Seven Things You Might Not Know About Farm Insurance

Seven Things You Might Not Know About Farm Insurance

If you grow crops on your land, you may want to consider farm insurance 

Farm insurance can be beneficial to all those working in the agriculture industry, from those who run small farms passed down through generations to those who are in charge of large-scale operations. Thankfully, Broken Spoke Insurance is here to provide you with seven things you might not know about farm insurance.  

Choosing an Insurance Policy  

When it comes time to select a farming insurance policy, there are a few things you may want to consider  

Are You Farming for Profit In Stratford 

If you’re farming for a profit, you will need a particular type of coverage. Even if you are doing something as simple as selling your product at the local farmer’s market, you will want additional coverage. Typically, as long as you’re operating on a single farm location that is less than 500 acres and doesn’t have employees, you will only need a bit more coverage than your basic homeowner’s policy.  

Yes, Your Homeowner’s Policy Can Help In Stratford

 If you are farming as a hobby, there’s a good chance that your homeowner’s policy will cover many of your farming activities in Stratford. Your farming equipment may not be included, but you may not need to purchase any additional coverage for other aspects of your farming endeavor. You can find more information about what constitutes a hobby farmer here. 

Farm Owner’s Policies are for Full-Time Farmers  

If you’re one of the more than two million full-time farmers in the United States, you’ll need to look into farm owner’s insurance coverage, which typically consists of a combination of liability coverage and property coverage.  

Specifics Of Your Farm Insurance Policy  

In addition to the general policy you need, there are some specifics you’ll want to consider.  

Your Insurance Coverage is Not One Big Bundle  

Farm insurance policies are unique. A majority of farm insurance policies are not one bundle of predetermined coverages, like many other types of insurance. Instead, your insurer will tailor the coverage plan to your needs.  

If You Own Livestock, You’ll Need Additional Coverage  

If you own livestock, your insurance coverage could come courtesy of the United States Department of Agriculture. Depending on what type of animals you own will determine whether you need individual coverage or blanket coverage. High-valued animals require individual coverage, while a blanket policy can cover all of your livestock.  

Your Commercial Structures May Not Be Covered  

You may also look into purchasing additional coverage for your commercial structures in Stratford. Because these structures are not a part of your home, your homeowner policy may not cover them. Your homeowner policy will contain defined limits within the policy conditions.   

Looking To Learn More About Farm Insurance  

If you are looking for more information about farm insurance, Broken Spoke Insurance is here to help. Broken Spoke Insurance understands how vital farm insurance is for those working in the agriculture industry. That’s why they strive to provide you with the most to-date, accurate information possible. Be sure to contact Broken Spoke Insurance today for all your farm insurance needs.   

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