A farming operation’s equipment and machinery is essential to its operation. However, farm equipment can be expensive to replace or repair after an unexpected event causes damage. Appropriate farm equipment insurance can help offset repair and replacement costs while protecting your farm’s investment in essential equipment.
Contact Eckenrode Financial Services in Martinsburg, West Virginia, to learn more about properly insuring your farm equipment.
What Does Farm Equipment Insurance Cover?
Specific pieces of farm equipment may be eligible for coverage, including:
· Hay rakes
· Farm office equipment
· Irrigation equipment
· Tools and supplies
Talk with your agent about covering other farm equipment, including machinery you borrow or rent.
There are two main types of farm equipment insurance:
· Blanket policies insure equipment up to a total limit.
· Scheduled policies cover pieces of equipment up to an individual limit for each.
Your agent can help you decide which insurance best meets your farm’s needs.
How Much Does Farm Equipment Insurance Cost?
The premiums attached to your farm equipment insurance policy vary according to numerous factors. Insurers set premiums using proprietary algorithms that may consider the following:
· The value of your property
· Your claims history
· Your location
· Your operation’s risks and potential liabilities
· The policy’s limits
Your agent can help you get personalized quotes for farm equipment insurance to help you understand your potential premium costs.
What Losses Does Farm Equipment Insurance Cover?
Farm equipment is vulnerable to numerous risks. Policy coverage varies according to the insurer and may include losses due to the following perils:
· Fire and smoke
Additional coverage for foreign object damage or glass breakage may also be available through your agent.
Liability Insurance for Farm Equipment
Farm equipment insurance policies may also provide liability coverage to help cover your farm’s legal liability if using your covered equipment results in third-party property damage or bodily injuries.
An umbrella policy can extend the liability limits across all of your farm’s insurance policies. Your agent can help you determine appropriate limits and exclusions and discuss the option of purchasing an umbrella policy.
Learn More About Farm Equipment Insurance
Contact Eckenrode Financial Services to help secure appropriate farm equipment insurance and get multiple quotes from reputable insurers.
This blog is intended for informational and educational use only. It is not exhaustive and should not be construed as legal advice. Please contact your insurance professional for further information.