Many farmers depend on crops or livestock for their financial livelihood. As such, protecting these investments from unpredictable weather and other scenarios is worthwhile. One easy way to ensure you have a safety net in case of a disaster is by securing farm insurance. Here’s what you should know about this type of coverage.
A Brief Guide to Farm Insurance
Most standard policies provide liability protection for the farm. This includes paying recovery costs if someone is injured on your property and files a lawsuit. The liability coverage also extends to their medical expenses and attorney fees. If a visitor to the farm sustains damage to their vehicle or personal possessions, insurance may pay for the repair or replacement costs. A typical policy will also pick up the tab for recovery expenses stemming from weather-related damage, fire, and theft after you pay the deductible.
Crop & Livestock Protection
One of the main benefits of farm insurance is that it offers a financial backup plan if you harvest crops or maintain livestock. If a drought or heavy rain ruins your crops, a standard policy will help you through the hard times. The same is true with cattle, hogs, chickens and other livestock. Farm insurance will pay you market value prices if the animals die as a result of a natural disaster.
Farm Equipment & Personal Items
From tractors and plows to silos and barns, most farm insurance plans will pay for the repair and replacement costs if any equipment is damaged or stolen. Depending on the policy, the coverage can extend to your personal possessions inside your home as well. These might include furniture, electronic equipment, computers, and jewelry.
Since 1956, First State Insurance Agency has proudly served David City, Beatrice, and Hickman, NE, offering affordable and reliable coverage to farm owners. The team of experienced and friendly agents listens to your unique needs and offer options from a range of leading insurance providers. If you’re in the market for farm insurance, call (402) 979-7585 to speak to a representative. You can also go online to request a no-obligation quote.