Top 6 Reasons Farm & Ranch Insurance Is Better Than Home Insurance
You know that home insurance protects your home and everything in it. But if you have a farm or a ranch, there’s more than just a home to protect — you want coverage for your livestock, outbuildings, fencing, equipment, and more. Farm insurance covers your home and everything else, too. Here are six reasons farm and ranch insurance is better than home insurance.
1. Offers Expanded Liability Coverage
A home insurance policy offers personal liability coverage. This means that if someone is injured on your property, your insurance policy can pay for their medical bills, any legal costs associated with the event, etc. Insurance for your ranch or farm also covers personal liability, but it can also include a large range of different kinds of liability coverage:
Equine liability coverage
Farm liability coverage
Chemical drift liability coverage
Farm product liability coverage
However, farm insurance policies are highly customizable. If you’re choosing a policy, make sure it includes the different kinds of liability insurance you may need.
2. Safeguards Your Income
If you farm full-time, your income is tied directly to your crops and livestock. You may suffer unexpected financial hardship if you lose crops or livestock due to disease or theft.
A quality farm insurance policy can grant you the peace of mind of knowing that your income is protected. If your crops and livestock are insured as part of your policy, the insurance company will be able to compensate you.
3. Protects Valuable Equipment and Machinery
It’s important to make sure you have thorough coverage for your crops and livestock. But your equipment and machinery are just as important to a successful farming operation.
If you have coverage for tractors, irrigation systems, and other key pieces of equipment, you can promptly repair or replace them. Even if you have a small hobby farm, home insurance won’t cover farming equipment.
4. Covers Most Types of Outbuildings
A home insurance policy can sometimes cover select outbuildings (like a small storage shed). However, it won’t cover barns and other buildings that are part of your farm’s daily operations.
As you may already know, the cost of repairing a damaged barn can be comparable to the cost of a home repair. The right farm insurance might save you a significant amount of money.
5. Allows for Very Specific Coverage
An insurance policy is customizable to an extent. But because there’s so much variation from one farming operation to another, farm insurance tends to be more customizable than home insurance.
6. Protects Your Home in the Same Way Home Insurance Does
If you aren’t too familiar with the world of insurance, it might seem like you need both home and farm insurance. However, farm and ranch insurance is essentially an expansion of a home insurance policy, so it protects both your home and your business.
Farm and Ranch Insurance: A Sure Way to Protect Your Investment
There’s always uncertainty in the business of farming. But when you choose the right farm insurance policy, you can safeguard yourself and your family and find peace of mind.