How to Properly Insure Your Farm Equipment


Holly WellesFarm equipment is a significant investment, even if you purchase used and stick to the bare minimum needed to run your small homestead farm. It's essential to properly insure that equipment in case of an emergency, but insurance is costly as well.

There are some ways you can save money on farm insurance and also make sure you have enough coverage if a catastrophe strikes. The cost of insurance varies by location and the natural disaster risks in your area. For example, in Iowa, the cost to insure farm equipment is between $4 and $6 per $1,000 of value.

Here are some things to consider when choosing insurance for your small farm.

1. Add on to Homeowner's

If you only own one piece of farm equipment, such as a small tractor, you may be able to add a rider onto your current homeowner's insurance. A rider is a provision on your current policy that covers a specific scenario. The cost to add one may be considerably lower than taking out a separate policy. Talk to your insurance agent about the best options.

Ask for a breakdown comparison, so you have a clear picture of what each policy does and doesn't cover, as well as the cost of various policies.


12/11/2018 3:43:46 PM

Holly, didn't even think about insurance for such things. I asked about my city vacant lot garden but no one wants to touch it. I can only insure the property if I totally secure it with eight foot chain link fence and barbed wire on the top. It's in a not so nice part of town and many locals walk across the property. Yeah, insure is a funny thing. We pay money for it and hope we never have to use it. Have a great property insurance day. Nebraska Dave

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