If you own a farm, you know how expensive and inconvenient it is when an accident or damage happens. This is why it is essential to have farm insurance during these critical times. Here is what is usually covered and how much you can expect it to cost.
What is covered by farm insurance?
Similar to cost, what is covered depends on what your priorities are. Although there are standard coverages within a farm policy:
- Property damage coverage. This can protect your farmhouse, outbuildings, and household items as well as equipment used in the operations of your farm in the event they are damaged due to a covered loss like fire, lightning, or tornado.
- Liability coverage, which will pay for damages you accidentally cause to another person or their property.
- Medical payments coverage can pay for medical expenses a person incurred who was hurt on your farm.
What factors affect the cost of your farm insurance policy?
Your farm insurance rate is not one size fits all. Your coverage will be personalized to what fits your needs and your price. Certain factors can alter how much you can expect to pay.
- The number of acres on your farm: larger farms mean more to insure and higher risks.
- Farm machinery: farm equipment can often be costly to repair because their parts are hard to find and can require lots of man-hours to fix.
- Livestock add their own inherent risks to a farm. The amount of risk can vary depending on how many and what kind of animals you have.
- Sheds, barns, and outbuildings can increase how much you’d pay. A farm with a lot of buildings has more risk than a farm with less.
- Farm Activities like hayrides and mazes can put you more at risk for a loss. Any activities open to the public could affect your liability coverage.
How much does farm insurance usually cost?
Farm Insurance Cost will vary depending on the size of the location, the operations, the structures, and the equipment involved. Each Farm is very unique no two are the same.
Your farm insurance rate is unique, just like your farm is. This requires individualized insurance coverage to best fit your needs. Call or text an Avery Hall agent to learn more about our wide variety of plans at 410-742-5111.