Types of Farm Insurance and How to Choose

Whether you operate a working farm or live on an expansive farm that isn't a business, having the right type and amount of farm insurance is essential. Things can get confusing though, because there are numerous options for you to choose from available from multiple insurance providers. It's always a good idea to discuss your specific needs with your agent so you have a full understanding of what to expect. The good news is that farm insurance tends to be very flexible. You can find customized policies that work to meet your needs.

Common Types of Insurance

The best way to choose farm insurance is to consider what you own and how you use it. Policies are available for just about any need. Here are some examples.

• Farmer and ranch home insurance: This type of insurance is ideal if you live on a farm that you own. It provides you with coverage for your actual home and buildings, as well as household personal property, liability coverage and the farm business. In short, it works to combine household insurance with ranch coverage.
  
  
• Farm and ranch property insurance: A bit different, this type of plan is best for those who own or rent a farm, but do not live on the property. It works to protect your farm personal property such as livestock, machinery and tools, as well as farm buildings and structures, losses from operations and liability risks. It's more business-focused coverage.
  
  
• Farm and ranch renters insurance: If you live on a farm and rent it, this is the ideal choice for you. This policy offers coverage for the household property, liability and other coverage.

When choosing from any of these options, you'll need to consider the overall risks you face. For example, if you are operating your farm as a business, the loss of crops could be a significant financial loss that insurance can help reduce. But, if your home is there as well, you may need additional protections.

Farm insurance should protect you from all risks to your assets and from lawsuits. A comprehensive policy can be customized to meet your unique coverage needs. Seek out an insurance plan that's right for you. Chances are good you'll find an affordable option to choose from that meets your needs.