Situated near the Nebraska border, Yankton, SD is a city surrounded by farmland. Over the summer months, residents flock to the city’s many farmers’ markets. Agricultural businesses drive the local economy and are an important part of life in Yankton. If you are among the area’s many farm and ranch owners, you can protect your investment with a suitable farm insurance policy.
Independent insurance agents in Yankton are ready to help you find the best farm insurance policy to meet your coverage and budgetary needs. If you are ready to learn more and start comparing customized quotes for farm and ranch insurance, you can find a reliable insurance agent near you.
What Is Farm and Ranch Insurance?
Farm and ranch insurance is specialized coverage that is tailored to meet the unique insurance needs of farm and ranch owners. It combines protections for your home and personal property with coverage for your farming or ranching business in one easy-to-manage policy package.
Independent insurance agents can help you determine the risks you are likely to face as a farmer or rancher in the Yankton area, and can recommend the appropriate coverage to protect you against these hazards. That way, you can build a complete policy package that doesn’t leave you with any unintentional coverage gaps.
Yankton Farm Insurance Covers against Liability Risks
Farms and ranches present a number of liability risks. That is why all farm insurance policies include liability coverage as a standard part of their coverage. This insurance can cover court costs, legal fees, and damages if you are sued for a covered event.
The following are some examples of farm liability coverage that is available to you:
- Premises liability insurance: This can pay for damage and injuries experienced 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 damage experienced by third parties due to a defect in a product that your farm produces or sells.
- Operations liability insurance: This can pay for injuries or property damage experienced by third parties in the course of running your farm, such as if a baler is involved in an accident while crossing to the other side of a road that runs through your property.
- Farm workers medical payments insurance: Because South Dakota does not require you to cover farm and agricultural workers with workers’ compensation insurance, this leaves you open to liability risks. Farm workers medical payments insurance can minimize this by covering the cost of treating work-related injuries.
An independent insurance agent can help you review these and other liability coverage options. Together, you can determine which products are a good fit for your particular farm or ranch.
Yankton Farm Insurance Covers Your Property
Tornadoes are a very real risk in the Yankton area. In fact, tornado activity here is 84% higher than the national average. One of the worst to date was an F4 twister that touched down 25.6 miles from the Yankton city center in 1986. It caused more than $50 million in property damage.
In addition to tornadoes, farm and ranch owners in this part of South Dakota are most likely to experience property damage caused by windstorms, hail, heavy snows, and freezing temperatures. Fortunately, your farm insurance policy can provide coverage for your expensive farm assets against each of these perils.
Some of the assets that your Yankton farm insurance policy can cover include:
- Your house: If you live on your farm or ranch, farm insurance can provide you with coverage for the structure of your farmhouse as well as for the personal property inside it.
- Outbuildings: Farm insurance can cover various other buildings and structures on your property, including stables, barns, silos, garages, sheds, and other storage facilities.
- Equipment and machinery: Farm insurance can pay to repair or replace your farm equipment and machinery if it is damaged by a covered event. This coverage is extended to such things as tractors, plows, balers, cultivators, and sprayers.
It is important consider flood damage, which is a very real risk in the Yankton area, particularly for farms located near the Missouri or James rivers. However, coverage against this damage is not included in your farm insurance policy. Fortunately, a local independent insurance agent can also help you purchase a supplementary flood insurance policy through the National Flood Insurance Program (NFIP).
Yankton Farm Insurance Offers Many Additional Coverage Options
Insurance companies enable you to choose only the specialized coverage that makes sense for your particular farm or ranch when you are customizing your farm insurance policy. Some of the many coverage options that may be available to you include:
- Equipment breakdown insurance: While property insurance covers damage sustained by your farm equipment, equipment breakdown insurance covers the cost of repairs if the machinery malfunctions. If repair will take a long time, this insurance may even cover the cost of renting comparable equipment so you can keep your farm operations running smoothly.
- Specialized property insurance: The standard property coverage in your farm insurance policy will include exclusions for some types of property. Fortunately, you can purchase endorsements to cover these items. Specialized coverage is available for things such as electric fences, livestock, feed, and irrigation systems.
- Debris removal insurance: Severe weather events, like tornadoes, and disasters, like fires, can result in extensive debris on your 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: When disaster strikes, it typically leads to much lower than expected profits for your farm or ranch. For many farmers, this can be financially devastating. Fortunately, farm income insurance can make up the difference between expected and actual profits if your farm’s operations are hindered by a covered event.
Talk to an insurance agent in or near Yankton to learn about these and other coverage offerings. Your agent can help you decide which options are right for your particular farm or ranch.
Why Work with an Independent Insurance Agent in Yankton, SD?
Independent insurance agents can help you build a farm insurance policy that offers suitable protection against all of the hazards that can threaten your bottom line. Also, because they are not tied to one insurance company, they can shop around to find the coverage you need at the lowest price.
Local independent agents live and work in the Yankton area, so they are familiar with the risks you face as a farm or ranch owner in western South Dakota. Contact an insurance agent near you to learn more about your options when it comes to farm and ranch insurance.