Farm & Ranch Coverage
Farm and ranch insurance is a hybrid coverage that is intended to protect both your personal and business assets. Like traditional homeowners coverage, farm and ranch insurance covers your home, its contents and your personal liability. It also covers more specific farm exposures, like machinery and livestock.
Farm and ranch coverage is highly customizable and allows for additional options to be added to your basic coverage to meet your household and business needs. Below are some of the common property coverages available under farm and ranch insurance.
Dwellings
Dwelling coverage protects residential buildings on your property, including cabins, mobile homes, rental homes and main residences. It also covers attached structures, like garages.
Outbuildings
This type of coverage protects secondary structures that are on your property and that serve a purpose on your farm or ranch. Common outbuildings insured under this coverage include: horse stables, barns, sheds, tack rooms, greenhouses, storage buildings and lean-tos.
Household personal property
This coverage is similar to contents coverage on a homeowners policy. It covers personal property owned by the insured and resident members of the family that is located in a dwelling. Items such as furniture, jewelry, clothing, electronics and more belong under this coverage. Farming related property is not covered under this insurance.
Machinery and equipment
This coverage protects your equipment from loss or damage due to a covered peril. Farm machinery and equipment is often expensive and can either be scheduled or blanketed, depending on the value of the item. Typically items that are insured under this coverage include: tractors, combines, planters, hay rakers, field equipment and small tools. Utility vehicles that are not licensed for road use like 4x4s and ATVs that are used on your farm and ranch can also be scheduled. Portable items such as irrigation equipment, fencing and other structures usually fall under this category as well. Covered perils usually include fire, theft and vandalism.
Loss of use
If a covered cause of loss occurs on your farm or ranch and you are not able to use your dwelling, this coverage can help pay for additional living costs incurred as a result.
Livestock
Most farm and ranch insurance offers coverage for livestock in the event they are killed or injured as the result of covered basic peril. Livestock generally includes cattle, sheep, swine, goats, donkeys and mules but can also cover exotic animals like bison, llamas and yaks. Basic perils usually consist of lightning, fire, sinkhole collapse and vehicle collision. Your carrier may offer extensions that cover a wider array of farm animal perils, such as accidental shooting or attacks from other animals. Horses are also contemplated under livestock coverage. How you use your horses (for work, breeding, showing or pleasure) will help determine what type of coverage best suits your needs.
Farm products
Animal feed, grain, seed and similar items are considered farm products. Typically, these products are only covered while being stored. Crop coverage may be available for seeds that have already been planted and other crops you grow to earn income. You can also insure fertilizers and pesticides under this coverage.
Crop
This type of coverage protects growing crops from loss or damage due to covered perils, like wind, hail, wildlife damage, adverse weather, insect and more.
Transportation
This type of insurance can provide coverage while your property is in transit.