A lot of hard work, love and capital goes into a farm. Many farms aren’t just businesses, but they’re also home to the farm’s people. The cost to replace or repair your farm’s structures or belongings if they’re damaged, destroyed or stolen is difficult to imagine. Insurance is vital for safeguarding your home.
What Does Dwelling Insurance Cover?
Farm dwelling insurance is the portion of your farm insurance policy that protects your home or the dwelling structure on your property. Dwelling insurance is homeowners insurance, as it protects your home on the farm, but it adds an extra level of protection for the business conducted on your property.
Your farm dwelling coverage helps protects your home’s structure and the belongings inside your home, as well as outdoor structures and appliances. This coverage also helps cover you if liability claims are made against you or other covered parties (insureds) on your policy.
Though exact coverage details may vary based on your unique policy, it may help to know what is commonly covered by the average policy. For example, on a typical policy, your farm dwelling coverage insures your home and personal property against various unforeseen incidents, including:
· Breaking glass
· Bursting water heater
· Certain damage by vehicles
· Fire
· Frozen plumbing
· Hail
· Lightning
· Power surge to appliances
· Smoke
· Theft
· Vandalism
· Water damage from plumbing or heating system
· Weight of ice, snow or sleet
· Windstorm
Many people choose to add supplemental coverages to ensure their home remains liveable. These additions may include:
· Roof replacement cost coverage for windstorms or hail—You can choose between actual cash value and replacement cost value to cover the cost to repair or replace your roof if a covered loss damages it.
· Water backup and sump discharge or overflow coverage—If your pump system fails or your power goes out, you may get water overflow. Your homeowners insurance doesn’t typically cover this, so you may choose to add this additional layer of protection.
· Matching undamaged siding coverage—The siding on your home can become damaged, and locating replacement siding that matches can be a challenge. This coverage can help keep your home looking the way you want it to look.
Talk to an agent at Insurance Station, Inc. to learn more about farm dwelling policy coverage details and potential exclusions.
What Does Farm Structure Insurance Cover?
Though the name is similar, farm structure insurance provides coverage for structures on the farm aside from your dwelling, belongings and outdoor dwelling structures. Farm structure insurance typically provides coverage for structures on your farm, including barns, grain silos and other property. Generally speaking, for a farm structure to be covered under this type of policy, it needs to be listed explicitly on the farm and ranch insurance policy.
Farm structure insurance, which may also be referred to as farm outbuilding insurance, can help protect against losses or damages caused by a variety of incidents, such as:
· Certain damage by vehicles
· Fire
· Hail
· Lightning
· Power surge to appliances
· Smoke
· Theft
· Vandalism
For more information about what may or may not be covered, or to learn more about additional coverages, such as special form coverage, cosmetic buyback coverage, or earthquake coverage, call us today.
Get Covered Today
Insurance Station, Inc. can explore your farm’s dwelling and farm structure insurance to ensure you have the right coverages to give you peace of mind. Don’t wait until it’s too late to secure the coverages your farm needs—give us a call today to get started.