How Much Does It Cost to Insure a Farm?

Farm insurance is a vital part of every farm, ranch, and agricultural operation. Whether you own a small hobby farm or a large-scale livestock grower, you need proper insurance for your property and assets in the event of an accident or unforeseen circumstances. As leading providers of comprehensive insurance solutions, the team at Mountainview Insurance knows how important it is to ensure that you are covered. We also know that it can be difficult to determine how much you should be spending on this coverage. That is why we have provided some information outlining how much it costs to insure a farm to help you budget for this expense.

What does farm insurance cover?

4 Factors that Affect the Price of Farm Insurance

Unfortunately, there is not a fixed price for farm insurance that can be applied to every operation. Insurance policies tend to vary drastically in price based on the following factors:

1. Farm Structures

Most buildings that are used for an agricultural function (barns, stables, etc.) will need specific coverage from a farm insurance policy. This coverage is also required for older spaces that have been repurposed into an agricultural space, such as an old garage being turned into a greenhouse. Farms with many large structures will pay higher premiums than those with fewer and smaller structures, so it is important to consider this when looking at insurance options.

2. Livestock

Most farm insurance policies offer a variety of coverage options for livestock in the event of injury or death. While most plans cover instances of “basic peril”, extended plans can provide coverage for accidental shootings, vehicle collisions, theft, and attacks from wild animals. These additional options will increase your insurance premiums, but they are often worth it for large-scale operations that handle livestock every day.

How much insurance do hobby farms need?

3. Machinery and Equipment

Farms utilize many types of equipment in their day-to-day operations. From tractors and tillers to feeders and fences, this equipment should be insured to protect you from unexpected replacement costs. The cost of this coverage will vary based on the amount of equipment you need to insure, what it is used for, how old it is, and how often it is used.

4. Liability Requirements

Liability policies are crucial as they provide coverage for bodily injuries, medical expenses, and property damage that may occur on your property. This coverage is especially important for operations with many employees or public visitors. Liability coverage pricing will vary based on the number of employees you have, your livestock, and a variety of other factors. To determine what your premiums would be, it is best to speak with an insurance expert.

Learn more about the different types of farm insurance.

To learn more about our farm insurance solutions or to inquire about our other insurance policies, get in touch with the experts at Mountainview Insurance. We can be reached through our online contact form and will be happy to answer any questions you may have regarding our products and services.

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