Farm and ranch property insurance coverage

Create an inventory of the property at risk

Farm and ranch property insurance can bring several assets into one program, but the schedule and wording determine what is actually protected. List dwellings, barns, machinery, stored products and other relevant property, then record realistic values and important changes during the year. Nationwide describes separate protection for farm structures and personal farm property within its agricultural offering. A standard residential policy should not be assumed to cover the same business activities or productive assets as a properly arranged farm policy.

Compare settlement values and uninsured gaps

Compare replacement-cost and depreciated-value settlement provisions, deductibles and the treatment of newly acquired equipment. Check specific exclusions for flooding, mechanical breakdown, livestock losses and property in transit instead of assuming that a broad product name includes them. A mortgagee or equipment lender may require its interest to be noted, but that requirement is separate from the farm’s own loss exposure. Review the schedule when construction finishes or stock levels increase, and ask how a serious loss would affect both the repair budget and continuing debt payments.