If you own or operate a ranch, you understand critical insurance protects your property and employees in the event of an accident. Here are four surprising facts about ranch insurance.
Horses
If you run a horse farm, you must have robust insurance coverage. Therefore, you will need to consider what you need to be covered and which company offers the best policy at the best price. Fortunately, several companies out there are well-versed in horse and ranch insurance.
The coverage comes with a comprehensive package that includes personal, professional, and general liability. It also offers a range of dwellings and outbuildings.
Equine animals
Caring for horses can be pretty expensive, particularly for the owner. Therefore, when buying a horse, it is essential to consider the insurance cost. Insurance can help you cover some of the costs of health care, veterinary visits, medications, and surgeries.
There are several types of equestrian insurance coverage available. While some are designed for a particular kind of horse, others can be used for all equine animals. Therefore, you should get a policy that fits your needs.
Depending on your policy type, you may be reimbursed for up to 60 percent of your horse’s treatment cost. Some insurance companies require that you have a veterinary health certificate. It is also essential to read your policy carefully to understand the limits and exclusions.
Umbrella policies
A farm or ranch liability umbrella policy can add additional protection to your farm or ranch insurance. It is a type of excess liability coverage that can help pay for medical costs and judgments related to property damage.
You can choose from companies that offer this type of coverage. Consult an insurance agent. These agents can evaluate your assets and liability risks. They will also explain your underlying policies.
You can get an umbrella policy that has a limit of $5 million or higher. Then, if you have a big lawsuit, you can protect your assets and future income.
Home Insurance
Farm and ranch property insurance can be very flexible. Each farm operation is unique and will require its policy. However, most policies offer protection against common risks.
Generally speaking, a farm and ranch policy covers the structure of a home and its contents, including livestock and equipment. It also provides liability coverage. It includes paying the medical bills of those injured on the property.
Depending on the type of farming, a farm and ranch can be a full-time business or a hobby farm. The size of the operation is a critical factor in determining what level of insurance coverage is appropriate.
A typical homeowners policy provides coverage for your home and possessions and may limit the amount of coverage for your business. If your farm is open to the public, you may need a separate liability policy.
