What is Farm Owners’ Insurance?

Feb 5, 2023 | Business Insurance

Farm Owner’s Insurance or agriculture insurance refers to policies that provide commercial property and liability coverage and also homeowners’. Typically, farmers avail themselves of both residential and commercial coverage as the policies involved pertain to families and farms that are operated individually, not the huge farming operations for commercial business. 

What is Farm Owners’ Insurance or standard Farm Insurance?

Farm owners’ insurance is a form of insurance that combines two-in-one coverage to protect farmers. It includes homeowner’s insurance, liability coverage, and machinery and animals. Every farm has unique needs, so it is best to purchase farm owners’ insurance to protect both the home and the farm at the same time. An insurance agent may come over to evaluate the land to ensure the proper coverage for the property.

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What does it cover?

Farm owner’s insurance protects the client in an event of damage and loss. It has personal property coverage and liability coverage that works on farming operations. It can be broadened depending on the client’s choice. Some choose to widen the coverage for specific needs. You can discuss it with the insurance representative or agent to estimate it for you.

Property Coverage

Every business needs insurance but a farmer has other concerns and each farm has extraordinary needs and inquiries that only great insurers can answer. These include farm equipment coverage that covers tractors and threshing machines and other farm equipment. Another is crop coverage which covers the loss of crops due to extreme weather conditions, and livestock coverage which protects the farm animals.

Farm equipment and machinery.

This will protect you from loss of investment or damages to your farm equipment and machinery caused by specified risks in your policy. Examples are your tractors, plows, field equipment, rakers, and threshing machines. Portable structures, irrigations, and fences may be covered.

It is expensive and there’s a need for scheduling individually such as the tractor which is important in farmwork. However, think about the possible damage that will result in a big loss to your farm investments. For example, if your tractor was damaged by a tornado or one of the machines by other disasters, a replacement for the said assets is too costly. 

What about the other equipment that has been hit too? It will add up to the cost and will take away your earnings in a snap. Disasters cannot be controlled so it’s best to protect your investment from financial loss.

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Farmers consider their livestock as the most important asset and are vulnerable to risks such as sickness and death, so it is up to the farmer to decide what coverages to purchase to protect them from these perils. Horses, on the other hand, have different coverages that can be purchased depending on their purpose and how they are used. These include animal mortality coverage due to perils, sickness, and theft, medical and surgical expenses, and coverage for loss of use. Some insurance companies send agents that specialize in equine animals to help with equine animals, and the farmer should ask for details to purchase within their limit.

Farm products

Animal feeds, seeds, fertilizers, and pesticides are part of farm products that are covered by farm owners’ insurance. However, seeds and grains aren’t covered already once they are planted and growing inside the property. It is because it would need a commercial insurance policy once the sales are booming and might surpass the income limit of your policy.        

Liability coverage

Farm owners’ insurance covers damages, injuries, and medical expenses incurred, as well as the professional fee of the lawyer who will handle the incident case. Experienced farmers may also suffer from sudden injuries and hurt themselves while running machines on their farms. Certain needs must be considered when purchasing special liability coverage, such as food or products that have been sold and caused harm or illness to people, and hiring helpers that can be held liable for what actions they might cause to other people’s property during working hours.

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What Is Not Covered?

Many risks aren’t included in your standard policy. You might assume these coverages but talking to your agent definitely will help and might encourage you to customize the policy you presently have. Choosing the right policy coverage will depend on your needs.

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This isn’t covered by a standard farm insurance policy. Some farms have many fencing that measures too long while others don’t need it. The type of fencing varies from the material used and also the price that it entails, the reason why it might be pricey if you’d ever insure it. 

However, the advantage of insuring your fencing must be considered if your farm is most likely to experience a tornado. It will fall under policy extension and your insurance can broaden your policy to some risks that aren’t specified with it. If you have electric gates, think about insuring them because the moment it is damaged, you’ll be spending a lot more to fix them or replace them with a new one compared to the price you need to spend on buying another policy coverage.

Uncovered perils

You must know the perils specified in your policy that will protect your equipment, machinery, farming tools, and assets. Not all types of disasters and events are covered so it may help to know these details with your agent or review your farm insurance policy.

Fire is covered by your insurance in general, but it has exemptions that you might need to ask your insurer. Some of these exemptions include situations where there’s no access or it’s too far from a hydrant or pond that will supply the water needed to stop the fire. Another is if there are no provided solid gravel roads going to a certain building or structure that may be burned in an event. Your agent will evaluate the site and will take note of these points. Thus, excluding fire in the listed perils will likely happen.

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What Are The Benefits Of Farm Owners’ Insurance?

Most American farmers are older and it would be an advantage that whatever they own be insured to make sure that everything is in its proper place whatever happens. You might want to insure your valued property to free yourself from stress once mishaps happen within your land.

  • Operating a farm becomes the source of your livelihood if not for a hobby. To protect your business investment, you need to ensure your farm will protect your equipment and other farm assets from unexpected perils.
  • The government offers subsidies to farmers that will lessen some portion of insurance premiums.
  • You will most likely attain that loan from the bank or financial institution if you can show proof of being insured which will ensure them of your ability to pay.
  • Having a farm owner’s insurance will ensure the longevity of your farm business.

Farm or Ranch Insurance

Farm Protection

Owning a farm and getting agriculture insurance has its benefits not just to you or to nature, but most of all to other people that depend on the products a farm can produce. It may be a hobby to you or make it your source of income but remember that to safeguard your property, have it insured. Purchasing farm insurance is a form of security to your investment that will protect your valued wealth and the future goals you are planning to have soon.

Contact us today and ensure your future as a farm owner. Let our team get you covered.

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