The quick and easy answer on how to insure your hobby farm is to call Elliott Insurance Services. If you want to learn more about insuring your hobby farm today, than continue to read this article to find out why it’s important to insure your hobby farm correctly, and to also find the possible gaps in coverage that your regular home insurance has in regards to your farming activities.
Do I Need to Insure My Hobby Farm?
A lot of people feel that they don’t need a special insurance policy for their hobby farm or possibly don’t know if there will be gaps in coverage in their regular home insurance policy. When you look at regular home insurance policy wordings (the legal stuff), you will quickly find there are a lot of coverages either excluded or missing for someone operating a hobby farm.
One thing that could be quite important to a hobby farm is the exclusion for any outbuilding – a building that’s not your house – that have farming or commercial activity. This would have a drastic impact on your finances if you had to rebuild your buildings you use for your farming activities (barns, sheds, etc.).
Residential policies also do not have any built in coverage for livestock, farming equipment, or any of your produce. Replacing these things can be costly and if there was an uncovered loss, it could end your favourite hobby pretty quickly.
Most importantly, home insurance policies do not have farm liability coverage. Farm liability coverage gives you extra coverages over your normal home insurance liability coverage that is specifically designed for farming.
Farm insurance liability coverage will have coverage for things such as limited pollution liability, public liability (due to farming operations), renting farm land to another farmer, or non-owned livestock liability (endorsement). Even if you are cutting your own hay, your home insurance policy will consider that a farming operation and most likely deny any liability claims arising due to the hay cutting.
Not having the proper liability coverage could cost you more than your farming hobby if you were to find yourself included in a lawsuit without the proper coverage, it could cost you your home.
How Much is Farm Coverage for a Hobby Farm?
Every hobby farming operation is different, so we can’t toss out expected costs of a hobby farm policy. Elliott Insurance Service partners with insurance companies that specialize in insuring farming operations and already have hobby farm packages ready to be utilized. They understand that hobby farming is completely different than a larger farm operation and build their coverages around a normal home insurance policy, but with the extra coverages that a hobby farmer needs. For this reason, we are able to find you a policy that won’t break your bank account and will keep you enjoying that hobby farm without worry about your insurance coverage.
Call us today to get the perfect coverage for your hobby farm.