Whether you own a ranch or farm as a hobby or a large commercial activity, you know that it can be rewarding and profitable, but also carries special risks and unique insurance needs.
Most ranch or farm owners are aware of their liability insurance needs to protect guests, visitors and employees, but planning for natural disaster insurance coverage is often neglected.
It’s important to cover your farm or ranch against the unexpected and to have the right amount of coverage.
Farm and ranch insurance can cover your home, equipment, supplies, out buildings, vehicles, and land. Umbrella policies can offer discounts by covering it all.
Some optional coverage can include flood, fire, cargo, milk and crop contamination, employees, off road vehicles, equine and animal liability, grain, hay, livestock, and farm products.
It’s important to talk to an farm and ranch insurance professional to identify your needs and get the right coverage at the right price.
You can save on monthly premiums with seasonal discounts, umbrella policies, and safety and anti theft devices like alarm systems.
Natural disaster can include flood, drought, wildfires, hurricanes and tornadoes. There are also perils that relate to your specific ranch or farm activity.
One example is crop yield insurance, which covers excess losses to crops from weather related disasters as well as disease and insects.
Crop revenue insurance covers price drops during the growing season. There are also special insurance policies to cover the expense of keeping horses, like death, medical coverage and disability.
Beyond attaining the right insurance, it’s important to have a plan for natural disasters. Make sure you have a disaster plan. Incorporate the safety of animals and humans including livestock, employees and family members as well as volunteers and professionals who assist in the disaster recovery process.
For a disaster plan to protect crops, equipment, and supplies, it’s essential to first have a comprehensive inventory of everything from livestock to potentially hazardous substances. Animals should have tags to identify them. Maintain lists of materials, and machinery and equipment that include model and serial numbers and keep it in a safe place away from potential disaster. When an emergency strikes, there may not be time to search for information.
Have a disaster supply kit with flood materials like sandbags and sheeting, plywood to protect windows, wire, rope, extra fuel, fire extinguishers, tools that do not require electricity and gas powered generators. Have food supplies for both people and livestock. Plan and practice escape routes for animals and humans in case of flooding.
With thorough disaster planning and Texas outdoor insurance to cover losses, damage from natural disasters will be less devastating to your farm or ranch.