Does Your Farm Insurance Cover All Your Needs?

Farm insurance policies protect you personally and commercially. Like a homeowner’s insurance policy, a farm pack covers your possessions and property. However, it can also include coverage for your machinery, livestock, and other farm products required for your farming operation.

You can customise your farm insurance policy to meet your needs. No two farms have the same farm machinery, equipment, and livestock. While this customisability gives you the maximum potential for coverage, it also means you have to think twice about your needs to ensure everything is properly insured.

What Does My Farm Policy Cover?

Farm insurance covers you across three main categories: home and contents, farm machinery and equipment, and farm property.

Your farm pack will protect your farm buildings specified in the event of perils. Fire, storm and lightning usually pay about $75 for every $10,000 in value. For example, if you have a item that costs $100,000, then you would pay about $750.

Most farm policies also offer broad coverage for livestock if they are killed or injured by an event outside of your control. How much you pay depends on the extent of your coverage.

Finally, your farm insurance may also cover farm products, or items like stored feed, grain, and seed. Keep in mind, these must be stored, and the coverage does not extend to crops.

Consider Your Needs For Your Farm Policy

When you meet with an insurance company to discuss your farm policy, you must be thorough to get the best possible coverage. Dig deep into which equipment and products are vital to your farm’s operation, and what events have the potential to cause major financial loss.

There are many things that a basic farm insurance policy does not include, but that can be added. For example:

• If you live in a rainy area, you may need flood coverage. Farm Pack policies automatically exclude flood, and some may have an option to select flood cover.
• Do you need cover for farm contents? Contents may be covered if taken, but quads and tractors are not considered contents. You must select theft section if you require cover for theft.
• Consider all of your sheds, fences, hay, farming equipment and implements, silos, windmills, and other structures used for your farm’s operation.
• Items kept outside can be covered by some policies. Double-check your policy to determine whether or not you should store farm products inside.
• Pumps and motors may not be automatically covered for machinery breakdown on every policy.

Farm Insurance in Australia

Your insurance policy is the most important step you can take to protect your farm. For comprehensive farm insurance and a team of insurance experts, contact Fitton Insurance to learn more about how to personalise your coverage. We’ll make sure everything important to you is covered under your Fitton arranged Farm Insurance Policy, and you’re paying a great price.