When you’re managing a farm, you’re not just working a job—you’re operating a livelihood. From valuable agricultural equipment to livestock, a farm represents an incredible investment of time, money, and passion. Having the right insurance coverage is key to safeguarding these assets from unforeseen events like accidents, natural disasters, or theft.
Getting a farm insurance quote is the first step toward securing that peace of mind, but to get the best coverage for your needs, providing accurate and detailed information is important. This guide will walk you through the essential documents and details required to ensure a streamlined quoting process that results in the best coverage for your operation.
1. Personal Information
Your insurance provider will begin by gathering basic personal details, which are necessary for tailoring a farm policy to your needs. Here’s what you should have on hand:
Full Name and Contact Information
Provide your full name and up-to-date contact details to ensure smooth communication with your insurance provider. Accurate information is key for receiving timely updates and correspondence.
Date of Birth
This detail helps insurers assess personal risk factors and calculate premium rates.
Permission to Check Credit
Insurers may perform a soft credit check, done confidentially by the broker and insurance company. By agreeing to this process, you may be eligible for discounts on your premiums. Rest assured, this check will not impact your credit score.
2. Farm and Property Details
The specifics of your farm property go a long way in determining the scope and cost of your insurance. Gather the following:
Property Location
Your farm’s location and property address are crucial factors in determining your risk profile and coverage options. Proximity to urban areas, rural settings, or regions prone to natural hazards like floods and wildfires can significantly impact the level of risk and the type of coverage you may need.
Dwelling Details
For residential structures on the property, provide the following details:
- Dwelling Age: Specify the age of the home to help assess its condition.
- Square Footage: Include the total living space measurement.
- Updates and Types:
- Hydro Service (e.g., electric, solar): Note recent upgrades and the type of system in place.
- Plumbing: Mention the current system type (e.g., copper, PVC) and any recent renovations.
- Roof: Describe the roofing material (e.g., asphalt, metal) and its last replacement date.
- Heat: For oil heating systems, share the age of the unit and the gauge of the steel tank.
- Basement Finished? Indicate whether the basement is finished or unfinished, as this may impact reconstruction cost estimates.
Size and Use of the Farm
Whether your farm specializes in dairy, meat, or mixed-use activities, these distinctions will significantly affect your quote.
On-Site Buildings
If your property includes additional structures, provide specifics to ensure accurate coverage:
- Use: Describe the purpose of each building (e.g., storage, farming operations, housing equipment).
- Square Footage: Include the size of each building for proper valuation.
- Eave Height: Specify the height of eaves, especially for structures like barns or silos.
- Floor Type: Indicate the flooring material (e.g., concrete, dirt, or wood) for each building.
For large grain bin operations, insurance limits are determined using a monthly average reporting method.
Liability Coverage
Liability rates for your farm will be charged based on sales, the number of lots, and acres farmed. Additionally, if you are a custom operator (e.g., performing services such as harvesting grain for others), a Commercial General Liability policy must be added to cover non-owned harvest activities.
3. Equipment and Machinery Information
Farm equipment is often the backbone of your operation, and its coverage is no small consideration. Be ready to share specifics about your machinery:
List of Equipment
Include all essential tools and machines, such as tractors, plows, irrigation systems, and more.
Make, Model, and Year
This helps insurers determine replacement costs and adjust coverage limits accordingly.
Value Estimates
Provide up-to-date appraisals to avoid over- or under-insuring your equipment.
Records of Upgrades or Customizations
If you’ve customized or upgraded any machinery, these details can influence valuation and coverage needs.
At WMIB, we provide floater insurance with a single limit that covers all items on the farm. We maintain a detailed list to track the limit utilized. For items valued under $2,500, a separate single limit is specified within the schedule.
4. Livestock Details
Farms that rely on livestock require tailored insurance options, so share clear details on these essential aspects of your operation:
Type and Quantity of Livestock
Specify the number and type of animals on your farm—dairy cows, poultry, pigs, horses, or others.
5. Usage and Risk Assessment
Understanding how your farm operates helps insurers provide a precise farm insurance quote while identifying any additional risks.
Type of Farming Operations
Clarify whether your farm is for personal use, commercial activities, or a mixed-purpose operation.
Specialized Activities
If you host events like farm tours, offer lodging, or run a farm stand, share this information so your insurer can determine if additional coverage is needed.
Security Measures Taken
Mention any risk mitigation efforts, such as security cameras or fencing, as they may positively impact your premium.
6. Existing Insurance Details
If you’re switching providers or seeking additional coverage, sharing your existing insurance details will help the process move smoothly.
Provider and Policy Information
Highlight your current insurer, coverage limits, and policy expiration date.
Claims History
Disclose any claims made in the past five years. Full transparency ensures an accurate quote and avoids delays in policy approval.
7. Financial Documents (If Required)
Some insurers may ask for financial documentation to better assess risk and match coverage with your operational scale. Examples include:
Lender Information
Provide only your lender’s name and address when requested. This information ensures that your coverage aligns with any loan agreements tied to your farming operation.
8. Additional Information to Consider
To make your quoting process even more thorough, consider sharing the following if applicable:
Storage and Maintenance Locations
Specify where tools, equipment, and harvest stocks are kept to evaluate their safety and potential risks.
Natural Hazards in Your Area
Inform your insurer about common environmental risks like flooding, drought, or wildfires. This ensures you’re adequately protected against location-specific challenges.
Stay Prepared to Secure Your Farm’s Future
Providing comprehensive and accurate information during the quoting process isn’t just an exercise in paperwork. It’s about securing the protection your farm needs to thrive, regardless of the challenges you may face. With the right documentation, you can save time, reduce stress, and ensure your valuable assets are adequately covered.
Need assistance in finding competitive farm insurance coverage? Our team is here to help. Simply collect the necessary information, and we’ll handle the rest. Contact us today to secure your farm’s future with the protection you deserve.