Protect Your Livelihood
Florida is home to over 47,000 farms and ranches that provide a wide variety of fresh produce. Whether you manage one of the many citrus groves of southern Florida or are responsible for any of the cattle farms found throughout the state, you’ll need more than just standard homeowners insurance.
It’s important to have comprehensive farm or ranch insurance to ensure your investments are protected no matter what natural disaster or other obstacles life throws your way. Contact King Insurance Partners today to determine what kind of coverage your farm needs and receive a free, no-obligation quote.
What Is Farm Insurance?
As each farm is distinctive, farm insurance tends to be highly customized, starting at the minimum amount of coverage and getting more personalized depending on the needs of your home or business. It is used to protect your farm investments, and not only protects your main farm but also your home.
Do I Need Farm Or Ranch Insurance?
If farming is your full-time occupation, farm owner’s insurance is a wise investment. Generally, a basic farm owner’s policy will include property coverage, liability coverage, and more. Though, this basic insurance should be tailored perfectly to meet the needs of your farm. Luckily, an insurance agent will be able to help you determine what fits your farm! When considering if farm or ranch insurance is suitable for you, we recommend taking any additional structures on your land, income-earning livestock, and any employees into consideration.
How Much Does Farm Insurance Cost?
The cost of farm insurance varies depending on the size and scale of your operation and potential risks your farm can face. Your farmhouse isn’t the only high price item you own, and because of that, on-site equipment such as tractors, trailers, and others have to be factored in. This price usually decreases as your equipment depreciates. For a standard farm and ranch policy, the average price is determined based on your location, operations, claims history, and more.
What Does Farm Insurance Cover?
Farm and ranch insurance covers any personal property that is directly related to your farm or ranch. This is typically broken down into three main categories: farm machinery, livestock, and farm products, but it can also include farm liability coverage.
Farm machinery, such as tractors, can cost upwards of $200,000, so this type of coverage protects the policyholder from financial loss or damage of this expensive equipment. If you use a truck for farm work, it might be possible to bundle a commercial auto insurance policy and farm insurance.
Most farm insurance policies offer coverage of livestock in the unfortunate event they are killed or injured. There are also expansions to this coverage available that cover uncommon occurrences, such as if the animals are killed in an accidental shooting or struck by a train or vehicle. They might also cover dog or wild animal attacks.
If the policyholder owns horses or equine animals for work, breeding, show, or pleasure, these animals are worth protecting under insurance. Some insurance companies offer a list of options to cover them. Most coverage for horses includes animal mortality coverage and theft. Unlike the standard livestock portions of farm insurance, coverage for horses includes coverage of death due to sickness and disease and it includes major medical expenses, surgical expenses, and loss of use coverages.
Products that your farm produces, such as feed, grain, seeds, and other similar farm products, are covered under farm or ranch insurance, but they are only covered when they are in storage. Farm products that have been planted are not covered by farm insurance and instead are usually covered by a commercial insurance policy if the amount of sales exceeds your incidental income limit.
Farm Liability Coverage
No matter how many precautions you take, accidents can still happen to even the most experienced farmers. For example, if an animal were to escape the farm and cause an accident, you would be liable for the accident as you are the animal’s owner. Thankfully, some farm and ranch insurance policies provide liability coverage, which covers bodily injuries, medical expenses, property damage, and in some cases, the attorney’s fees associated with covered incidents.