Understanding the types of farm insurance that are available and which are applicable to your farm is crucial for ensuring that you are sufficiently covered. Mountainview Insurance offers farm insurance solutions for farms of all shapes and sizes. Their team will work with you to determine the optimal coverage for your unique requirements.
Farm Insurance Types
There are several different types of farm insurance, each focused on different areas of the farm. The main types of farm insurance include:
Livestock Insurance
Livestock insurance is designed to cover potential financial losses that can be incurred as a result of livestock death due to drowning, accidental shootings, or a loss of electricity. Livestock can be insured individually or as a herd based on the number of animals on your farm. Another type of livestock insurance is “blanket” coverage that protects the animals along with associated equipment and structures.
Learn more about what livestock insurance is.
Crop Insurance
Damaged or ruined crops can impose a large financial burden on any farm. Crops are insured based on the types of potential damage that can occur to them. For example, “crop-hail” insurance is for crops at risk of damage from hail. In most cases, “multi-crop” insurance is the ideal choice as it covers damage caused by hail, floods, fire, and insects. Some plans also offer coverage for natural disasters, ensuring that your crops are always covered.
Dwelling Insurance
This type of farm insurance shares many similarities with standard home insurance. It covers dwellings and their contents in the event of fires, storms, theft, vandalism, and natural disasters. Some plans can also cover attached structures such as garages.
Liability Insurance
If your farm has employees or frequent visitors, liability insurance is highly recommended. This type of farm insurance policy protects you from a lawsuit in the event of an injury on your farm, provided that it is well maintained. Liability insurance can also be used to cover accidental bodily injury and medical expenses for injured workers or visitors even if you are not legally responsible. Other areas that are covered include accidental damage caused by the owner and legal expenses in the event of a lawsuit.
Other Building Insurance
If your farm includes barns, stables, silos, corrals, or other buildings that are not a dwelling, this type of insurance is highly important. Other building insurance covers these types of facilities in the event of a fire, vandalism, and other forms of damage.
To learn more about the types of farm insurance, or to determine which options are best for you, reach out to Mountainview Insurance. They can be reached by phone at 604-557-0255 or through their online contact form.