What does Farm Insurance Cover?
What is farm insurance?
Farm insurance is a type of property and casualty insurance that helps compensate you for damage or destruction caused by covered events. It can also help cover the cost of legal liability if someone is injured on your property or if you damage someone else’s property.
There are many different types of farm insurance policies, so it’s important to talk to a specialist farm insurance broker to find the one that’s right for you.
What does farm insurance cover?
Farm insurance can cover a variety of things, including:
- Buildings and structures
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- Farm equipment and machinery
If your farm equipment or machinery is damaged or destroyed by a covered event, farm insurance can help pay to repair or replace it. This can include things like tractors, plows, and combines.
- Livestock
If your livestock is killed or injured by a covered event, farm insurance can help pay for their medical treatment or replacement. This can include things like cows, pigs, chickens, and horses.
- Crops
If your crops are destroyed or damaged by a covered event, farm insurance can help pay to replant or harvest them. This can include things like fruit, vegatables, wheat, corn, and soybeans.
- Personal property
If your personal property is damaged or destroyed by a covered event, farm insurance can help pay to repair or replace it. This can include things like your clothes, furniture, and electronics.
- Public liability
If you’re found liable for damages to someone else’s property or person, farm insurance can help pay for the cost of their medical treatment or repairs. This can include things like damage to your neighbor’s fence or a visitor slipping and falling on your property. Public liability insurance can also be extended to include things like products liability which will provide important, additional protection for many farmers.
Do I need farm insurance?
If you own a farm and have a mortgage on it, you may be required to carry farm insurance by your lender. Even if you’re not required to carry farm insurance, it’s still a very good idea to have it. At the very minimum, you should have public liability insurance for your farm because, without it, a single claim from a neighbour, customer or supplier could mean financial ruin.
How much does farm insurance cost?
The cost of farm insurance depends on a variety of factors, including the value of your property, the type of coverage you need, and the deductible you choose. Farm insurance can cost anywhere from a few hundred to a few thousand dollars per year. Many insurers offer monthly payment options, often interest-free. A specialist farm insurance broker will help you to compare rates and options from a range of insurers.
How can I get farm insurance in Australia?
You can get farm insurance in a number of ways:
- Direct from an insurer offering farm insurance
Insurance companies offering farm insurance policies will typically offer an online service.
- Through a specialist farm insurance broker
It’s a good idea to compare quotes from multiple sources to find the best rate, so using a broker will not only find you the best rate, but will save you considerable time in the process.
In Conclusion
Farm insurance is a type of property and casualty insurance that helps compensate you for damage or destruction caused by covered events. It can also help cover the cost of legal liability if someone is injured on your property or if you damage someone else’s property.
There are many different types of farm insurance policies, so it’s important to talk to a specialist farm insurance broker to find the one that’s right for you. Farm insurance can cover a variety of things, including buildings and structures, farm equipment and machinery, livestock, crops, personal property, and public liability.
If you own a farm, you may be required to carry farm insurance by your lender. Even if you’re not required to carry farm insurance, it’s still a good idea to have it in case of an emergency.
The cost of farm insurance depends on a variety of factors, including the value of your property, the type of coverage you need, and the deductible you choose. You can get farm insurance through a variety of insurance companies, farm insurance brokers - online and offline.
Talk to one of our specialisr farm insurance brokers to help compare quotes from multiple sources to find the best rates and options for your specific needs.
Published: Sunday, 9th Oct 2022
Author: Paige Estritori
