Just like there are policies for cars and homes, insurance companies offer policies to protect farms and ranches. Given their size, residential qualities, and ability to generate income, it’s not hard to imagine the advantages of insuring these sprawling properties. Still, if you’re hoping to learn a bit more about the details of this coverage before moving forward, get started with these frequently asked questions.

What You Need to Know About Farm & Ranch Insurance

What is farm and ranch insurance?

Since farmers and ranchers typically live and work on their properties, ranch insurance is like a combination of a typical homeowners and business insurance policy. That way, the buildings in which you live or house your employees will be protected, as well as the equipment you use and the livestock you tend to.

What perils does it cover?

The home and outbuildings on your farm and ranch, plus the personal and commercial possessions inside those buildings, will be covered if damaged or destroyed by the elements. Common perils include burst pipes, electrical power surges, collapses caused by heavy ice or snow, and falling objects like tree branches. Your lawn, trees, and shrubs will also be protected. A basic farm and ranch policy will cover your livestock if they are injured by—or die from—one of these incidents. 

Is liability coverage included?

Farm and ranch insurance has a liability coverage aspect. This means, if someone is hurt on your property, your insurer will step in to pay for the damages. This may include their medical bills, property damage, and any attorney’s fees if the injured party files a lawsuit. Since there is plenty of dangerous equipment and machinery on farms and ranches, this precaution is essential to your financial security and future success. 

What might I need additional coverage for?

While many farms and ranches have crops, this aspect of your property requires an add-on to your policy known as a rider. That way, if your acres of corn are damaged by flooding, hail, or insect infestations, and you’re left without inventory for an entire full season, you can count on your insurance policy for compensation. 

You may also need additional coverage for your vehicles. While your farm and ranch insurance may cover equipment like tractors, it won’t extend to standard trucks and cars. In this case, you’ll need to secure business vehicle insurance on top of your farm and ranch policy.

If you’ve yet to acquire a reliable farm insurance policy, turn to Flathead Farm Mutual Insurance Company of Kalispell, MT. This agency is proud to be member-owned, and they’ve been helping farmers and ranchers throughout the Flathead Valley since 1907. With their affordable, comprehensive policies to fall back on, you can make strides in your industry with confidence. To learn more about their other offerings, including renters and vacation home insurance, visit the website. You can also call (406) 752-7500 to arrange for a quote.