Three Things You Need To Know About Farm Insurance

Business Blog

Farming can be one of the most challenging jobs in the world. Your income is dependent on so many factors out of your control, including the weather, the health of livestock and even equipment productivity. Although a successful crop can be a feast of profit, one bad year can ruin a small to medium sized farm as well. This is why it absolutely pays to have farm insurance, because it is perhaps the only to help recoup those losses caused by all of those factors out of your control.

Who Can Get Farm Insurance?

While it's fairly obvious that if you have a large farm you can get farm insurance, some folks with just a few head of cattle and a barn may be wondering if they qualify.

Each insurance company will have their own specific policies about what constitutes a farm and how you can be covered. Generally, if you have a detached structure, such as a barn or outbuildings that are used for agricultural purposes, you will most likely be able to find a policy to cover your farm.

What Kind of Farm Insurance Is There?

Again, specific policies will vary, but generally, there are three categories you will fall into:

  • Homeowner or farm owner that resides on the property
  • Homeowner or farm owner that does not reside on the farm property
  • Renter of farm property

In addition to these categories, most insurance companies break these down further to include caveats such as scheduled or unscheduled farm property, structures, liability, and even livestock and machinery coverage.

How to Get the Right Kind of Coverage?

In order to ensure that you get a policy that offers the most benefit with the least expense in premiums or deductibles, you need to:

  • Assess the value of the property/machinery/animals being covered
  • Note the largest risk value, and adjust the policy to cover the areas that may take the hardest hits (such as crops or machinery)
  • Examine multiple policies with multiple companies to both familiarize yourself with what is out there and to get a comparable rate.

In some cases, particularly in large or complex farm situations, it is advisable to visit with an agent, who will be able to help explain your options.

Farm insurance isn't always simple, and you need to be proactive in protecting your assets and your budget by choosing your policy and insurance company very carefully. However, it's better to have too much insurance than not enough, so cover your assets as much as you feasibly can. 

For more information, contact Western Reserve Group or a similar organization.


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