About 60% of American farmers are older than 55, and at that age, one starts to wonder about things that could go wrong and having insurance to provide for oneself or one’s family. Meanwhile, farm production expenses are on average over $100,000 a year. Given the risky and grueling nature of farm work, it is surprising that many farmers don’t even have life insurance or homeowners insurance.
Many might imagine that some farmers do not make enough money to be eligible to purchase farmers insurance after paying for crop insurance, car insurance, renters insurance and so on and so forth. But this couldn’t be further from the truth. Renters insurance tends to cost between $12 and $30 a month. Yet many more people have homeowners insurance than renters insurance, perhaps because they simply don’t understand how renters insurance works. The same may be true of farmers insurance. In 2014, 1.2 million crop insurance policies were sold covering 120 different kinds of crops. The options are out there. In many cases it’s a matter of determining personal liability.
Farm and ranch insurance is available to any establishment which produces and sells, or normally would do so, at least $1,000 worth of agricultural products a year. This makes it easy for almost anybody with a farm to seek out their farmers insurance provider to talk about farmers long term health insurance and other kinds of long term care that can save them undue stress and worry. Also, farmers can claim refunds of over $50,000 by filing an amended tax return, which can help bolster finances to the point where buying insurance seems like a good long-term option.
Farmers are among our nation’s most important and vital workers, and it is important that they get the opportunity to purchase crop insurance, farmers home insurance, and all the other ways of ensuring that things don’t take a turn for the worse.
