Homeowners insurance is essential protection that every homeowner needs, whether their house is located in a city, a suburb, or more rural, like on a farm or ranch.
Yet ranch and farm insurance policies that protect rural homes are very different than standard homeowners policies.
To purchase the right protection for rural properties, ranch and farm owners should sit down with a local farm insurance agency and talk about their needs and which policies will cover them.
What Are The Different Types of Farm Insurance Policies?
Getting the right farm insurance can be complex, as there is a lot to protect.
Unlike a standard homeowner's policy that covers the house and sometimes an external shed or detached garage, coverage for rural homes and farm properties is broken up into separate policies, each focused on protecting a different thing.
- Rural Homes Policies - Generally, the insurance policy on a rural home is the same as that of any standard home policy. It may include sheds and detached garages that are used solely with the home, but some farm insurance agencies may also classify those as additional structures that are covered under a different farm insurance policy.
- Agricultural Structures - This farm insurance policy covers barns, sheds, equipment buildings, and other buildings used by the farm. Sheds and detached garages that may not be covered by an agency’s home policy for whatever reason are typically covered as an agricultural structure.
- Farm and Ranch Equipment and Machinery - Policies that protect only the equipment, machines, and vehicles used solely on the farm or ranch.
- Commercial Auto Insurance - Automotive insurance that covers farm vehicles that are also driven and used off the property.
- Livestock Insurance - Specialty farm insurance that protects livestock raised for money against illness, injury, and death.
- Crop Insurance and Product Insurance - Specialty policies that protect against failed or destroyed crops and other products made on the farm.
- Farm Liability Insurance - Protects business owners and workers against damages caused by animals, equipment, or products, and injuries sustained by those coming to the farm for whatever purpose.
Farm Insurance Covers Many Parts of a Farm Enterprise
Clearly, the term farm insurance encompasses many different kinds of insurance protection delivered as individual parts of what a farm insurance agency can wrap into a complete coverage package.
What is most important for farm and ranch owners to understand is how to properly protect their farms, buildings, homes, and other property correctly.
Adding It Up
When it comes to ranch and farm insurance, there are so many variables involved that there may be a separate policy for each category that requires insurance.
Avoid the possibility of being under-insured by speaking to an experienced ranch and farm insurance agency!