If you operate a farm as a business and not just a hobby, you may be eligible for a commercial policy that is generally less expensive than a standard policy. If you grow crops instead of raising livestock, you may be able to reduce your insurance costs further by purchasing a crop insurance policy. As with other types of insurance, the more risk you can reduce by implementing safety precautions, the lower your premium will be. You can consult Insure It All at Idaho Falls, ID.
Discounts on Farm Insurance
You may be eligible for a reduced premium through the Farm Risk Reduction Program if you own a farm. To qualify, your farm must have a minimum value of $500,000. You must also meet one of the following criteria:
You must have a minimum gross income of $5,000 from the farm over a 3-year period. You may need a total of $1,000,000. If you are a tenant farming a property you do not own, you may be eligible for a reduced premium through the Tenant Farm Program. To qualify, your farm must have a minimum value of $250,000. You must also meet one of the following criteria: You must have a minimum gross income of $5,000 from the farm over a 3-year period.
You may be able to save money on your premium by taking steps to prevent claims. Some common ways to get discount points include keeping your policy up to date, installing safety equipment on your property, and installing preventive measures like storm shutters on your windows.
Some insurance companies offer a multi-year discount if you renew your policy before the cutoff date. This can save you up to 10% on your premium. While these policies may be required, they may also offer the opportunity to bundle them with other types of insurance to reduce the overall cost. For help in Idaho Falls, ID, call Insure It All.