Want to Get Covered for Bad Crop Yield or Natural Disaster? Know Everything About Farm Insurance
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We owe our breakfast, lunch and dinner to the farmers who work hard on the field to yield a good crop. However, those who are into farming know it very well that it is an unpredictable trade. Crop yield is dependent on several factors, including favourable weather. If things may not go as planned, farmers may suffer huge losses. Here Farm Insurance Australia comes into the picture. It provides essential protection to the farmers to maintain their farms in favourable and unfavourable conditions.
You may ask why it is important for the farmers to have farm insurance. The first major reason is that farming is largely dependent on the weather. Insufficient rain or unpredictable change in the temperature can ruin the crop due to which the farmer may suffer gigantic financial loss. Apart from that, there is always a looming risk of a natural disaster. Farm insurance policies can guard the farmer against such hostile situations. A farmer may consult a farm insurance broker to understand the type of coverage he might get after subscribing to the policy. There are several policies that help farmers protect their crops and important assets on the farm.
What does crop insurance do?
Crop insurance is an important policy that farmers need to have. There are different types of crop insurances that cater to the diverse needs of crops. In general, most crop insurance policies cover the loss or damage of crops due to natural disaster or drop in the price of agricultural produce.
Can you have insurance for farm equipment?
Farm equipment is precious assets for farmers and therefore they want to protect every piece of machinery. The breakdown or repairing of farm equipment like a tractor, skid steer loader, chopper or self-propelled hay equipment might burn a hole in the farmer’s pocket. Therefore, farmers should opt for insurance policies that cover farm equipment as well to ensure that their maintenance does not ruin their financial health. Some insurance policies also cover accidents caused due to farm machines. You can ensure with your broker if this feature is covered in the policy or not.
How does insurance protect livestock and poultry?
Livestock is an integral part of farming. Farmers may suffer huge financial loss in case of disease, death or accident of livestock such as cows, sheep, pigs or chicken. Some insurance policies cover livestock as well. As a part of it, farmers can get coverage of cattle, pigs, hogs, chickens etc. Animal mortality plan is the most popular insurance coverage opted by a large number of farmers. It covers them from unexpected deaths of cattle and poultry that may adversely impact their revenue. You may specify it with your farm insurance broker while opting for the policy.
Hobby Farm Policy:
Apart from farmers, those who do farming for a hobby too can opt for farm insurance. If you are doing hobby farming for a profit, then you should consider taking farm insurance. However, there are certain conditions for taking up this insurance. This means, only a single farm location is covered. There must be no employees working on the farm and the land should be less than 500 acres. The annual farm receipts should not exceed $10,000. Farm insurance can encourage hobby farmers to take up farming as a full-time occupation by protecting their profits and covering financial losses.
How is it different from farm liability insurance?
Some farmers have their houses built on their farms. Along with the farm, it is important for them to protect their homes as well. Many farmers choose farm liability insurance which only covers the building and the structure. However, farm insurance has a lot more to offer. Farm insurance covers the entire farm. If you purchase a farm insurance policy, it will protect the contents and structure of the home as well. Some policies also cover additional structures such as outbuildings and equipment used in the maintenance of the building.
In the case of natural disasters like hurricanes or heavy rains, it is not just the farm and the crop that gets damaged. The farmer’s home too may get severely damaged. Farmers who live in areas that are prone to weather events like hailstorms or tornadoes should sincerely consider farm insurance.
Farming being an unpredictable occupation, a farmer should very carefully choose farm insurance cover. You never know what the upcoming year might bring from you. Farm insurance helps farmers prepare for the worst. By covering losses and damages, it ensures that a farmer is capable of running a farm for generations. The best part of the farm insurance policy is that it comes with a wide range of options. A farmer can choose the best as per his budget and requirements.
