Buying an acreage: Insurance

Listen to this radio story about insurance (MP3 download)

For acreage owners, having adequate insurance coverage is a necessity. While a standard homeowner's policy can provide protection for many unexpected events, those who have livestock or crops may need special types of coverage. Farm policies help to protect your bottom line by addressing the five basic types of agricultural risk: production risk, marketing risk, financial risk, legal risk, and human resources risk. Since there are plenty of insurance plans available, always ask for at least three quotes before committing to a policy. Then, check your coverage periodically to address issues such as the purchase of expensive farm equipment or the addition of a new storage shed.

Radio interview source: Jerry Hillard, farm sales officer, Nationwide Agribusiness

For additional information about choosing the insurance policy that's right for you, we recommend the following resources:

Managing Risks on Your Small Farm: An explanation of why insurance coverage is necessary to protect acreage owners.

Risky Business: Tips for determining how much coverage is needed for your farming business.

A Guide to Health Insurance and Worker's Compensation Insurance for Farm Families: How to purchase insurance for employees on your farm.