Farm insurance includes a hybrid of both home and commercial insurance as most farmers, even hobby farmers, incorporate a living household as well as a farming business. The result is a need to cover both personal property as well as business property & equipment used to operate the farming business.
Farms all operate differently so coverage for one farm may not fit another farm’s needs. At Melbourne Insurance Brokers, we can help tailor your farm insurance package to ensure that the coverage you need is the coverage you get.
The homestead & contents thereof are insured similar to a Home & Contents policy, with options to include valuables and the like. Similar to home & contents cover, personal liability is automatically provided when obtaining cover on the homestead & contents; this is distinct from liability insurance for the operation of the farm.
Farm liability insurance is not provided automatically but an important component of any farm insurance policy. Farm liability insurance protects the farmer in the event a third party is injured or alleges that their property was damaged as a result of the farmer’s actions. A common scenario is livestock escaping the paddocks & unfortunately getting killed by a passing vehicle. Having farm liability cover will protect you.
There are a lot of components to life on a farm, from farm machinery, sheds, livestock & fencing to name a few. Machinery and equipment coverage can be particularly important. Machinery such as tractors, combines, cotton pickers, planters, and other equipment can be incredibly expensive to replace. Livestock can also be covered in more limited scenarios.
Crops, trees & other plants are not covered under a farm policy; in some case other types of cover are available, such as crop insurance.
Talk with us at Melbourne Insurance Brokers today to obtain tailored farm insurance cover today.