Located close to the Iowa and Minnesota borders, Sioux Falls is a small city that is surrounded by farmland. Dozens of area farmers participate in the many popular farmers markets hosted throughout the city. If you are among the farm or ranch owners in the Sioux Falls area, you can protect your investment by purchasing a comprehensive farm insurance policy.
Independent agents in Sioux Falls can help you review policies and rates from a variety of top-rated insurance companies. That way, you can be sure you are paying a reasonable price for whichever policy you choose. Contact an insurance agent near you to start comparing customized quotes for farm insurance.
What Is Sioux Falls Farm Insurance?
Farm insurance is designed to meet the unique coverage needs of farm and ranch owners. It combines coverage for your home with coverage for your farming business in one easy-to-manage policy package.
Independent insurance agents can help you review your different coverage options. That way, you can be sure you are building and purchasing a policy that covers you against all of the potential hazards you are likely to face as a farm or ranch owner in the Sioux Falls area.
Sioux Falls Farm Insurance Covers against Liability Risks
Farm and ranch owners have several liability risks. That is why farm insurance includes liability coverage as a standard part of every policy.
Farm liability insurance is designed to pay for your court costs, legal fees, and damages if you are sued for a covered event. Some examples of available coverage include:
- Premises liability insurance: This can pay for third-party damages and injuries if guests, visitors, customers, or delivery people are involved in an accident while on your farm or ranch property.
- Product liability insurance: This can pay for third-party illnesses, injuries, or other damages if a product that your farm or ranch produces or sells is defective in some way.
- Operations liability insurance: This is can pay for third-party injuries or property damage that may be caused by you or your employees while working on your farm.
- Farm workers medical payments insurance: Because South Dakota does not require you to cover farm and agriculture with workers’ compensation insurance, this leaves many farm owners open to liability lawsuits. Farm workers medical payments coverage can minimize this risk by covering medical treatments for your workers’ job-related injuries.
An independent insurance agent can help you review these and other liability coverage options that are available and can advise you about which coverage makes sense for your particular farm or ranch.
Sioux Falls Farm Insurance Covers Your Property
Farm insurance also provides you with a significant amount of property coverage. This can cover the cost of repairing or replacing your farm property if it is damaged by a covered event such as a severe storm, heavy winds, hail, fire, or a tornado.
The tornado risk in the Sioux Falls area is 93 percent higher than the national average. Some of the worst tornadoes to hit the area were an EF4 twister that touched down about 15 miles outside of Sioux Falls in 1993, and an EF5 tornado that tore up farmland 40 miles outside of the city in 1992. Each of these tornadoes causes several million dollars’ worth of damages.
Some of the property that your farm insurance policy can cover includes:
- Your home: If your house is located on your farm or ranch property, farm insurance can provide you with coverage for the structure of your home as well as for the personal property inside it.
- Outbuildings: Other buildings and structures that are located on your property, including such things as barns, sheds, silos, stables, and garages are covered by your farm insurance.
- Equipment and machinery: Damage to your farm equipment and machinery such as tractors, plows, balers, cultivators, sprayers, and sprinkler systems is included in your policy as long as the damage is caused by a covered event.
Flood damage is not included in your farm insurance coverage. Fortunately, your local independent insurance agent can also help you supplement your policy with a commercial flood insurance policy through the NFIP.
Sioux Falls Farm Insurance Offers Specialized Coverage
Farm insurance providers typically offer many other coverage options. You can customize your policy by choosing only the coverage options that makes sense for your particular farm or ranch. Some options you may be able to choose from include:
- Specialized property insurance: You can purchase endorsements to cover certain property that is essential for operating your farm or ranch such as fences, livestock, feed, and irrigation systems.
- Equipment breakdown insurance: You can get coverage that will pay to quickly repair or replace malfunctioning or broken down farm equipment so you can keep your business running smoothly.
- Farm income insurance: You can get coverage that is designed to make up the difference between expected and actual profits if your farm’s operations are hindered by a disaster such as a wildfire, drought, early frost, or hailstorm.
- Debris cleanup and removal insurance: You can buy coverage that will cover the cost of a timely cleanup of debris if severe weather causes excessive damages to your farm or ranch. That way, you can get back to normal operations as quickly as possible.
Talk to an insurance agent near you to learn about these and other coverage offerings that are available to you. Your agent can help you decide which options are a good fit for your Sioux Falls area farm.
Why Work with an Independent Insurance Agent in Sioux Falls?
When you contact an independent agent who lives and works in the Sioux Falls area, you can be sure that you are getting advice from an insurance professional who is familiar with the risks you face as a farm or ranch owner in eastern South Dakota. These agents can help you find a suitable farm insurance policy at a competitive price.
Contact an insurance agent near you to learn more about your options when it comes to farm and ranch insurance. You can start comparing customized quotes in no time.
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