The care and responsibility of owning land can be a huge undertaking. When you factor in all the work it requires to preserve, protect, and maintain your farm, you can find yourself working around the clock.
Like with anything in life that carries some risk or liability, you’ll want to ensure you have something to fall back on. Having farm insurance or agricultural insurance is a great place to start. But how do you know if the insurance you have now is right for your specific needs? Consider these factors.
1. Does your insurance cover crop fire damage?
Fire damage can ruin existing crops, harvest, or even vineyards you’ve worked hard to produce. Whether your farm exists as a main source of income or a hobby enjoyed on the side, dealing with fire damage can be challenging nonetheless. By having the right crop insurance policy, you can help safeguard your potential earnings and give yourself peace of mind to focus on what’s most important–attending to your business.
2. Your insurance might cover you, but does it protect others?
Whether you’re the proud owner of a family-friendly farm or the driving force behind a full-service winery, you’ll need to make sure you’re covered when an accident occurs. As part of your coverage, general liability insurance can save you thousands of dollars by taking care of visitors’ or employees’ medical expenses and/or damages.
3. Does your insurance policy factor in additional living expenses?
Farmers insurance isn’t just for protecting your machinery or buildings. It’s also a protection plan for your family. If your farm or property doubles as a place of residency, major damage can leave you feeling stranded and unsure of what to do next. If you’re not considering additional coverage beyond just your basic farming needs, further repercussions can surface when disaster strikes. Consider adding a protection plan that keeps you, your farm, and your family protected.
4. What are the potential losses that the farm policy covers?
Focusing first on coverage for your buildings and equipment is essential for starting the insurance process. You’ll want to make sure it is a replacement cost policy and not simply ACV (Actual Cash Value). The newer the building is and the better it is maintained means better options for insurance. Equipment coverage on a farm policy is substantially cheaper than buying the policy from the equipment dealer. Most dealer policies will only pay off the loan, while a farm policy will buy you new or equivalent machinery.
Trust Boyd Insurance Brokerage:
Let us keep you protected! We are proud to have worked with members of the farming and agriculture industry for over 100 years. We understand that every property, whether it be a farm, ranch, or vineyard, carries with it its own unique history. At Boyd Insurance Brokerage, our team of reliable insurance agents are ready to help you discover how you can continue to preserve that story.
To learn more about farm insurance or agriculture insurance or to speak to an agent, please call (509) 340-2693.