. The first liability car insurance policy is created six years later. In 1903, Massachusetts and Missouri became the first states to pass a law requiring all drivers to be licensed.
A few decades later, in 1927, Massachusetts became the first state to require liability insurance of all of its drivers. The idea came from Paul Revere’s great (12 times!) grandson, after witnessing a horrific car accident. It took other states awhile to catch up. In 1956, a few other states began to pass laws requiring mandatory liability insurance for drivers.
By 2010, 49 states had passed compulsory car insurance laws. New Hampshire is the only state that doesn’t require liability insurance. Although, it does require drivers to cover the cost of bodily and property harm due to an at-fault accident. So even if you move to New Hampshire, keeping your auto insurance current is a really good idea!