Farmers face challenges that regular homeowners and other kinds of property owners do not. One thing you may have some trouble with if you own both a farm and a home is balancing your insurance needs. To help, below are some of the kinds of insurance coverage you should consider obtaining.
Farm Liability Insurance
One form of insurance you should certainly have, as the owner of a farm, is farm liability insurance. Farming is one of the most dangerous professions and farms are valuable real estate and can produce a lot of income. As such, as a farmer, you are at risk of being sued by someone who is injured on your property. Therefore, you need to have farm liability insurance in place to help save your farm and your family from financial ruin in the case of a lawsuit.
Farm Equipment Insurance
Running a farm requires the use of heavy-duty equipment like tractors, combines, plows, bailers, and more. If you raise livestock or milk cows, you’ll need even more specialized equipment. Without these things, you won’t have the ability to make an income. Farm equipment is not cheap, and equipment insurance protects you if it breaks down, fails, or is otherwise made inoperable. Farm Equipment Insurance protects from specific farm-related risks like flooding, cab glass breakage, and more, providing coverage for the equipment you need to make your farm profitable.
Homeowners’ Insurance
The home on your property that you actually live in should be properly insured by a homeowners’ insurance policy. This insurance covers damage to both the interior and exterior of your home. This includes damage due to fire, hurricanes, other natural disasters and vandalism done by human beings. It typically will not include damage done by flooding or earthquakes. Homeowners’ insurance also protects your possessions if they are stolen by a burglar or otherwise lost.
Barn and Outdoor Building Insurance
It’s not just your house that needs to be protected. Your barn and other outdoor buildings used as part of your farming business also need insurance coverage. It can be used to protect your barn, grain silo, sheds, garages, and more from things like fire, storms, and natural disasters.
Overall, farmers are in great need of insurance coverage. Farms are large-scale businesses with a lot of money and valuable assets tied up in them. Without the proper balance of insurance coverage, your farm and family’s livelihood could be placed in jeopardy.
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