Texas Outdoor Insurance understands that farm equipment is a costly investment.
Without farm equipment, most farms would be inoperable. Everything from tractors to combines, to attachments and sprayers are used in day-to-day operations. These special pieces of equipment are important, and are worth protecting under a farm equipment insurance policy. While many may assume their farm equipment is covered under their farm owner’s insurance, this isn’t always the case.
Farm owner’s insurance covers the basics, but to cover a loss of farm equipment, additional coverage may need to be taken out. The loss of one piece of equipment may exceed the limits of a farm owner’s policy, especially if more than one piece of equipment was lost at the same time.
Farm equipment coverage can be purchased in two different ways. Either you can take out a “blanket policy” where all equipment is covered up to a certain amount, or you can take out individual policies on each piece of equipment, insuring them for a specific value.
It is important to list each piece of equipment in detail as well as any attachments for the farm vehicles. The listings should be detailed and descriptive if insured for a specific amount.
Farm equipment coverage usually covers damage done to the equipment caused by a number of perils that will be listed in the policy. Common perils that coverage can be purchased for include: fire, vandalism, theft, lightning, and flooding. Other damage protection can include coverage for potential damage that is done while towing or coverage for borrowed or rented equipment.
For liability or property protection, a standard farm owner’s policy should be taken out. Since each farm equipment insurance policy is different, be sure to talk with your insurance agent to ensure you have adequate coverage.
Call Texas Outdoor Insurance at 281-398-1010 for more information on a farm equipment policy that’s right for you.