What is Farm and Ranch Insurance?

"farm and ranch insurance," sometimes known as "country property insurance," refers to a broad range of policies and coverages created to safeguard your possessions, business, and way of life. It can be compared to a hybrid of other insurance policies, such as business and property insurance. In other words, it might cover the property used for your agricultural industry and home and personal goods.

Rural property insurance can cover everything from simple plans akin to homeowner's insurance to programs explicitly made to protect your farm machinery, equipment, and even cattle.

What is Covered by a Farm Insurance Policy?

Farm and ranch insurance also covers personal property directly tied to the farming or ranching operation. Farm products like seed, silage, animal feed, fertilizers, and pesticides can be divided into farm machinery and equipment, livestock, and livestock products.

Most farm insurance policies allow policyholders to schedule specific items or select general coverages from a list of categories. Similar to how endorsements and floaters operate, these alternatives do. When you meet with your agent and buy the policy, you decide which is best for you.

We've outlined the coverages under this section of a farm insurance policy so you can decide if you want to broadly cover categories or specifically schedule items.

Farm Equipment and Machinery

The policyholder is shielded from monetary loss or damage to their machinery and equipment due to covered dangers by this coverage. Nearly everything that fits in this area that you might imagine is included. All types of machinery are covered, including tractors, combines, cotton pickers, planters, field tools, and hay rakes.

You might be able to combine a commercial auto insurance policy with your other farm insurance coverage if you utilize a truck for farm operations. Additionally, typically covered are moveable fences, structures, and irrigation equipment.

Farm and ranch equipment can be costly, and some of them can require scheduling. Farm tractors can cost more than $200,000, yet they are an essential investment for many farmers. Despite their durability, a lot can happen to them. Take the case of a tractor that is damaged by a tornado. The owner needs farm insurance to safeguard themselves financially against the loss of such an expensive piece of equipment since there is little they can do to avert that risk.

Insurance for Farm Liabilities

Farm and ranch insurance offers liability protection, much like a typical home insurance policy. Because of the hazards involved, liability coverage is a must and a component of every farm insurance policy. It provides coverage for property damage, medical costs, and bodily injuries if necessary. It also includes attorney fees related to covered situations, which is maybe even more crucial.

Accidents can happen even when every precaution is taken. Even experienced farmers handling machinery risk making a mistake and getting harmed. A handler could sustain injuries if an animal is startled by something. Alternatively, suppose an animal gets away, wanders into a road, and causes an accident. Even though that occurrence didn't happen on your land, you would still be responsible as the animal's owner.