In the United States, agriculture represents a significant portion of the economy. The country is home to around 2.2 million farms, around 97% of which are family owned and operated. Because these farms double as small businesses in many cases, it is imperative that the families who depend on farming for their livelihood get the insurance coverage they need.
Choosing the right farmers insurance policy isn’t easy, especially if you’re unsure of what to anticipate in the event of a claim. The following three features of a farmers insurance policy should give you an idea of what to expect with this type of coverage:
1. Property Insurance:
According to the U.S. Census, the term farm applies to any establishment that produces or sells at least $1,000 of agricultural products per year. While this may seem fairly broad, this means that many different property types are covered. Those properties contain specific agricultural facilities, machinery, and other supplies necessary for day-to-day operation.
2. Product Liability and Crop Insurance:
However, it’s not only the property that matters — it’s also the produce and other farm goods that they create. In order to protect these items, farmers crop insurance can help protect against loss and other issues. Last year, approximately 1.2 million crop insurance policies were sold in the U.S., protecting more than 120 different crops spanning 294 million acres. Similar policies are also available to protect livestock.
3. Farmers Homeowner Insurance:
Because so many farms are family run, many of those families live on the premises, so they can oversee operations at all times. Those homes are just as important as the businesses they share a space with, so it is crucial that an insurance policy also covers private space, as well. Make sure that your belongings are protected with an inclusive farmers homeowner policy.
Bundling saves money if you have multiple insurance policies, including things like homeowners insurance, health insurance, or life insurance. Combining these policies with your farmers insurance policy may even earn you a discount. Make sure to ask about this information and other aspects of your policy when you obtain a quote.
