Farm Insurance Options - The BASICS

Farm Insurance Options - The BASICS

Learn how Paul Hall and Associates can help you through this blog.

Farm Insurance Options - The BASICS

The more you know about farm insurance, the better choices you will make for your operation. You don't have to know EVERYTHING! That is what we are here for. However, it is helpful if you have a general understanding of the basics of farm insurance.

 

Throughout this blog we will focus on lots of specific parts of farm insurance. But before we get into that, we want to give you a quick and easy overview of what farm insurance is, what you should know and the basic steps to take to understanding if you are covered correctly. There are 6 areas in which you should be concerned when it comes to your policy.

First you should be aware of the cause of loss that is covered on your policy. Look for the words basic, broad or special here. I am attaching a great piece that Nationwide Agribusiness has put together that walks through each of these.

The second area you should look into is your home and contents coverage. Understand what is covered, how it is covered and what comes with the policy you have on your home and contents. Do you need to schedule out individual items? Do you need identity theft? These are all things you should look for in your home and contents coverage piece of your farm policy. 

Next up, your farm personal property coverage. What is farm personal property? Anything you use in the farm operation that is not a structure. Your machinery, tools, grain, feed, seed, livestock, etc. Look and see what coverage you have and then ask, is this enough?

Farm structures is next on the list. Are the buildings on all your farm locations listed and do they have appropriate coverage? Have you added on to a building and not increased the coverage for it? Are you planning on building a new building and need coverage while it is being built? Do you have other structures that aren't "buildings" that need coverage such as grain bins?

 

Fifth on the list is one of the most important pieces, farm liability protection. We will go into further detail on this in one of our next blogs. But what we want you to look for now is do you have enough protection? Are all the locations you own, rent or farm listed on your policy for liability protection? Are you covering all the exposure in your operation? For example are you selling any products, hosting any events, doing custom farming? 

Last but not least are the supplemental coverage options sometimes people never even think about. What are these? Things like an umbrella policy or a business auto policy. Do you need anything supplemental to your farm policy?

Do you have questions about your current policy? Want someone to help decipher all the papers? Need a review to make sure you are covered properly? That is what we are here for. Just give us a call and we will help make sure your operation is covered for the present and for the future of your farm.