Coverage for your farm combines elements of a homeowner’s policy with commercial property insurance, as many farmers live where they work. If you farm in the Sandpoint, ID area, The Insurance Shop USA may have just what you are looking for. Here are some different types of insurance you may encounter when seeking coverage for your farm.
Crop Insurance
There are a couple of different kinds here.
- Crop-Hail Insurance- This one is pretty self- explanatory. It protects your crops in the event of hail. Many farmers purchase this for high-yielding crops.
- Multiple Peril Crop Insurance (MPCI)- In some cases government subsidies are offered to farmers to offset the costs of insurance. The MPCI is part of the Federal Crop Insurance Program. It covers loss of crops from a number of natural causes such as drought, moisture, disease and extreme cold. MPCI also includes price protection to cover farmers’ revenues in the event of a low crop yield or changes in the market.
Livestock Insurance
Much like crop insurance, livestock insurance protects your investment in your cattle should a covered accident occur. If a fire, blizzard or other natural disaster should strike, you will be covered.
Property and Casualty Insurance
This covers your property against things like theft and vandalism. It provides liability coverage if someone who works for you gets injured on the job. This may also be called commercial property insurance.
In the state of Idaho, if you have one or more employees, you must also carry Idaho Worker’s Compensation insurance.
Home Owner’s Insurance
Because farmer’s tend to live where they work, homeowner’s insurance should be a part of your package. Make sure that not only your Sandpoint, ID home but out buildings are covered. Depending on their use, out buildings may also be covered by commercial property insurance.
When your home and livelihood are both on the line, it is important to make sure you have the right coverage. Don’t be afraid to ask your insurance agent about discounts for bundling policies. And if you are looking for farm insurance in Sandpoint, ID, be sure to check out The Insurance Shop USA.
