Farms have a wide range of assets and activities that require specialized coverage. When you’re worrying about the home, personal property, AND farm buildings, equipment, and livestock, it’s a lot to remember and some liabilities can get overlooked.
Rural Mutual Insurance Agent, Barbi Manter, in northwest Wisconsin works with a diverse portfolio of farm businesses, from dairy and cash crops to goat yoga establishments and hobby farms.
Keep in mind these five items you don’t want to skip in your insurance policy.
1. Prioritize life insurance
Don’t forget about insuring yourself, the most important part of the farm. It’s a difficult conversation to have to ask, “What if something happens to me? How many people will it impact? What about the farm or business?” It can be a complicated discussion for many families to cover, but Rural Mutual Insurance is a trusted partner to help you navigate it.
Policy options vary based on your situation, and while so many options can be intimidating, it can make a big difference when it allows you to customize the insurance to fit your family’s needs. For example, when insured with Rural Mutual, you “own” your policy. Meaning, if you leave your job that provides life insurance coverage, your Rural Mutual life insurance policy continues to follow you so you don’t have to start over again. Life insurance can also be used to strategize spending, saving you money from Uncle Sam at the end of the year and allowing you to invest in the farm.
2. Consider a blanket policy
The little things add up. Tools and supplies are expensive to replace, even if you’ve had them for decades. You may have a $10,000 toolbox filled with multiple tools. The big items that are worth more than $1,000 should have their own line item, but all the little stuff can fall under a blanket policy without as much detail.
3. Safeguard sentimental items
While it feels like you can’t put a price on sentimental items on the farm, you can insure it to recoup something in case of a total loss. For example, you can’t insure the memories of your grandfather’s heirloom gun collection, but you can insure the collection itself so that in the event of a claim, it may be financially covered.
4. Protect against inflation
Property prices are on the rise, and your insurance might not match what your home costs to rebuild today. Rural Mutual has an inflation guard so that you don’t see large premium increases. The last thing you want is to not have enough money to rebuild, which can result in penalties for not being insured correctly. It’s recommended not to insure the house for what it could sell for, but what it costs to rebuild in the event of a loss.
5. Insure valuable livestock
The value of livestock is also increasing. Perhaps you have a racehorse, a prize-winning steer, or a quality bull. Insuring your livestock can be an affordable way to gain peace of mind. It’s important to review your policy annually to ensure it remains a good fit for your coverage needs.
As the number one farm insurer in Wisconsin, we understand the importance of protecting your livelihood. Connect with a local agent who can customize a coverage plan that best suits your situation.
