Farm & Ranch Insurance
Farms and ranches are a unique coverage for insurance companies as they include living spaces, outbuildings, large equipment, and animals, and are often responsible for a majority of a person’s income. Protecting your farm or ranch also protects your livelihood. Having farmer’s insurance helps maintain a successful operation for equine ranches and farms, specialty crop farms, livestock farms, commercial ranches, dairy farms, and more.
While farm and ranch insurance has very specific types of coverage, you can add on additional coverage or bundle policies together like auto insurance. Adding additional policies to make your insurance completely custom is the benefit of working with an insurance broker. Tower Insurance Brokers can help you find insurance policies from multiple companies that will cover you during any situation.
What Is Covered Under Farm And Ranch Insurance
Farmer’s insurance covers different types of weather damage and accidents. Just like other general insurance policies, not everything will be covered by the most basic package.
Under farm and ranch insurance, the following is covered by your insurance company:
- Accidental fire or explosions
- Farm/ranch liability coverage
- Hail
- Lightning
- Medical payments to others
- Property damage
- Smoke damage
- Theft and vandalism
- Windstorms
Farm Personal Property Coverage
This insurance coverage provides protection for farm equipment and machinery. If your equipment is feeling run down or is unable to function properly, personal property repairs could be covered by your insurance. Personal property insurance will help replace items that are destroyed by fire, theft, weather events, or other accidents. Safeguarding your essential tools and equipment keeps your farm or ranch running smoothly.
Farm Outbuilding Coverage
Buildings that are not your main residence will need to be covered by outbuilding insurance. Structures like barns, sheds, silos, garages, and equipment storage will be eligible for repair or replacement when you have outbuilding coverage. Policies can be customized to protect these buildings from location-specific weather or hazards. When windstorms or hailstorms cause structural damage, your insurance will provide financial compensation to cover repairs.
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Add Ons For Farmers And Ranchers
In addition to specific policies, there are smaller coverage options that provide more specific help for farmers and ranchers. Farmer’s insurance covers a lot of accidents, but there are small things that basic policies could miss. Here are some niche coverage options that could benefit your specific farm.
Farm Equipment Breakdown Coverage
Equipment breakdown coverage will cover the physical loss of a tractor, bailer, or other farm equipment. Even generators, computers, or air conditioning units can be replaced by your insurance company if it helps in farming operations. If you pay a proper premium that covers all of your assets, when damage occurs, the insurance will pay the cost of new equipment.
Replacement Cost Coverage For Irrigation
Irrigation of crops is vital for a functioning farm. Protecting the irrigation system from damage or overgrowth is done with replacement cost coverage. If lightning or flash food damages your irrigation system, this insurance coverage can help restore the flow or provide new equipment.
Farm Income Protection
When your property gets damaged, you don’t just lose the land or crops, your income is lost. Adding income protection to your policy will help reimburse your lost earnings and help provide a cushion for emergency expenses.
Livestock & Animal Farm Insurance
No matter what livestock you own, livestock and animal insurance can help replace the livestock or the machinery needed for their livelihood. It can also be used to protect the livestock from hazards and repair old equipment that could hurt the animals.
Farm Truck Insurance
Dedicated vehicles are often used for farming and ranching. Insuring your vehicle keeps it functional and reliable. Trucks or SUVs used to get out to your property or to transport goods and livestock can be insured through your insurance agency. Similar to auto insurance, the coverage will pay for repairs, new tires, windshield replacement, or the cost of a new vehicle.
Why Do I Need Farmers Insurance?
Farmers and ranchers have a lot to lose from a natural disaster, drought, or accident. Having an insurance policy that covers your residence, livestock, and other buildings will keep you from starting over completely. Because there are so many elements to a farm, there are specific policies that are tailored to these individuals. Typical homeowner’s insurance or auto insurance won’t be sufficient enough for those who own a farm or ranch. Fire or livestock damage is not offered in homeowner insurance policies.