FARM & AGRICULTURE INSURANCE
Farm Dwelling: Similar to a homeowners policy, a farm policy can cover primary dwellings. For many farmers, their farm is located on their primary residence, thus, they may bundle their home with the farm operations under one insurance policy.
Farm Structures: A farm policy will cover farm structures under coverage G of the policy. Farm structures may be barns, silos, grain bins, sheds, garages, wells, fencing, solar panels, wind mills, and any other structure that is in a fixed position of the named insured's property and used for the farm operations.
Scheduled Farm Personal Property: On a farm policy, the named insured can choose to itemize each of his/her equipment. Under the policy, each scheduled piece of equipment would have its own limit. Ex. Tractors, equipment, ATVs, etc.
Unscheduled Farm Personal Property: This coverage is commonly used under farm policies. This coverage will allow a named insured to blanket their equipment as unscheduled farm personal property. In most cases, this coverage is subject to an 80% Co-Insurance clause.
Farm Income & Extra Expense: Similar to business income and extra expense, farm income & extra expense is a very important coverage. This coverage is broken up into two. Farm income will cover loss of income after a covered loss occurs that would result in putting the farmer out of operation. Extra Expense is a coverage that will pay for rental equipment, rental storage, etc. while the named insured's property is being replaced/repaired.
Farm Liability: Farm Liability is an important coverage for all farm risks. This coverage is a broad coverage that will protect the named insured from law suits, bodily injury caused by negligence, and property damaged to others caused by the named insured.
Farm Pollution Insurance: Opposite of business insurance and commercial risks, farm pollution liability insurance will cover more than the typical general liability policy. In many cases, a farm policy may cover anywhere from $100,000 to $1,000,000 in pollution coverage. With that said, more coverage may be requested for an additional premium and coverage may be limited.
Farm Umbrella Insurance: Farm umbrella liability is common for many farm risks. An umbrella is a set amount of liability insurance that will be used secondary to the underlying policies. Once the limits of insurance on the underlying policies are exhausted, the insurance company will then tap into the umbrella liability insurance.
For More Details on Farm Insurance Coverage, Please contact a Jacob Insurance Service Agent at