Farm Insurance Overview

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For many families working in agriculture, the farm is a primary source of income. Damage to this farm can be devastating. That’s why farm insurance is so important to farm owners.

Farm Insurance Protection

Farm insurance provides coverage for homes, livestock, produce, most machinery and other farm equipment, personal property and farm buildings, such as barns. Most heating and cooling systems as well as stables are considered part of the farm building and are covered. However, milking equipment, milk coolers and grain silos are not considered part of the farm building, but can be insured for an additional premium.

Typically farm buildings will be covered in case of accidental fire, lightning, natural disasters, such as large hail or strong windstorms and theft or vandalism. Natural disasters such as floods and earthquakes and or damage caused by snow and ice are generally not included in farm building coverage, but can be purchased through some companies at an additional premium. You may also choose to purchase liability insurance as an additional feature to your farm insurance.

Livestock will be covered in case of drowning, accidental shooting, electrocution, an attack by wild animals, and natural disasters, such as a heavy blizzard or rainstorm. Current market value is usually the pay out on dead livestock.

Produce, including fertilizers and pesticides, animal feed and products such as farm milk and eggs, will be covered, for the most part, in the event of theft, water damage or overturn of vehicles.

Produce coverage should not be confused with crop insurance. Crop insurance is a government funded program which provides assistance in the event of crop yield loss caused by natural disasters.

Insurance for farms is commonly offered through two different payout systems – Named Perils and Broad Form. Named Perils is the most common type of payout when it comes to farm insurance. The payout is determined by the cause of loss. Broad Form insurance has a higher premium rate, for the most part, but will cover all damage to the property, unless the damage is not included under your premium.

With either of these insurance choices, you are guaranteed financial security is case of loss of property or farm buildings. Farming is a risky business to begin with, taking the inconsistent weather into account. Why not take some of the risk of farming off of your farm. Buy farm insurance - it’s a safe move.

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