How to Properly Insure Your Farm Equipment

Reader Contribution by Holly Welles
Published on November 29, 2018
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Farm 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.

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