Even Your Home Needs to Be Part of Your Farm Insurance Policy
When you think about a farm insurance policy, you likely consider your equipment, your land, and your livestock. But what if you also live on your property? Farm home insurance not only protects your house, but it also covers other buildings and barns that you have on your land.
Farm home insurance differs from your overall farm insurance policy because it’s protecting the structures on your property rather than the farm itself. If you’re residing on your farm, this coverage can make a big difference by protecting the external and internal structure of your house as well as the contents.
Your farm home is going to face similar risks as your tractors, crops, and livestock, so it deserves to have its own protection. For example, if a natural disaster strikes your farm, you’ll want to make sure your buildings and your home are covered, too.
You might be thinking that your homeowners policy will protect your home, and while you’re correct, if you’re running a large farm as a business, you’ll quickly grow out of this policy. Homeowners insurance does have the ability to cover some farming activities, but it’s more for those who are doing it for a hobby. If this is you, then this might be a good fit. There are even policies specifically for “hobby farms” if you’d like to do this for profit, but they do have certain requirements that you’ll need to meet as well.
- Your total annual costs cannot exceed $10,000
- You can only have one location
- You can’t have any employees
- You must have less than 500 acres of land
- You can’t claim a mobile home
But for large farms that have outbuildings, barns, and areas for workers to live, these are all things that homeowners insurance and hobby farm insurance can’t cover — but farm home insurance can.
How Does Farm Home Insurance Work?
Your farm home insurance will be able to protect the following items in and around your home:
- The structure of your home
- Items within your home like furniture and appliances
- Garages, pools, TV antennas/satellite dishes, and other external add-on structures
- Additional farm buildings on your property
- The equipment you use to maintain these buildings, the grounds, and your home
- Generators, sump pumps, kitchen and laundry appliances, computers, and home entertainment devices
Farm home insurance can also protect you if someone is a guest in your home and is injured there or on your property.
These policies are mainly built for large production farms, and you may be able to find add-ons to your policy that can help you alleviate risk from damaged trees, debris removal, credit card fraud, and more.
With so many options, there are a lot of decisions that you’ll need to make, and there isn’t always a clear and defined solution. That’s where independent insurance agents can help. This isn’t a decision that you have to figure out on your own. With an independent insurance agent, like our team at Hill & Hamilton Insurance, we’re not tied to any single carrier. Instead, we’ll work with you to understand your needs and risks to help you determine what’s going to be the most comprehensive policy.
We’ll make sure that you’re protected from every angle so you can have peace of mind that your farm is safe in the event that something happens. Interested in learning more about how we can help your farm get the coverage it needs? Reach out to us here to learn more.