As a farm owner, understanding the key facts about protecting your property is important. Farm insurance is a fairly straightforward investment, but it's one that many people are uncertain about. If you're getting ready to invest in farm insurance for your new property, there are a few things that you should know:
Don't Skip The Livestock Coverage
Make sure you include livestock coverage in your policy. You can even have that coverage written so that it defines the most common risks to your stock. By being proactive, you'll be certain that you'll get reimbursed if you lose any of your stock to a broken fence, a lightning storm, or anything of the sort.
Ask For A Rider For Your Fence
Your fences won't typically be covered under the farm policy automatically. That means that you'll need to ask your agent to add the coverage through a policy rider, which just expands the coverage offered. That way, if your fence is broken or damaged, you'll have coverage to replace it.
Make A List Of Every Outbuilding
The only way to ensure that all of your outbuildings on the farm are covered under the policy is to list them all individually. You'll need to provide the agent with a complete list of every building, its location, and its dimensions. They may even send someone out to photograph them as part of underwriting the policy.
Add Crop Coverage
Whether you run a dairy farm or you're growing crops, you'll want to make sure that everything you produce is covered under your farm policy. Crop coverage will protect you in the event of a contaminated milk supply, a damaged crop, or anything similar. This could save you from a financially crippling season if something goes wrong.
Ask About Separate Tree Coverage
One common misunderstanding is that farm insurance must automatically pay for tree removal for fallen trees. In fact, the only time you can get coverage for a fallen tree is if it falls on a building that's covered by the policy. Even then, most insurance companies will only remove the part of the tree that's in contact with the building. You should ask about any extra coverage that might be available (even if it's an additional policy) to help pay for tree damage to other areas.
For more information, talk with a farm insurance company like Cache Valley Insurance Inc in your area today. They can answer all of your questions and help you find the coverage you need.