Farmers across America both large and small keep our nation well-fed and keep many other industries supplied as well. Since farming is largely dependant on the weather and on large pieces of equipment working properly, there is a lot that could go wrong that is completely outside of their control. If you own any size farm in Claremore, Oklahoma, then this super simple guide to farm insurance is for you.
Farmers are one sudden early frost away from a whole year’s crop being destroyed. That’s the type of high-stakes risks farmers take. Crop insurance covers loss or damage to crops due to natural disasters or a drop in the price of agricultural products. The most common crop insurance is called MPCI, multiple peril crop insurance. It is federally supported and regulated to be fair for farmers. The premium you pay will depend on the value of your crops and where you live. For example, if you live in an area with a lot of hail there is a specific hail-damage policy for you. You can also take out crop revenue insurance to cover your investment in case of a sudden drop in the market value of your crops.
Equipment is one of the most costly and valuable parts of running a farm and you need to make sure to protect it with insurance. Farm equipment insurance works a lot like auto insurance and the major consideration is having enough insurance to cover their value. In addition to having to work properly, farm equipment can be dangerous and serious injury to property or to farmers can occur. You’ll want to lower your liability risk with insurance in case you hurt someone with your farm equipment or someone hurts themselves while operating it.
From large cows to tiny chickens, your living animals need to be protected with their own insurance policy to protect the investment in the face of disease, accidents, death, or livestock escaping their pens. You can get blanket coverage, herd coverage, or you can opt for individual coverage for higher-value animals. Sometimes different types of animals can have their own policy, for instance, blanket insurance on chickens and herd insurance on 300 cattle. Livestock can be expensive to buy and maintain and their profit yield can be high, so protect your farm investment wisely.
Is Your Farm House Insured?
If your family lives on the farm then make sure the farmhouse is fully protected. Farm home insurance protects your build’s structure and should be bundled with your farm policy. It can also extend to protect any outbuildings or storage buildings you use. You want your farm to be a blessing to each new generation of your family, so protect it fully with the right amount of farm insurance. Speak to your agent to create a custom farm owner’s policy and group of benefits that speaks to your needs.