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Tips For Determining If You Have The Right Amount Of Farm Insurance

by Marie Cox

Due to the wide variety of insurance options on the market, it can be easy to become confused about your farm insurance. As a result, you might be really worried about your farm and be wasting money on too much farm insurance. You could also be under-insured because you are thrifty and the dizzying array of options is too much for you to fully comprehend. You want to have the exact right amount of money for farm insurance to ensure that you are adequately protected and that you are not wasting money. Here are some tips for determining if you have the right amount of farm insurance.

1. Make Sure You Have Farm Liability Insurance

There is a chance that your farm might suffer from trespassers who trip and fall, injuring themselves on your property. You should not be liable for their injuries, but they might try to sue you anyways. There is a chance that a jury could rule in their favor. This seems ridiculous, but it is not unheard of. As a result, be sure that you have farm liability insurance that will help you deal with this type of problem without breaking the bank. This type of liability insurance is usually included in most basic farm insurance packages for a limited number of acres. If you have a huge farm, you might need to add additional coverage to your basic farm package to ensure that all of the acres are adequately covered.

2. Figure Out How Much It Will Cost to Rebuild Your House

If you look at your house and know that it could be rebuilt for $200,000 if the foundation remains intact, don't take out an insurance policy for $500,000. You will never use it. You likely will start at $200,000 but be encouraged to raise this amount by farm insurance brokers. Don't raise this amount and pay more for your insurance if you don't need the coverage.

3. Get a Blanket Policy on Farm Equipment

If you have a lot of farming equipment, it is going to be easier on you to insure them all under a blanket policy rather than take out an individual insurance policy on each item. You will need to list each item that you are insuring and its value, but it will be a lot easier than taking out multiple individual policies.

For more information, talk to a company that specializes in farm insurance or check out sites like