What farm coverage’s do I need?

Homestead Insurance and Financial Services

Question: What farm coverage’s do I need?

 

Answer: Each farm is unique and should be looked at individually for covering its needs.

But, there are a few overlooked coverage’s worth having.

  • Replacement vs. Actual Cash Value- (ACV = Replacement Cost – Depreciation) If you’re ok at the time of a loss taking into account depreciation (or age of the materials) then go with ACV.
  • Cab glass coverage- Pay no, or small deductible at the time of a cab glass claim.
  • Umbrella policy- Or Excess liability insurance. This is liability coverage above your base limits on your property and autos. This will pay out when a claim exhausts or is excluded from your base policy.
  • Off-premise liability coverage- Make sure your policy covers you when you’re traveling off your property on recreational vehicles or horses.
  • Farm Employee coverage- If you supervise or direct the actions of any hired individuals, you should have some kind of farm employer liability.

Always review your policy and your coverage needs with your agent.

A little review, is good to do!

Steve Rehm

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