Entering the Business World

Everything You Don't Know About Farm Insurance (But Should)

These days, more and more people are looking for ways to live a more earth-conscious and sustainable life — so farming is becoming popular again. For some folks, farming means running a large operation with all the bells and whistles. Others are happy to carve out a small patch of land for themselves and a few heads of livestock.

Either way, you need farm insurance. Before you start your search for the right policy, here are some important things you need to know.

1. There are no farm insurance standard policies.

When you buy car insurance or house insurance, policies tend to be very standard. One policy often looks much like the next, the only real differences being things like deductibles and monthly prices. Farm policies, however, are all unique. Since there are a vast number of different kinds of farms out there, policies are generally custom-designed for each farmer.

2. If you have a "hobby farm," you may not need additional coverage.

If your farm is under 50 acres in size and you're farming primarily to meet your own needs, your homeowner's policy may cover your farm without any additional policies. However, you need to see if your homeowner's insurance will cover outbuildings (like barns and storage sheds) and farm equipment in the event of a loss before you proceed. Also, keep in mind that if you ever expand past 50 acres, you will definitely need a farm insurance policy.

3. Livestock always requires additional coverage.

You may not be concerned about having insurance on a single goat that you keep around or the handful of chickens you use for eggs. However, livestock insurance is essential if your animals represent a large part of your farm's assets. Losing your pigs, cows, sheep, llamas or other livestock to a contagious illness or natural disaster could otherwise bankrupt your farm. Blanket coverage policies are usually fine for groups of livestock, but you may want individual coverage if you have horses or a prize breeding cow or bull.

In today's world, insurance coverage is a must. Blighted crops, intense storms, unpredictable weather, and theft can all take a toll on your farm and your finances. If you sell any part of what you produce, you also have potential liability if the food gets contaminated and anyone gets sick, which could also destroy your dreams. For more information about farm insurance, talk to an agent today or visit a site like http://www.wrg-ins.com/.