Owensboro Farm Insurance

Your Complete Guide to Owensboro, KY, Farm Insurance

How to connect with a local expert

Owensboro Kentucky Farm Insurance

In Owensboro, KY, there are approximately 60,131 residents and it's growing. The right protection for your investment can save you thousands of dollars in damage. Farm insurance can help cover your assets through several policies. 

Fortunately, an independent insurance agent can review your coverage at no cost to you. They work with multiple carriers so that you get insurance for an affordable price. Connect with a local expert and start saving today.

What Is Farm Insurance?

In Owensboro, KY, protection for your investment is necessary to avoid financial ruin. When you own a farm, there are numerous coverage options to choose from. A standard farm insurance policy will have coverage for property, liability, slander, livestock, crops, farm equipment, and more. 

If you hire farmhands, then you'll likely need employment practices liability and workers' compensation coverage. From hobby farms to commercial farms, there is a policy for every type. Sometimes it's as simple as obtaining homeowners insurance, and other times, it's complicated.

What Does Farm Insurance Cover?

Your farm insurance will protect against numerous risk factors. Some of the most common are used in the majority of farm policies on the market. Check out the below coverage options for your Owensboro, KY, farm.

  • Farm dwelling: Covers the farmhouse itself against a covered peril for replacement and repair. 
  • Farm personal belongings: Covers your personal belongings such as furniture and clothing when a covered loss occurs.
  • Barns and other farm structures: Covers your other structures used for farming, such as pole barns, silos, and sheds.
  • Farm property: This can be anything from machinery to tractors and more.
  • Farm liability: Covers claims against you as the owner and other household members for bodily injury or property damage.

How Much Does Farm Insurance Cost in Owensboro, KY?

In Owensboro, KY, your farm insurance will look different from anyone else. Each farm has customized coverage because of all the variables. Carriers use some of the following factors to rate your policies.

  • How many acres is your farm?
  • What are you farming?
  • Do you have livestock?
  • Do you have crops?
  • Do you rent out your land?
  • Do you use chemicals?
  • What are your operations?
  • Do you sell any products?
  • Is the public allowed on your farm?

Disaster facts that impact farm premiums in Owensboro, KY

  • The number of natural disasters in Owensboro: 12
  • Major disasters declared in Owensboro: 9
  • Emergencies declared in Owensboro: 2

The leading causes of Owensboro, KY, disasters

  • Floods: 6 declared disasters
  • Storms: 6 declared disasters
  • Tornadoes: 3 declared disasters

Whether you own a hobby farm or an expensive commercial farm, carriers all look at the same things. They measure your risk by the number of exposures your farm has. Like other business insurance policies, there are a lot of factors. 

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Farm Insurance vs. Crop Insurance

When your farm makes a wage off of growing crops, there is specific coverage necessary. If you think your primary farm insurance has coverage for crops, you're likely missing a vital policy. For insurance, you'll need to purchase one of the two kinds of crop policies in Owensboro, KY.

  • Multiple peril crop insurance: The federal government finances coverage.
  • Crop-hail insurance: Offered by private insurers.

These policies will have protection for the replacement or reimbursement of your growing crop. When there's a loss due to the agricultural market dipping, crop insurance will help. If a natural disaster strikes and causes damage, crop insurance pays for the replacement.

What Are the Requirements for Farm Insurance in Owensboro, KY?

In 2019, Kentucky had 549,229,000 property claims reported on its own. When you're without adequate protection for your farm, you're exposed. The cost to replace your investment if a total loss occurs may be too great to withstand yourself. 

In Owensboro, you're not required to carry farm insurance. One exception is lienholders or mortgage companies. If you have a loan on your property or equipment, you'll need to provide proof of coverage to the lender. 

How Can I Buy Farm Insurance in Owensboro, KY?

If you want to keep a profitable and well-protected operation, you'll need proper coverage. In Owensboro, KY, the right policy can be hard to find if you're not a licensed adviser. Your farm insurance can be obtained in various ways, and one of the best is through a trained professional.

An independent insurance agent can help with coverage and premium options that won't break the bank. They do the shopping on your behalf for free, saving you time. Connect with a local expert on TrustedChoice.com to get started. 

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TrustedChoice.com Article | Reviewed by Jeffrey Green

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