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About Farm & Ranch Insurance
Farm & ranch insurance is available for large or small agricultural operations. There are policies available for those who live on their farm and ranch as well as for non-resident operations. Most policies are highly customizable, so that you can be sure to have coverage for the equipment and operations specific to your farm or ranch.
Farm & ranch insurance is considered to be a mainline insurance product. You will be able to find coverage from a variety of national insurance groups, as well as through large agricultural support groups, such as Farmers Co-ops. Determining who will give you the best coverage can depend on your region and your preferences in working with an agriculturally oriented or a standard provider.
It is important to note on the farm side that standard farm & ranch insurance is separate from the national crop insurance program. You will want to read your policy carefully to be sure you understand what you are getting so that you can plan appropriately.
Information Needed For Farm & Ranch Insurance Quotes
As farm & ranch insurance is a multifaceted coverage option, getting an accurate quote can require a bit of legwork by you and your insurance agent. You will be required to make inventory statements about the land as well as about the equipment that you store on the land. For ranches, you will have to submit ranch reports about livestock, and photographing animals individually may be necessary, especially for breeding or rodeo stock.
For equipment, many farm & ranch insurance policies operate on a depreciation schedule for repair and replacement coverage. Thus, you will need to have the date purchased and age for your main pieces of equipment. This does extend in most cases to installations on buildings, such as power pumps on grain elevators.
Common Farm & Ranch Insurance Policy Features
The policy facets on a farm & ranch insurance policy cover a number of different areas. You will find that the following policy features are standard:
- Building coverage. Building coverage includes coverage for any dwellings that are on the farm or ranch as well as coverage for equipment sheds or barns. Generally, this will be broken out, so that you can set different deductibles for home coverage and outbuilding coverage as needed.
- Equipment and machinery coverage. Generally done on a depreciation schedule, your equipment and machinery coverage will protect against damage, vandalism, and theft. Depending on the piece of equipment, riders may be attached offering loss of use compensation or rental coverage during repairs.
- Livestock coverage. This can be done for herds or for individual animals. Some coverage is theft and death only, while other coverage supports transport and show participation as well.
- Liability coverage. This farm & ranch insurance protects you against claims due to individuals being injured on your property.
- Medical payments to others. This coverage helps provide medical support for individuals injured on your property, whether they litigate against you or not.
Farm & Ranch Insurance Discounts Available
The most common farm & ranch insurance discounts available are through bundling programs or farm and ranch associations. Bundling may be possible with vehicle policies or with crop insurance policies to earn multi-policy discounts. Multiple farm locations might also qualify. Association discounts should be stated up front as a part of the quotation process.
Farm & Ranch Insurance Exclusions To Note
All farm & ranch insurance is not created equal, and the multifaceted nature of the coverage means that there can be plenty of fine print and loopholes. You will want to particularly watch for regional exclusions and exclusions for you and your family on the plan.
In many cases, regional perils, such as flooding, may be specifically excluded from the standard farm & ranch insurance package. You may need to buy supplemental insurance to be sure that these items are covered. It may be possible to get specialty riders on your policies for these excluded items if you talk with your underwriter.
You and your family may also be excluded from some liability and medical claims portions of the policy. Many liability areas only apply to outsiders and non-farm employees. Consider the visitor traffic on your farm as you read over these items, and be sure you have your own health and wellness coverage!
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