Do you dream of buying a homestead and slowly growing a farm on your land? This increasingly popular trend can make for a lovely lifestyle, but there are important insurance considerations to keep in mind. Agricultural properties are unique with unique exposures. As such, standard homeowners or commercial properties may not properly cover an agricultural property. You may need a more specialized farm or ranch insurance. Coverage for agricultural properties must match the use of the property, so the type of insurance will depend on how the land is being used. A hobby farm will need different coverage from an income-producing operation; livestock, crops and boarding facilities all require specific coverages. At Davidson & Associates, we specialize in equine properties, but can help you find the right coverage for any agricultural property.

Some insurance considerations that should be kept in mind while searching for the perfect agricultural property are:

• Outbuildings need to be scheduled
  • Barns, silos, greenhouses, and other structures aren’t automatically covered, unlike a standard home policy.
• Livestock coverage needs
  • Standard policies typically don’t cover livestock loss due to accidents, theft, or severe weather, unless specifically added.
• Equipment protection is key
  • Tractors, harvesters, and other farm machinery should be insured with equipment breakdown or inland marine coverage. Especially if they’re high in value.
• Farm owner’s policy = hybrid coverage
  • These policies often bundle home, business, liability, and outbuilding coverage, making them ideal for working farms. A normal home policy is NOT going to do the job in most cases.
• Partner early with us – so we can grow with you!
  • Bringing in an agriculture-specialized insurance agent like us during the growing stages can help identify gaps and prevent exposure as you evolve.

As independent agents, we can shop around between carriers. This is especially helpful when it comes to more complex coverages such as agricultural properties. Having an independent agent gives a competitive advantage so that you can get the best coverage for the best price. If you are looking to pursue your lifelong dream of growing a farm, please get in touch with us! We’d love to serve as trusted advisors to make sure your biggest assets and passion projects are properly protected, educating you on coverages along the way. At Davidson & Associates, we’re here to help protect what matters most to our clients!