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What Farm Insurance Can Do for Your Farm or Ranch

farmers insuranceThe numerous types of insurance that you hear about on the radio or a passing television commercial are most likely not a new concept. In fact, most types of insurance aren’t relatively new or groundbreaking. However, there are some forms of insurance that are not as common as ones such as auto or home and can prove to be invaluable.

If you own and/or operate a farm or ranch, then you’ve probably heard of farmers insurance — or ranch insurance depending on the operation you’re running. However, many farmers choose to separate their insurance coverage into multiple policies rather than having the majority of it all under the same roof. With ranch or farm insurance, your coverage blankets the majority of risks associated with running such an enterprise.

What can be covered?

Depending on the company that you choose, your coverage can potentially extend to the bulk of your operating risks as well as your personal ones. Some companies will offer policies that cover damage to:

  1. Buildings: Main building of residence as well as possible additional add-ons or buildings. Barns, sheds, stables, and other types of buildings may also be covered.

  2. Personal Property: Any of your household personal property can be potentially covered even while it is not located in the insured estate.

  3. Machinery and Tools: Your farm machinery and tools used in the operation of your farm can also be covered.

  4. Livestock: Some policies may cover your livestock as well as your harvested crops.

When am I covered?

There are many different circumstances in which you can file a claim with your insurance company, including perils such as:

  1. Lightning and fire

  2. Hail/winds

  3. explosions

  4. Theft

  5. Vehicle or aircraft damage

  6. Smoke damage

  7. Vandalism

  8. Collision

  9. Overturn

This list is not extensive, however, and you could be covered in many more circumstances. It’s important to discuss the extent of your coverage with your insurance provider. In many instances, the policy holder is not aware of what types of perils are covered by their plan. For instance, 79% of those with homeowners insurance understand that their insurance covers possessions stolen during a home burglary, according to a survey conducted by the Insurance Information Institute in 2016. That means the other 21% of policyholders are not aware of the extent of their coverage. So it’s important to know in what instances you might be covered in the event of a peril.

If you’re an owner and/or operator of a ranch or farm, consider speaking with an insurance company about farmers insurance to protect your assets.

If you’re a farmer or rancher in North Dakota and want to know more about farmers insurance, contactFarmers Union Insuranceto discuss your options today.