There are more than 600 farms in the Santa Fe area. These farms produce about $25 million worth of commodities a year. Some of the top farm products produced in this area include cattle, fruit, vegetables, and eggs. As a farm or ranch owner, you can benefit from investing in a suitable farm insurance policy.
Local independent insurance agents can help you compare policies and rates from a variety of reliable insurers. That way, you can be sure you are getting great coverage at an affordable price. Find an insurance agent near you to learn more about Santa Fe farm insurance.
What Is Santa Fe Farm Insurance?
Farm and ranch insurance was created to meet the unique coverage needs of farm and ranch owners. It combines the benefits of a traditional homeowners insurance policy with the coverage provided by business insurance in a single policy package. Like business insurance, farm insurance can be customized to meet the specific needs of your Santa Fe farm or ranch.
A local independent insurance agent can fully explain your various coverage options. They can also help you obtain a competitively priced policy that covers you against all of the potential hazards you are likely to face as a farm or ranch owner in northern New Mexico.
Santa Fe Farm Insurance Covers against Liability Risks
As the proprietor of a farm or ranch, you have a number of liability risks. Farm liability insurance is designed to protect you from financial losses related to these risks by covering expenses such as court costs, legal fees, and damages if you are sued for a covered event. An independent insurance agent can help you determine which kinds of liability coverage are right for you.
Your farm insurance policy may include the following types of liability coverage:
- Premises liability insurance: This is designed to cover third-party damage and injuries if guests, visitors, or customers are involved in an accident while on your farm property.
- Product liability insurance: This is designed to cover third-party illnesses, injuries, or other damage if they are caused by a product that is produced or sold by your farm.
- Operations liability insurance: This is designed to provide coverage against third-party injuries or property damage caused in the course of running your farm. For example, if a public roadway runs through your farm property and a tractor causes damage while crossing to the other side.
- Farm workers medical payments: New Mexico does not require farm and agricultural workers to be covered by workers’ compensation insurance. However, not having this coverage can open you up to liability risks. Farm workers medical payments coverage can reduce this risk by paying for your farmhands’ medical treatment if they are injured on the job.
Learn more about these and other liability coverage options by speaking with a local independent insurance agent.
Santa Fe Farm Insurance Covers Your Property
Farm insurance also provides property coverage, which is designed to cover a wide range of assets including both your personal and farm-related property. Farm property insurance provides compensation if your property is lost or damaged due to a covered hazard such as a severe storm, hail, or a wildfire.
Some of the property that your policy can cover includes:
- Your home: Your policy can provide you with coverage for the structure of your farmhouse as well as for the property (contents) inside it, as long as it is located on your farm or ranch property. If a covered event causes your home to become uninhabitable, your farm insurance policy can also cover your temporary living expenses while repairs are made.
- Outbuildings: Farm insurance can cover the various buildings and structures on your property. This coverage includes things like barns, silos, sheds, garages, and stables.
- Farm equipment and machinery: This covers loss or damage to the equipment and machinery you use on your farm or ranch. It includes coverage for things like tractors, plows, balers, cultivators, sprayers, and sprinkler systems.
- Other property: Most farm insurance policies require you to purchase endorsements to cover additional specialized property such as irrigation systems, livestock, and feed.
A local independent insurance agent can help you find a reasonably priced policy that will provide you with suitable coverage for all of your valuable farm or ranch property.
What Else Can Santa Fe Farm Insurance Cover?
Farm insurance companies typically offer a variety of additional coverage options. Examples of coverage you can choose to include are:
- Equipment breakdown insurance: This is designed to pay for repairing or replacing malfunctioning farm equipment. That way, your farm or ranch can quickly return to its normal day-to-day operations.
- Farm income insurance: If a disaster like a wildfire, early frost, or hailstorm damages your crops, kills or sickens your livestock, or makes farm operations unmanageable, you are likely to see lower-than-expected profits. Farm income insurance can help bridge the gap between expected and actual income.
- Debris clean-up and removal insurance: Severe storms, heavy winds, and wildfires can cause trees to come down, buildings like barns and sheds to collapse, and other problems that lead to debris on your farmland. This insurance is designed to cover the costs associated with a timely clean-up so that you can quickly return to normal farming operations.
Additionally, you may want to invest in a crop insurance policy. Crop insurance is separate from farm insurance and is overseen by the federal government. It can cover crop damage caused by severe weather, insect infestation, plant disease, and other hazards. It can also make up for revenue losses if there is a large drop in the value of the commodities you produce.
Talk to an insurance agent near you to learn about these and other coverage options that are available to you. Your agent can help you decide which ones are a good fit for your Santa Fe area farm.
Why Talk to an Independent Insurance Agent in Santa Fe?
A local independent agent can provide you with sound advice and trustworthy guidance when you are shopping for a suitable farm insurance policy. Because they live and work in the Santa Fe area, these insurance professionals are familiar with the risks faced by farm and ranch owners like you.
Because they are independent, these agents help you obtain and compare customized quotes from different insurance companies. This lets you be sure you are getting a comprehensive policy at a competitive price. Contact an insurance agent near you to learn more.
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