Some ranches in TX are used for active agricultural purposes, such as beef or dairy farming. Other ranches are enjoyed for recreational purposes, like hunting, fishing, and other outdoor activities. Regardless of what a ranch is being used for, it should be covered by the appropriate insurance. Ranch farm insurance is different from other types of property insurance, but it provides important protection based on the distinctive risks that owners can face.
Farm And Ranch Property Is Different
There are some important details regarding farm and ranch insurance that property owners must understand. Most of these details relate to the differences between farm and ranch insurance and other insurance policies. These differences are what makes it so important to obtain the right insurance policy from an agency that specializes in the type of insurance that you need.
Farms and ranches are unique properties. They can be used for things that are similar to, or differ from, a standard property. Some farms and ranches:
• Have homes situated on the property where people live
• Are used for agricultural business
• Can be used for recreation and other activities
In addition to various uses for farms and ranches, ownership can vary based on the situation. Some people may own their ranches outright, and others may be partial owners through a trust, a corporation, or in some other way. Due to the many ways in which a ranch can be used and owned, owner liability can be a complicated matter that should be discussed with an experienced ranch insurance agency.
Liability, Umbrella, And Property Insurance
Depending on how the ranch is owned and used, owners need to purchase different types of liability coverage. A general homeowners policy will not cover farm and ranch liability. There are some circumstances, however, where an umbrella policy might provide might provide personal and UTV liability for ranch owners.
For umbrella liability insurance to cover ranch liability, the risk must be documented in the underlying policy. Non-homeowner ranch owners might have limited umbrella liability if there are improvements made to the land. These policies should be written carefully from an agency who has experience with coverage in TX.
Outside of liability insurance, property insurance is an important part of a full insurance package. Depending on the location of the property, additional insurances include wildfire protection that covers homes and structures. Certain riders can be added separately to cover collectibles, antiques, and other valuable items. Other unique coverage can include insurance for damages that rodents can do to UTV’s and other ranch vehicles.
The Right Agency For The Right Coverage
It’s important that farm and ranch owners understand the right insurance to provide the right coverage. The ultimate protection comes from a combination of liability and property insurance that protects owners from all types of risk. When you’re ready to purchase farm and ranch insurance, be sure to discuss your needs with an experienced ranch insurance agency in TX. Contact Broken Spoke Insurance to get the coverage you need today.