We specialize and are proud to be providers of farm insurance from three top quality insurance companies. Miller and Associates also understands the unique needs of specialty farmers, such as potato farms, or deer enclosures and can custom design your policy to cover your unique exposures.
Farm insurance is generally written in 5 basic coverage parts:
- Dwelling and Personal (Non-Farm) Property. This portion of the policy is nearly identical to the homeowners policy, with coverage for dwelling and contents built together in one package. Also included are non-farm buildings, and loss of use. Dwellings can be written on either a replacement cost basis, or a cash value basis. This can be advantageous for larger, older homes where the replacement cost can be very high, but the value of the home is relatively low. Less coverage equals less premium and farm policies can thus be very economical for older homes.
- Farm Structures. Barns and buildings used commercially for farm purposes can be insured on the farm policy. Farm buildings can be insured for utility value, cash value, or replacement cost value.
- Farm Business Property (Farm Personal). Coverage can be provided for farm equipment, farm animals, crops, milk, wells, electrical equipment and most other items. There are two types of coverage: blanket or specific insurance coverage. The most cost effective type is specific insurance. Blanket coverage is a bit more expensive, but coverage can be written for a limit of 70-80% of the value of the blanketed items. Irrigation equipment is generally written on a specific basis.
- Farm Liability Coverage. Covers bodily injury or property damage claims that arise from the ownership, or business of farming. The most important part of this coverage is to understand the exclusions and limitations in the farm liability policy.
- Special Coverage Issues. Pollution liability is severely limited in farm policies, as is coverage for club hunting exposures, and unique property items such as white tail deer. Since Farm policies are scripted and unique to the company writing coverage, it is very important that you meet with a qualified independent agent to be sure coverage provided addresses any unique or limiting factors. Farm building may be subject to loss of income, where say the loss of a storage could cause a farm to be unable to harvest a crop. Get help and guidance from a qualified professional who is familiar with policy intent, and be sure you are covered correctly!!!