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Insurance for Black Walnut Plantation

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From: Bruce Meador
City:
Waukon, IA
Is there insurance available for black walnut timbers? We have a 40 year old stand with 1448 black walnut trees; we would like to insure them.

 
Extension Message
From: Jay Hayek
Extension Specialist, Forestry
Department of Natural Resources and Environmental Sciences
jhayek@illinois.edu
Hi Bruce:

I'm not aware of any insurance companies that insure standing timber. It would be prudent, however, to make sure you have a current timber basis (i.e., a recent forest inventory and appraisal) in case you were to lose these trees due flood, drought, tornado, etc.

In that particular case, you would be able to take a casualty loss on your federal taxes, but only if you know the value of your trees. Most professional consulting foresters provide timber / land appraisals.

Iowa Consulting Foresters: https://www.extension.iastate.edu/forestry/publications/PDF_files/F-361.pdf

Best, Jay

 
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