What Types of Farm Insurance do You Need?

Categories: Farm Insurance

If you own a large ranch, small hobby farm, or something in between, it is crucial to ensure that every element of your operation is sufficiently covered and protected. As a leading provider of comprehensive farm insurance solutions for operations of all sizes, the team at Mountainview Insurance knows how beneficial the right policies can be for every farm. Without proper coverage, you could be left with thousands of dollars in repair or replacement costs in the event of a natural disaster, large-scale theft, or accident. That is why we have compiled some information to help you determine what types of farm insurance you need for your operation and ensure that every element is covered.

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5 Common Types of Farm Insurance

There are several different types of farm insurance, each focused on different areas of the farm. The most common types of farm insurance include:

1. Livestock Insurance

Livestock insurance is designed to cover potential financial losses that can be incurred from livestock death due to drowning, accidental shootings, predators, or a loss of electricity. Livestock can be insured individually or as a herd based on the number of animals on your farm. Another type of livestock insurance is “blanket” coverage which protects the animals along with associated equipment and structures, allowing you to select the best option for your precise needs.

2. Crop Insurance

Damaged or ruined crops can impose a large financial burden on any farm. Crops are insured based on the types of potential damage that can occur to them. For example, “crop-hail” insurance is for crops at risk of damage from hail. In most cases, “multi-crop” insurance is the ideal choice as it covers damage caused by hail, floods, fire, and insects. Some plans also offer coverage for natural disasters, ensuring that your crops are always covered.

3. Liability Insurance

If your farm has employees or frequent visitors, liability insurance is highly recommended. This type of farm insurance policy protects you from a lawsuit in the event of an injury on your farm, provided that it is well maintained. Liability insurance can also be used to cover accidental bodily injury and medical expenses for injured workers or visitors even if you are not legally responsible. Other areas that are covered include accidental damage caused by the owner and legal expenses in the event of a lawsuit.

4. Dwelling Insurance

This type of farm insurance shares many similarities with standard home insurance. It covers dwellings and their contents in the event of fires, storms, theft, vandalism, and natural disasters. Some plans can also cover attached structures such as garages, ensuring that every element of the home is protected.

5. Other Building Insurance

If your farm includes barns, stables, silos, corrals, or other buildings that are not a dwelling, this type of insurance is highly important. Other building insurance covers these types of facilities in the event of a fire, vandalism, and other forms of damage, protecting you from unexpected replacement or repair costs.

To learn more about farm insurance options or to determine which options are best for you, reach out to Mountainview Insurance. We can be reached by phone at 604-557-0255 or through our online contact form and will be happy to answer any questions you may have regarding our solutions.

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