What insurance coverage should I carry on my farm?
A well-written and comprehensive farm policy is crucial for any farmer who makes his/her living from their land. Without proper coverage, a farm owner is one natural disaster or other major problem away from possible ruin. Listed below are a few of the major areas of coverage you should look for in a farm policy:
1. Coverage for farm buildings/structures:
– This coverage is extremely important as many farm owners own multiple structures on their land such as barns, silos, grain bins, sheds and even multiple houses. Adequate coverage is needed for all necessary structures as the cost to replace them quickly adds up.
2. Farm equipment/machinery:
– As expensive as farm equipment and machinery is, the importance of adequate coverage cannot be stressed enough. It’s imperative to provide an accurate and updated list of all equipment and machinery along with their values and cost new to your agent. Also, you should update your agent if any equipment is sold or purchased to ensure your policy is as accurate as possible at any given time in the event of a loss.
3. Pollution liability coverage:
– This coverage can and should be purchased to cover the accidental discharge of pollutants if this area of operation is conducted on the farm. If the accident is severe enough, without this coverage the possibility of bankruptcy is much too high. More often than not, this coverage is relatively inexpensive and should be offered by your agent.
4. Livestock coverage:
– Another common feature of a farm owner’s policy is livestock coverage. If a natural disaster or sickness wipes out an operation’s fleet of livestock, this can be detrimental to the farm owner if there is no coverage in place.
The benefit of carrying adequate insurance can be the difference between losing a generation(s) old farm or re-cooping and continuing on for generations to come. Contact Greene County Insurance today for a no-cost look at your personal situation. We may be just the answer you are looking for. Contact Greene County Insurance today at (937) 374-0066 for more information.