Located in the southeastern corner of South Dakota, the city of Vermillion is surrounded by farmland. Some of the most commonly grown products in the area include corn, soybeans, and alfalfa. If you are among the area’s many farm and ranch owners, you can protect your investment with a reliable farm insurance policy.
Independent agents in Vermillion are ready to help you find the best policy to meet your coverage and budgetary needs. Find an insurance agent near you to learn more, and you can start comparing customized quotes for farm and ranch insurance in no time.
What Is Farm Insurance?
Farm insurance is a fully customizable policy that that is tailored to meet the specific coverage needs of farm and ranch owners. It combines coverage for your home and personal property with coverage for your farming business in one simple policy package.
Independent insurance agents can help you review your many coverage options so that you are able to build a farm insurance policy that is customized to meet the specific needs of your farm or ranch.
Vermillion Farm Insurance Covers against Liability Risks
Farm and ranch owners have liability risks. That is why all farm insurance policies offer liability coverage. Farm liability insurance is designed to pay for court costs, legal fees, and damages if you are sued for a covered event. The following are some of the types of liability coverage that are available to you:
- Premises liability insurance: This can pay damages and injuries sustained by visitors, guests, or customers if they are involved in an accident while on your farm or ranch property.
- Product liability insurance: This can pay for illnesses, injuries, or other damages sustained by others due to a defect in a product that your farm produces or sells.
- Operations liability insurance: This can pay for injuries or property damage suffered by third parties if they are caused by you or your employees in the course of running your farm.
- Farm workers medical payments insurance: SD does not require farm and agricultural workers to be covered by workers’ compensation insurance. Farm workers medical payments insurance can provide coverage for the cost of treating your workers’ job-related injuries.
An independent insurance agent can help you review these and other liability coverage options that are available for you to choose from. Together, you and your agent can determine which are a good fit for your Vermillion farm or ranch.
Vermillion Farm Insurance Covers Your Property
The most destructive risk faced by farm and ranch owners in the Vermillion area is that of tornado damage. In fact, tornado activity in this part of South Dakota is 89 percent higher than the national average. On June 24, 2003, 67 tornadoes struck SD, including an F4 twister that touched down 18.8 miles from the Vermillion city center causing $4 million in damages.
In addition to tornadoes, farm and ranch owners in this area are most likely to experience property damage caused by severe storms, heavy winds, hail, freezing temperatures, and fire. Fortunately, your farm insurance policy can provide coverage for your expensive farm assets against each of these perils.
Some of the property that your farm insurance policy can cover includes:
- Your farmhouse: If your home is located on your farm or ranch, farm insurance can provide you with coverage for the structure of your house as well as for the personal property inside it.
- Miscellaneous outbuildings: Farm insurance can cover the various other structures on your property including such things as barns, silos, garages, sheds, and stables.
- Equipment and machinery: Farm insurance can pay to repair or replace your farm equipment and machinery such as tractors, balers, and plows if they are damaged by a covered event.
It is important to keep in mind that flood damage, which is a very real risk in the Vermillion area, is not included in your farm insurance coverage. Fortunately, a local independent insurance agent can help you supplement your farm policy with flood insurance through the NFIP (National Flood Insurance Program).
Vermillion Farm Insurance Offers Many Additional Coverage Options
There are a number of additional policy options that may be available to you including such things as:
- Specialized property insurance: Some of the more specialized property on your farm or ranch may be excluded from regular farm property insurance coverage. Fortunately, most insurers enable you to purchase endorsements to cover these items. Specialized coverage is available for things such as electric fences, livestock, feed, and irrigation systems.
- Equipment breakdown insurance: This covers the cost of repairs if your farm equipment breaks down or otherwise malfunctions. If a repair will take a long time, this insurance can even cover the cost of renting comparable equipment so you can keep your farm operations running smoothly.
- Debris removal insurance: Severe weather events like tornadoes can result in excessive debris on your farm property. You can buy coverage that will pay for the cost of a timely cleanup. That way, your farm or ranch can get back to normal operations as quickly as possible.
- Farm income insurance: Problems like an early frost or a severe storm can sometimes result in much lower-than-expected profits for your farm or ranch. This insurance is designed to make up the difference between expected and actual profits if your farm’s operations are stalled by a covered event.
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, if any, options are a good fit for your Vermillion-area farm or ranch.
Why Work with an Independent Insurance Agent in Vermillion, SD?
The independent insurance agents who live and work in the Vermillion area are familiar with the risks you face as a farm or ranch owner in southeastern South Dakota. They can help you build a suitable farm insurance policy that offers protection against all of these hazards. Also, because they are not tied to one insurance company, they are free to shop around to find you coverage at the best price.
Contact an insurance agent in or near Vermillion to learn more about your options when it comes to farm and ranch insurance.