Whether your farm is a hobby or your main source of income, obtaining farm insurance can help protect your farm from factors beyond your control. Insurance Unlimited in Bozeman offers an array of farm insurance policies to ensure that you find the one that best suits your needs. Contrary to what one may think, there is no one size fits all when it comes to farm insurance.
Every farm is different, which is why it’s so important to work with an insurance company like Insurance Unlimited in Bozeman that has a variety of policies, in order to insure that your farm has the insurance it needs. Here’s what you need to know about farm insurance, so that you can have a better idea of how you can benefit from its coverage and what kind of policy would be best suited to you and your farm.
#1. A Standard Homeowner’s Policy Covers Some Farming Activities
For those who do not have farming as a serious undertaking that they intend to make a profit out of, but rather, see it more as a hobby, some farming activities could potentially be covered by your standard homeowner’s policy. This only applies to small farms and large gardens, and it is important to note that your standard homeowner’s policy likely will not cover any of your farming equipment or machinery.
#2. Full-Time Farming = Needing A Farm Owner’s Policy
If you’re not a hobby farmer and you want your farm to be, or it already is, your full-time job, you’ll need to get a farm owner’s policy. This is because you want to ensure that you are doing everything in your power to protect your livelihood and your investments in your farm land, your farm equipment, and everything else involved in it. Farm owner insurance policies generally cover the various structures that are on your property, as well as potential liability issues that could arise, were someone to get injured on your property.
#3. There’s No Standard Farm Insurance Coverage
It’s not at all uncommon for people to hear “farm insurance” and assume that that comes with a bunch of predetermined coverages. The fact of the matter is that there are many, many different types and sizes of farms that can necessitate different types of coverage. As every farm is its own unique entity, you wouldn’t want standard farm insurance with things that you either don’t need or that don’t cover the things you do need protection for.
Insurance Unlimited in Bozeman will help you build a farm insurance policy that is perfect for your farm and your unique needs.
#4. You Need Special Coverage For Crops
If your farm is one that grows crops, you’ll need to obtain crop insurance in order to protect them from damages, such as from diseases or droughts or freezes. The last thing you want is to lose a significant portion of your revenue because you don’t have it insured. Crop insurance needs to be purchased separately from personal property insurance.
#5. You Need Special Coverage For Livestock
The same as you need to purchase special crop insurance, you need to purchase special coverage for your livestock in order to ensure that they are protected. Livestock insurance often excludes cases where injury or damage occurs as a result of allowing someone to ride livestock either for free or for a fee. It does, however, protect you from loss of revenue due to your livestock becoming injured or dying, as well as cover the damages that can result from collisions when your livestock is in transit, theft, vandalism, and accidents.
When it comes to livestock coverage, you generally have a few options.
- Individual Coverage (Scheduled): This is for when you want to schedule your animals individually, which may be the better option for you if you have animals that are valued highly and that you want to have covered up to a certain dollar amount.
- Blanket Coverage (Unscheduled): This is when all of your livestock is covered with the rest of your farm property in a lump sum, which is good for when you do not have individual, highly valued animals.
It’s always better to be safe than sorry, with any investment. Regardless of whether farming is a hobby for you or if it is your main source of income, farm insurance can go a long way to protect your investments and your livelihood. Insurance Unlimited in Bozeman will help you build the perfect farm insurance policy for you. Contact us today to learn more about farm insurance or to get started on obtaining farm insurance for your farm today!