3 Things Your Farm Insurance Should Cover
When you have a farm, you know that it's a hard life. You are doing everything you can to make sure that your animals and/or crops come through the way that they should. But, that doesn't always happen. So you need to be prepared for whatever may happen. One of the things that you need to have so that you are prepared is insurance that is specifically for farm life. What are some things that you should make sure that you have covered on that insurance?
Foundation Stock
One thing that you want to make sure that you have covered is your foundation stock. If you have a rare breed of animal or animals that are within a specific bloodline, selling the babies born out of that line or the semen of the males out of that line can be a very profitable part of your business. It would be a huge blow if something were to happen to any of the animals in your foundation stock, so you want to make sure that you have the money to replace the animal if something were to happen to them.
Equipment
Farming equipment, whether it's a milking machine or a harvester, is very expensive. You may have more money tied up in your equipment than you do in your home and car combined. You have those things insured so that you can replace or repair them if anything were to happen, so it's just as important that you keep your equipment covered. You don't want all your milking machines to be out of order when you have a large dairy herd to milk, because trying to milk them all by hand while you are trying to do everything else you need to do would make it really hard for you to get everything done.
Crops
When it comes to insuring your crops, you don't necessarily want to insure the crops that you just planted, what you are wanting to do is to insure the failure of the crops. This is something that you could sign up for once and that would roll over year after year. You can adjust your coverage as necessary, depending on what you are planting and what kind of costs are involved. That way, if your crops were to fail, you would still have some money to fall back on.
Making sure that you have farm insurance is very important.