3 Types Of Insurance Every Farmer Should Have
As the average American, you probably understand the importance of having certain types of insurance such as life, health, and homeowner's insurance. But if you are an American who is also a farmer, or someone that owns your own land and grows your own food, there are other types of insurance that you shouldn't go without. Here are three types of insurance that every farmer should have.
When looking into farm insurance, you want to make sure that the policy contains these three types of coverage:
- Dwelling and contents
- Farm property and operations
By having a good farm insurance policy, you can protect yourself from a lawsuit if someone were to get hurt on your property. You can also ensure that all of your buildings, including barns, sheds, silos, and grain bins will be covered in case they are damaged. Farm insurance will also cover your home and the contents inside.
If you own livestock on your farm, you will also want to make sure they are protected in case of accidental loss. These losses can be a result of a storm, fire, disease, or something happens to them in the event of a power disruption to your facilities, or they die while being transported to another location. Some of the types of animals on your farm that are covered by livestock insurance include:
Livestock insurance is often broken up into different categories including individual coverage (for animals of high value), blanket coverage, and herd coverage that allows you to cover a specific number of livestock.
At one time, if a hailstorm wiped out your entire crop, there was nothing you could do about it and you would have lost your entire investment. However, many farmers are now getting crop insurance that will help protect their investment. But it's not just hail that can ruin a crop, and because of this, farmers can opt for something called multiple peril crop insurance, which covers your crop in case of the following events:
- Insect damage
Besides covering the entire loss of a crop, this type of insurance also provides coverage in the event that a crop has a lower yield than expected.
If you are a farmer who wants to protect yourself and your farm, you will definitely want to invest in farm insurance, livestock insurance, and crop insurance. Visit a site like http://www.wrg-ins.com/ for more help.