If you own and operate a farm, then you know how important insurance can be. Unfortunately, many people are under the impression that purchasing additional farm or ranch insurance simply isn’t necessary. However, farming is a touch and go business, and having sufficient coverage can help back you up should something occur.
Do I Need Farm Insurance?
Standard homeowners insurance won’t cover the needs of your farm, but if you’re unsure if you need farm insurance here are a few things to consider.
- Do you have additional structures? Additional structures such as barns, horse stables, sheds, or silos are able to be covered by farmers insurance. This can be dependent on income; for instance, if you don’t surpass the limit specified by your home insurance via the commercial use of these structures, then you won’t need farmers insurance. It’s important to keep all of this in mind so that you can get the coverage you need. If you need more information, or have questions about your policies income level, speaking to your insurance company can help you sort things out.
- Do you raise animals? Owning a chicken coup won’t necessarily call for farm insurance; however, if you’re raising chickens on a larger scale and turning a profit, you may wish to consider a policy. Keep in mind however that certain circumstances may require farm insurance. Stabling horses for example can be considered a type of business exposure, thereby requiring insurance. For clarification based on your special cases, it’s advised to speak with your agent, this way you can be sure you’re getting what you need.
- Do you hire farm workers? For those who work on farms large enough to warrant hiring extra help. In cases like these farm insurance is warranted, especially due to the size, probably income from agriculture, and additional laborers.
If any of these circumstances sound like your situation, I would suggest reaching out to an insurance company for specialized information tailored around your unique needs. Not all farms are the same, and there is no ‘one size fits all’ brand of farm insurance. Sitting down to talk with an agent can ensure that you get exactly what you need.
How Do I Get Farm Insurance?
Insurance companies customize policies to ensure that you can get the coverage you need, without any unnecessary extras. For accuracy, an online estimate isn’t usually feasible. Many agents prefer an in person consultation, along with a personal survey of the farm, so that they can tailor your policy.
As I touched on above, there is no one size fits all policy, and a farm with herds of animals is going to require a different policy that one that focuses on crop cultivation. If you’re interested in obtaining your own custom policy please feel free to seek out a consultation. Farm insurance agents will be more than happy to answer any questions you may have. They will also work to make sure you get the right coverage, at the right price.