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:
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:
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.Share
10 December 2014
For a brief time, I found myself between houses. This came about when I sold my old one but the home I was having built was not quite ready. Since the buyers wanted in, I had to place most of my belongings in a self-storage facility. Fortunately, I found one that had everything that I needed. The facility had around the clock security and units that were the right size for my needs. There was even air conditioning to keep my stored items safe from the heat. If you need storage space for a short time, there are specific features you want. Stick with me and you will know what questions to ask before you make any type of commitment to a storage company.