Farm Insurance in College Station Texas

When insuring agricultural property, it is essential to purchase a farm insurance policy that provides the right protection. This may require purchasing a standard policy from a ranch and farm insurance agency as well as buying supplemental policies to cover specific coverage gaps.

Since most policies have a number of gaps that must be individually considered, owners should discuss these coverage gaps with an experienced farm and ranch insurance agency to avoid issues should a loss occur.

What Are Insurance Policy Gaps?

Insurance policy gaps reference the absence of coverage provided by an insurance policy for particular items, losses, and dates of loss. This could include coverage provided by a standard ranch or farm policy. These gaps usually refer to specific perils or losses not named in the primary policy.

Basic insurance policies underwritten by a ranch or farm insurance agency provide coverage for standard risks, such as damage to buildings and property. They usually do not cover other more specialized risks.

Because each agricultural operation has different risks and needs, additional noncovered items can be added to the main policy through supplements and riders. Although a general policy will provide basic coverage, failing to understand the various gaps could leave property owners unprotected against certain losses.

Notable Farm and Ranch Insurance Gaps

When working with a farm and ranch insurance agency to create a suitable policy, property owners should discuss some common coverage gaps such as the following:

  • Fencing and Ancillary Buildings - Some farm insurance policies cover fencing and named ancillary buildings, while others do not. It is essential to determine whether this coverage is part of the basic policy or must be added on as additional insurance.  
  • Property Contents - As with fencing and ancillary buildings, some policies issued by a ranch and farm insurance agency cover certain property contents, but not others. Anything not covered must be added separately. This can be especially important for equine businesses, such as boarding and training barns, where large amounts of tack and other specialized equipment are kept besides the actual farm equipment.
  • Equipment Breakdown - Although many ranch and farm policies cover damage to and destruction of agricultural equipment, they usually do not cover equally expensive breakdowns. Equipment breakdown can become a costly gap that prevents farm and ranch owners from continuing their operation. So supplemental coverage against breakdowns is recommended. Some policy coverages may pay for income loss associated with breakdowns.
  • Specific Weather and/or Natural Perils - Along with buildings, equipment, and other gaps, most farm insurance policies omit coverage for certain perils like rising water separate from a natural disaster. Extreme cold and heat may not be covered. Each of these perils can be covered in a variety of ways depending upon the type of operation as a supplement to existing coverage.

It is important for anyone who owns agricultural properties and businesses to consider the “what if” situations that could apply to their operation, then review their standard farm insurance policy for any possible gaps in coverage. An experienced farm or ranch insurance agency can help determine affordable ways to handle any coverage gaps. Thorough coverage provided by a knowledgeable ranch and farm insurance agency can help property owners protect against the risks their operation faces!

Worried About Farm Insurance Gaps In College Station?

Jones & Associates Can Provide The Coverage You Need!

Call (979) 599-7532!