It is "more imperative than ever" for farmers to be adequately covered following the sustained hot summer which sparked a hike in crop values.
Farmers are being warned that they are running the risk of being underinsured, according to a rural insurer.
The value of wheat, hay, straw, cereals, and other arable crops has soared following months of hot, dry weather.
It has prompted insurers Lycetts to urge farmers to check their insurance cover is adequate, particularly when it comes to crop storage.
For example, average hay and straw prices have almost doubled in some parts of the UK, yet many policies only insure stacks up to the value of £30,000.
Farmers can take steps, such as splitting up stacks and ensuring they are kept at least 20 metres apart, but they also advised to contact their insurance provider to check they have the correct level of cover.
'Low crop yields'
William Nicholl, head of rural at Lycetts said this summer has been a "challenging one" for many farmers.
"The adverse weather resulted in low crop yields, which has inevitably pushed up prices and affected market values," Mr Nicholl said.
“With so much to deal with, insurance may be the last thing on farmers’ minds but it is even more imperative that farmers are adequately covered, given the trying times.
“Some farmers may not be aware that the increase in wheat values, for example, means that their grain store is holding a higher value of wheat than in previous years, which would have an impact on the policy limit."
Mr Nicholl said that if a fire ripped through underinsured hay stacks, farmers could face losing thousands of pounds on a claim.
