Farm and ranch insurance is a type of insurance specifically designed to cover farms and all farm-related property and premises. This includes any home or homes on the land, the land itself, buildings and structures such as barns, and even farming equipment.
Coverage extends to various types of farming operations, including hobby farming and commercial farming, as well as to dwellings and other buildings and structures located on the property, such as barns and storage sheds. Crops, livestock, and other animals such as horses are also insurable, as are automobiles and farm equipment. Auto coverage includes cars for both personal and professional use. Furthermore, you can cover the operation as a whole with liability coverage, a type of coverage designed to protect farm owners and their establishments' assets should visitors sustain harm on the property or have their property damaged.
Farm and ranch insurance is customizable and easily tailored to the needs of individuals and their farming operations. Those with additional questions about coverage are encouraged to speak to a ranch and farm insurance professional.
This type of insurance is integral to the protection of farmers' property and livelihood. All that encompasses farm ownership and operation is notoriously expensive. This may include the purchase and maintenance of land, hiring of staff and helping hands, and labor costs associated with sowing and harvesting. As such, this type of occupation requires its own unique type of insurance due to the nature of the work itself and its inherent costs and risks.
Who Needs Farm and Ranch Insurance?
Any individual who owns and operates a farm or ranch greatly benefits from this specific type of insurance. Other types may individually cover homes, vehicles, equipment, and other such personal assets, but having insurance wholly dedicated to the protection of farming and ranching operations is unparalleled in its usefulness and ability to mitigate financial risk and personal liability.
What Is Covered Under Farm and Ranch Insurance?
Coverage is customizable and may include hobby farms or commercial operations, dwellings and other such important structures, liability coverage in the case of bodily injury and/or property damage, scheduled personal property insurance, farm auto insurance, farm equipment insurance, and coverage for crops, livestock, and/or horses.
What Should I Consider When Choosing a Farm and Ranch Policy?
Before selecting a farm and ranch policy, individuals should assess the extent of their personal needs. For example, a farm that is open to the public may be keen on securing farm liability coverage should an accident occur with a visitor. On the other hand, an operation that is not open to the public and is perhaps small and exclusively family-owned and managed may not have as strong a need for such coverage or may need a lesser amount of it.
Regardless of individual circumstances, protecting existing assets is extremely important; this includes dwellings and structures, equipment, livestock, and the like. Such protection is particularly important for those who have acquired those assets via self-funding. Protecting them, in that case, helps to protect the startup investment as well as the interests of the operation long term.
This is additionally applicable to those who have utilized any form of loan in the establishment or early management of the farm. To sustain the operation long into the future and guard against adverse financial events, such loans need to be successfully repaid. Some may feel paying for farm and ranch insurance may cut into funds used to make such payments. However, a lack of insurance leaves owners vulnerable to events that may be financially devastating, such as a lawsuit by an injured visitor or the loss of thousands of dollars worth of equipment.
Remember: an investment in quality farm and ranch insurance is an investment in the future of your farm!