Your farm and ranch aren’t just your business, they’re also your livelihood. That’s why you should make sure they’re protected with the proper coverage. Farm and ranch insurance offers a dual coverage plan that protects both your home and your way of life. Each plan is customizable depending on your needs.
Types of Coverages
There are many different types of coverages that can be included in your customized plan—it mixes homeowners insurance and business insurance, after all. Here are some coverages you should consider:
Dwelling Coverage protects your home and personal belongings against fire, lightning, storms, vandalism, and theft. This is like your typical homeowner’s policy. Depending on your area, you will need separate policies for floods, earthquakes, or tornados.
Farm Personal Property Coverage covers your livestock, machinery, feed, and equipment so you don’t have to worry about incurring a loss if something happens to the goods that keep your farm running. Farm machinery is especially expensive, so make sure to have it properly covered!
Rental Value Coverage helps cover the cost of renting a place to live if your farmhouse becomes inhabitable. It covers the cost of rent until you are able to move back in. If you rent out any space to tenants on your farm and their space becomes inhabitable and it incurs a loss of income, you’ll also have coverage under the policy.
Additional Living Coverage covers your living expenses in the event you need to live elsewhere while your home is inhabitable. This includes the cost of hotel, rent, or food until your home is habitable again.
Outbuilding Coverage covers any barns, sheds, stables, detached garages, and any other buildings on your property. These structures help your farm operate to the best of its ability, so it’s important to keep them insured so your business doesn’t incur a loss.
Liability Coverage covers bodily injury, medical expenses, and farm property damage. If you have workers on your farm, this policy is a necessity. Machinery can cost an arm and a leg, literally. Don’t get sued and suffer a drastic financial loss.
You may need to consider more coverage depending on the season. Peak Season coverage can add extra coverage during peak times of the year like harvesting and planting season.
If the farm is your primary source of income, then you should consider Farm Income Coverage. This covers the financial loss incurred in case the farm is damaged due to an event like a storm that would be covered by your insurance.
The amount of coverage you need for your farm or ranch is completely dependent on your individual needs. That’s why farm and ranch insurance is customizable because not every farm is the same. Talk with your local insurance agent about a quote for a farm and ranch insurance policy today!