Insurance protects against loss of income. Having the right coverage for the vehicles you rely on can keep your farm running smoothly should an accident occur.” 4. “A commercial policy gives you the flexibility to protect all of your farm vehicles whether you own a pickup, dump truck, agricultural trailer or horse trailer. “Your personal auto policy typically won’t cover your farm vehicles, especially if they’re used to transport produce, livestock and other items for sale,” says Jochen Schunter, commercial auto product manager at Progressive Insurance. Farm vehicles require their own coverage.Īll other farm vehicles, including UTVs and ATVs, will need their own coverage. It’s a must if you take livestock to the state fair, operate a traveling petting zoo, or participate in any other off-farm activities with your animals or equipment.Ĭumings recommends hobby farmers purchase at least $1 million in liability coverage. Liability protection covers anything that happens on or off the farm. “If an animal carries an illness or nips or damages property, you’ll want liability protection,” Cumings says. There was no lawsuit, but the farm policy ensured that no expenses would be paid out of pocket. She needed reassurance that any damages would be covered. The first thing one farmer did when one of her horses nipped a rider was call her insurance company. Purchasing hobby farm insurance helps protect your investments. This puts you at risk of having to cover expensive repairs out-of-pocket. Homeowner’s insurance may also exclude farm buildings such as barns and silos. “Some homeowner’s policies will let you add an endorsement or a rider,” she says, “but it offers limited coverage for property or liability.” If a tree falls on a pasture fence or your tractor is stolen, homeowner’s insurance won’t cover the losses, explains Erin Cumings, a farmer and associate vice president of agribusiness underwriting at a major insurance company. Farm assets aren’t covered under homeowner’s policies. Here are four reaso ns you need insurance for your hobby farm. Farm insurance isn’t just for farmers with thousands of acres of corn, hundreds of head of cattle and barns filled with expensive equipment.
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