Frequently Asked Questions: Farm Insurance

Find your Answers: Farm Insurance FAQ

Please note that the answers to the questions are for information purposes only for the products discussed. Individual circumstances may vary. In case of discrepancy, the documentation prevails.

See below for our FAQ options to help you find what you’re looking for:

What does farm insurance cover?

Farm insurance typically covers the farm property, buildings, machinery, equipment, livestock, and crops. It also includes liability protection in case of accidents and coverage for loss of income or additional expenses due to covered events.

What factors determine the cost of farm insurance?

The cost of farm insurance is determined by various factors such as the location of the property, the size of the farm, the types of crops and livestock, the value of equipment and buildings, the desired coverage limits, the location of the farm, and the level of risk involved.

Do I need farm insurance if I have homeowners insurance?

Homeowners insurance generally does not provide adequate coverage for farming operations. Farm insurance is specifically designed to cover the unique risks associated with farming activities, including farm property, equipment, livestock, and liability. If you have farming exposure, you’ll likely need to switch from a homeowners policy to a farm policy.

Are all types of farms eligible for farm insurance in Saskatchewan, Canada?

Most types of farms are eligible for farm insurance, including crop farms, dairy farms, poultry farms, cattle farms, and more. However, eligibility may vary based on the insurance provider and specific criteria they have in place. For example, any custom farming operation will need underwriter approval before binding coverage.

Can I customize my farm insurance coverage?

Yes, farm insurance policies can often be tailored to meet the specific needs of your farm. You can discuss your requirements with an insurance advisor who will help you customize coverage based on factors such as the size of your farm, the types of crops and livestock, and any additional risks you want to protect against.

What is liability coverage in farm insurance?

Liability coverage in farm insurance provides financial protection to the farmer from legal responsibility for accidents or injuries that occur on their property. It can also cover medical expenses, legal fees, and potential damages from bodily injury or property damage caused by farming-related activities or products.

Do I need farm insurance if I am a hobby farmer?

Even if you are engaged in farming as a hobby rather than a commercial venture, it is recommended to have farm insurance. Hobby farmers still face risks associated with farming activities, and homeowners insurance may not be sufficient to cover these risks adequately.

What should I do in case of a farm insurance claim?

In case of a farm insurance claim, promptly contact your brokerage to speak to an insurance advisor and report the incident to initiate the claims process. Provide all necessary documentation, such as photographs, videos, or receipts, to support your claim to your adjuster upon request.

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