4 Things You Need To Know About Farm Insurance

​Working on your own land is a satisfying feeling whether you consider farming as a hobby or occupation. If you own a farm, it is essential that you are knowledgeable about farm insurance. 

The following are 4 important things to help you understand more about farm owners insurance policy:

When Do You Need Farmowners Insurance?
If you want to take farming seriously and make a profit out of it, then you need the right farmowners insurance coverage. A basic policy typically includes liability coverage, property coverage, and more. 

You need to modify this basic farm owners coverage according to the unique needs of your farm. By doing this, you can protect your livelihood. Talk to your insurance agent about the kinds of endorsements that are suitable for your farm, especially if farming becomes your full-time occupation.

Farm Owners Insurance Is Not Predetermined
Many policyholders think that farm insurance policy consists of a large bundle of standard coverage. However, the policies for farm owners insurance come with many different areas. In other words, there is no standard policy. You have your own unique operation on your farm. So, your policy should be designed based on your needs as a farmer. 

Livestock Has Special Farm Coverage
You may need special coverage for your livestock, depending on the kinds of animals your farm has. The two common options are blanket coverage and individual coverage.

• Blanket Coverage. It is considered unscheduled when you have a blanket policy. This means, a one lump sum amount insures all the property in your farm, for example, structures, equipment, and livestock.
• Individual Coverage. This coverage option means scheduling your farm animals individually. It is particularly beneficial if there are some higher-valued animals on your farm that you want to cover a specific amount.

Standard Homeowners Insurance Covers Some Farming Operation
If you are one of the many people who treat their small farm or large garden as a hobby and not as a profitable venture, check your standard homeowners insurance policy. it is because a standard homeowners policy covers certain farming activities. But, know that these homeowners policies exclude things such as farm outbuilding and farm equipment. 

Make sure your farm is protected with the right farmowners insurance coverage. Contact your agent for more details.

At Insurance Agency Network, we put our clients first by offering them policies that they can afford. Having insurance is a necessity nowadays and we're here to help you out. Learn more about our products and services by calling our agency at (425) 681-0996. You can also request a free quote by CLICKING HERE.