Just as car drivers purchase car insurance and homeowners have homeowners insurance policies, farm owners also need to protect their businesses. Not only do they need to consider the facilities themselves when opting for an insurance policy, but they also need to think about their crops and livestock. Without these three components of an insurance policy, farmers may not be protecting their business as well as they could be.
If you’re the owner of a farm or ranch, make sure that the farm and ranch insurance policy you choose contains the following elements:
Protection for Buildings on the Farm
Farm and ranch insurance is designed to protect any facilities on the farm, such as barns, silos, sheds, and other permanent structures. Also included in this coverage is the machinery within those buildings, which is necessary for farm work. That protection extends beyond the farm facilities themselves to farmers home insurance, as well. Of the 2.2 million farms in the United States, around 97% are owned by families, and those families typically live on their farms. These plans can work in conjunction with a typical homeowners insurance policy to safeguard farmhouses against disaster, too.
Coverage for Livestock
Farms that make their money through the animals kept on that farm need to make sure that those investments are guarded. Whether you’re a dairy farmer or a producer of beef, pork, or other types of meat, your animals are protected. Animals can be safeguarded against theft, accidental death, and other incidents.
Insurance for Crops
A typical farm and ranch insurance policy should also include crop insurance. Last year, about 1.2 million such policies were sold to farmers to cover more than 120 different crops over 294 million acres in the U.S. This coverage protects the grains, vegetables, fruits, and other crops on a farm from a number of different disasters and emergencies. For example, hail and frost can do significant damage to all types of plants, and so can wind, rain, snow, and other inclement weather. Insurance for the farm or ranch should definitely include protection for crops and produce.
Do you need insurance for your farm? Make sure to get a quote, so your facility can have the coverage it needs.