As the name would suggest, farm and ranch insurance is property insurance for farms and ranches. Like homeowner’s insurance, farm and ranch insurance covers damage to a dwelling and personal property inside, as well as mishaps on the property. However, farm and ranch insurance is also designed to offer a combined level of commercial liability insurance. The owner can also insure structures typically associated with business of farming or ranching, structures such as barns, silos and fencing. Increased coverage may also include protection for certain equipment and property necessary to the business, such as tractors, hay or livestock.
To determine whether a piece of property needs farm and ranch insurance, as opposed to homeowner’s insurance, an insurance company may look at several factors. These include any buildings on the property that are not typical adjuncts to a dwelling. For instance, a separate garage may be found on any residential property, but a stable or a barn generally won’t. The insurance company may also look at the presence of livestock animals on the property, such as cows or sheep. Another indicator may be people working outdoors on the property. Note that some states require separate workers’ compensation insurance, a separate policy from farm and ranch insurance, to cover workers on the farm or ranch.
Farm & ranch policies provide coverage for your home, personal property and property used in your farming operation, in addition to liability and medical payments coverage. AFR offers a variety of optional coverage’s that can be added to your basic policy to fit your specific needs.