Your hobby farm no doubt has a farmhouse that is the heart of your hobby farm. And making sure you have the proper insurance to help protect your structure and the people in it is the key to keeping any successful hobby farm well covered. An independent insurance agent can help you find the perfect blend of farmhouse and hobby farm coverage at a cost that fits your budget.
Your independent insurance agent is a knowledgable resource when it comes to insuring all aspects of your hobby farm and farmhouse and can help navigate you through the entire process. And knowing how your coverage works and where to get it is essential to running a smooth operation.
How to Insure Your Hobby Farm's Farmhouse
Insuring your hobby farm is one thing, but your farmhouse is a whole different story. You'll be happy to know that your farmhouse insurance policy is part of your hobby farm insurance package and can account for both your personal coverage needs and business coverage needs for your hobby farm.
The best place to start is at the beginning. You'll need to have your independent insurance agent look at pricing and coverages for your farmhouse's specifications. So whether you have a million-dollar farmhouse mansion or a quaint little farmhouse cottage, your coverage needs to apply adequately.
Your independent insurance agent will need to know the following to get started:
- Your farmhouse's specifics: What is the square footage of your farmhouse, its exterior and interior materials, any features and upgrades, the year it was built, the number of stories, the style, the number of rooms, and any other factors that may determine the replacement cost of the home.
- What your farmhouse is worth: This isn't the sentimental value, but the replacement cost. This will be determined by the farmhouse's specifics after they are plugged into replacement cost estimator software used by your independent insurance agent.
- The preemptive protection you have in place: Is there a burglar and security alarm system, are there smoke detectors, carbon monoxide detectors, fire extinguishers and the like?
When to Insure Your Hobby Farm's Farmhouse
Time is of the essence. If you have a hobby farm that isn't insured, then you'll want to get coverage in place as fast as you can. If you're looking to purchase a new hobby farm and farmhouse, you'll want to include your independent insurance agent in the process so they can get your proof of insurance to the lender in a timely manner. If you are buying your little slice of hobby farmhouse heaven outright, then you'll want coverage that kicks in right at closing so you can be sure that when you're name is officially on the title your insurance is on the clock.
Cost of Insuring Your Hobby Farm's Farmhouse
The cost of insuring your farmhouse depends. It depends on the specifics of your property, your farmhouse's replacement cost, and your exact coverage needs. Every farmer has different needs, and that comes with different pricing. Speaking with your independent insurance agent will get you the exact details on coverage and pricing.
Some things that will determine your hobby farm's farmhouse pricing:
- Age: How old or new your farmhouse is will determine how quickly things can go wrong from a claims perspective. The older the home, the sooner you will typically need to replace big-ticket items. Your premiums are more when your home is older.
- Square footage: The bigger the footprint, the more it costs to insure. It's simple math, really.
- Upgrades and special features: If you have fancy farmhouse, then you are likely to have some upgrades and special features that were worked in. Those features and upgrades will cost more to replace, so your policy will charge accordingly.
- Security: If your farmhouse is equipped with a security system, central station alarm system, fire alarm system and carbon monoxide detectors, then you'll get a nice discount on your farmhouse policy.
What Does and Doesn't Farmhouse Insurance Cover?
When it comes to insuring your farmhouse, it's important to know what goes into it. Now you need to know what the policy will actually cover and what it won't.
What your farmhouse insurance generally covers:
- Liability: This can be if you have guests or allow the public on your hobby farm and someone gets injured. If they sue you for damages, the policy will respond.
- Natural disasters: Volcanic eruptions and sinkholes. Typically, floods and earthquakes are covered under a separate policy.
- Weather events: Lightning, wind, hail, tornadoes and more.
- Crimes and civil unrest: This is for theft and vandalism of your farmhouse.
- Replacement of your farmhouse: This provides coverage for, you guessed it, your farmhouse. If any of the above scenarios occur, then you will get either full replacement cost, or cost to rebuild, to return your farmhouse to its previous kind and quality. This all depends on your policy specifics, so discuss it with your agent.
What your farmhouse insurance doesn't cover:
- Natural wear and tear of your farmhouse. Got a 30-year-old roof that's now leaking? This is just wear and tear and won't afford you a new roof under your farmhouse policy.
Why Online Quotes Aren’t Always the Best Way to Shop
Getting your insurance quotes online can be tempting. Sure, it’s fast and easy, but are the quotes you are getting actually accurate? And are you getting quotes for all the different types of coverage your farmhouse needs?
Online quotes cannot give you the whole picture. They often omit important coverage, which may result in you being unable to get compensation if something disastrous happens. And they can leave out cost-saving opportunities such as discounts and bundling opportunities that an independent agent can help you take advantage of.
Instead of getting an online quote, find an independent insurance agent near you, and schedule a one-on-one consultation to discuss your options for the best coverage for your farmhouse.
The Benefits of an Independent Insurance Agent
Independent insurance agents have access to multiple insurance companies, ultimately finding you the best coverage, accessibility and competitive pricing while working for you. And as your hobby farm grows and your needs change, they'll be there to help you adjust your coverage, up or down, to make sure you're properly protected without overpaying. Find an independent insurance agent in your community here.