Farm, Ranch & Crop Insurance

Any farm operation that’s incorporated as a business entity will likely be considered a corporate farm by insurance companies.

Here are some indicators that a farm might be considered corporate for insurance:

• Business Structure: The farm is registered as a corporation, limited liability company (LLC), or another formal business structure.
• Size and Scale: The farm is very large in size and operates more like a business than a traditional family farm.

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Most insurers will likely consider a farm a dairy farm if its primary agricultural business revolves around raising cows for milk production. This typically involves having a herd of dairy cows, facilities for milking and storing milk, and potentially land for growing feed for the cows.

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Insurance companies generally consider farms that focus on growing crops sold for a commodity price (like corn, wheat, soybeans) to be grain and cash crop farms. Here’s a breakdown of what typically qualifies:

• Crops: Primarily grows grains (corn, wheat, barley, etc.), oilseeds (canola, soybeans), pulses (beans, peas, lentils), or high-value specialty crops sold directly.
• Focus: The main source of income comes from selling the harvested crops.

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Here are some characteristics that typically define a hobby farm for insurance purposes:

• Size: The land area is smaller than a commercial farm.
• Income: The primary purpose isn’t generating profit. Income from the farm is minimal or a small portion of your overall income.
• Employees: You likely don’t have any employees helping you run the farm.

Here are some activities that might indicate you have a hobby farm:

• Raising livestock (chickens, cows, horses, etc.)
• Selling eggs, dairy products, or produce from your land
• Renting out part of your land for agricultural purposes

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Insurance companies generally design policies with ranching & livestock operations in mind that focus on two key areas:

1. Livestock: This is the primary focus, and the policy will cover various livestock species you raise, like cattle, sheep, goats, horses, or even pigs and chickens.

2. Land and Operations: The insurance acknowledges the land, barns, and equipment needed for raising livestock. Coverage extends to protecting these assets along with the animals themselves.

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A hail policy protects farmers against financial losses due to hail damage to their crops. Here’s a breakdown of what it typically covers:

• Physical damage: Hailstones physically damage your crops like corn, soybeans, wheat etc.
• Percentage of loss basis: Reimbursement is based on the percentage of damage sustained by the crop, not the total loss of the crop. For instance, 30% damage would result in 30% of the insured amount per acre being paid out.

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