There are more than 1,200 farms in the Albuquerque area. The main commodities produced by these farms include alfalfa hay, dairy products, pecans, and vegetables. If you are among the proud farmers in the Albuquerque area, you will want to be sure to protect your investment with a suitable farm insurance policy.
Contact a local independent insurance agent for help finding a comprehensive policy at an affordable price.
What Is Albuquerque Farm Insurance?
If you own a farm in the Albuquerque area, you probably have very specific needs when it comes to your insurance coverage. Farm insurance policies are designed to be fully customizable so that you can get all the coverage you need, and can avoid paying for coverage that you do not.
A local independent insurance agent can help you navigate through your various options so that you can easily purchase an affordably priced policy that covers you against all of the potential hazards you may face as a farmer in New Mexico.
Farm Insurance Covers Your Albuquerque Farmhouse
Most farmers have their family home on their farm property. Instead of purchasing a traditional home insurance policy, you can get coverage for your residence through your farm insurance.
Farm insurance can cover the structure of your home if it is damaged by a number of severe weather events that are likely to strike in Albuquerque. These include hail , lightning, severe storms, and wildfires.
Your policy can also provide you with contents coverage for the property kept inside your home if it is lost or damaged by a covered event. Additionally, if the damage to your home is so severe that it is rendered uninhabitable, your policy can cover your temporary living expenses while repairs are made.
Albuquerque Farm Insurance Covers Additional Farm Property
Of course, your farm includes much more property than just your home. Farm insurance can provide you with property coverage for a wide range of farm property such as:
- Outbuildings: This includes any other structures on your farm property like barns, sheds, garages, and storage units.
- Equipment: This includes nearly all farm equipment like tractors, balers, and sprayers.
- Other property: Depending on the scope of your farm, you may also require coverage for additional property such as livestock, feed, and irrigation systems. You can build a farm insurance policy that will provide you with suitable coverage for this valuable property.
Talk to a local independent insurance agent for help ensuring that all of your farm property is suitably covered.
Albuquerque Farm Insurance Covers against Liability Risks
Your farm is more than just your home; it is a business. As such, you have higher liability risks than the average Albuquerque homeowner. Farm liability insurance is designed to cover court costs, legal defense fees, and damages for a number of potential liability risks including:
- Premises liability coverage: Like a traditional home insurance policy, this can cover damage and injuries sustained by visitors while on your property.
- Product liability coverage: If products produced on your farm cause injury or illness to others, this can provide coverage for the resultant damage.
- Operations liability coverage: This can provide coverage for third-party injuries or property damage caused in the course of running your farm, such as if one of your farm vehicles, like a trailer or a hay baler, is involved in an accident while on a public road.
- Workers' compensation insurance: In New Mexico, workers' compensation coverage is not required for farm or agricultural workers. You may, however, want to buy coverage to protect your farm from potential liability lawsuits if a worker is injured while in your employment.
Learn more about these and other liability coverage options by speaking with a local insurance agent.
What Else Can Albuquerque Farm Insurance Cover?
Most farm insurance policies also allow for additional coverage options, including:
- Equipment breakdown coverage: Malfunctioning equipment can prevent your farm from running smoothly. This insurance can help by covering the cost to repair your equipment as well as by reimbursing you for the cost of renting comparable equipment while repairs are made.
- Farm income coverage: Severe weather and other hazards like wildfires can do more than just damage farm property. They can result in lower-than-expected farm output and profits. If a covered event causes a loss in earnings, this coverage can help make up the difference.
- Debris removal coverage: A major storm can cause trees to come down and outbuildings to sustain significant damage. If this happens, you can be left with a lot of debris on your property, which can be expensive to clean up. This insurance can cover the associated costs.
Talk to an independent insurance agent in Albuquerque to learn about these and other coverage options that are available to you. Your agent can help you determine which options are a good fit for your Albuquerque farm.
What about Insurance for Your Crops?
Crop insurance is something you can buy in addition to farm insurance. This coverage is backed and managed by the federal government. There are three types of crop insurance you can opt to purchase:
- Crop-hail insurance: This covers your losses if your crops are damaged by hail. It is the most affordable of the three and comes with a low deductible. It may be purchased at any time throughout the growing season.
- Multiple peril crop insurance (MPCI): This covers crop losses due to a number of potential hazards ranging from severe weather events to insect infestations. It can only be purchased at the beginning of the growing season, before your crops are planted.
- Crop revenue insurance: This covers your losses if you have a lower-than-anticipated crop yields or if the market price of your commodities is significantly lower than expected.
If you are interested, an independent agent can help you add crop insurance to your farm coverage portfolio. Talk to an agent near you to learn more.
Why Talk to an Independent Insurance Agent?
When you work with a local independent insurance agent, you can rest assured that you are speaking with someone who is familiar with the risks faced by farm owners in the Albuquerque area. Your agent can shop around to find you a suitable policy at a competitive price.
Find an insurance agent near you to learn more, and you can soon start comparing customized quotes for Albuquerque farm insurance coverage.
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