Farms need to be protected with farm insurance. If you are producing a large garden as a hobby, there is the potential that your home insurance policy will cover it. It may cover some of the equipment and outbuildings. If you decide to start selling at the local farmers market or are farming professionally, a farm insurance policy will be needed. The agents at Insure It All work with all types of farmers in the Idaho Falls, ID area to get them the coverage they need.
For those running a hobby farm, there are specific policies. To be classified as a hobby farm, it must be less than 500 acres with no employees. Also, the maximum annual earnings must be less than $10,000. For full-time farmers, farm owner’s policies include property insurance and liability coverage. Special amendments can be added to address the unique features of the farm and its operations. As every farm is different, the coverage reflects these special aspects of the operation.
Two areas you may want to consider are crop insurance and livestock insurance. These are similar policies and are partially funded by the US Department of Agriculture. There are two types generally offered: Individual and Blanket. Individual coverage is usually used for high-value animals that need to be covered for a specific amount. Blanket policies will cover the entire farm including equipment, livestock, and buildings in one policy. It is important to ensure correct values when using a blanket policy. Being underinsured could present difficulties in the future. The team at Insure It All work with farmers throughout the Idaho Falls, ID area. Visit their website for general information then come into their offices. Their agents will get the coverage needed to protect your farm today!