If you indulge in small or large-scale farming activities, getting farm insurance is something you can't gamble with. Agriculture is a profitable industry, but there are risks involved. If you pay the right farm insurance premiums, you have peace of mind that you can recover your losses if the unexpected happens.
Whether you're a hobbyist or a career farmer, you must consider insuring your animals, machinery, and farm buildings. It's advisable to speak to a trustworthy farm insurance broker. They can help you find the right premiums for your property. But when do you need farm insurance? Here are signs that you need to insure your farm.
You Keep Animals
Do you have horses, cattle, or other animals on your farm? If so, you'll need to take out appropriate farm insurance to cover your animals. You can't afford to lose one given the monetary and emotional value you've attached to them. For instance, if you have livestock, consult an insurance agent to help you decide on individual or blanket coverage. If you have high-value animals, you can opt for a specialized policy that allows you to attach a given value per head. If you want to cover your farm property in one bundled cover, you can opt for the blanket cover.
You Grow and Sell Groceries
If you grow and sell vegetables or fruits, it's important to have farm insurance. Many farmers are turning to profitable organic farming, especially in greenhouses. To avoid losing your investment to natural or man-made catastrophes, it's advisable to insure your farm. You can approach a farm insurance professional to help you choose the coverage that best suits your activities.
You Have A Large Barn
Ideally, your home is covered by a homeowner's policy. But if you have large buildings where you store your farming machinery, agricultural products, or your animals, it's essential to cover such buildings as well. Even though you don't use the outlying barn for farming-related activities, you can insure it as an agricultural building. Inclement weather or fire can damage the building, and if you have farm insurance coverage, it's easy to make and get the claims you deserve.
You've Leased Land To A Farmer
If you're not actively involved in farming but you've leased land to a farmer, you should consider farm insurance. You have a big say over the land you've rented. It's important to consult a farm insurance broker to guide you on the ideal insurance coverage to purchase even though you've rented your land.