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Farm Insurance - Insurance Policies for Farm Owners Clovis NM

Farms are a business. As such, it is smart to ensure them. However, because of the nature of farming (and the unpredictable nature of the business), insurance can be expensive. But in the risky world of farming, a bad year can be all that stands between the farmer and bankruptcy. Therefore, getting insurance for your farm can be critical.

Liberty Mutual Group
505-899-5171 x58848
6410 Coors Blvd NW
Albuquerque, NM
Services
505-899-5171 x58848
Prices and/or Promotions
Auto/Home/Life

Gary Armijo Insurance Agency LLC
(505) 352-2266
2116 Vista Oeste Dr. NW
Albuquerque, NM
Services
Insurance

Kala ludi insurance
(505) 268-7777
500 San Mateo ne
Albuquerque, NM
 
American National Insurance Co
(505) 762-4541
1021 Mitchell St
Clovis, NM
 
Bryant Insurance Agency
(505) 762-5556
122 W 21st St
Clovis, NM
 
Allstate Insurance Quotes - Larry Gaylord
(505) 836-4630
3296 Coors Blvd NW Ste D
Albuquerque, NM
Services
Car Insurance, Home Insurance, Renters Insurance, Car Insurance, Motorcycle Insurance, Business Insurance, personal Insurance

State Farm, Richard Griego, Agent
(575) 523-2451
2001 E. Lohman Ste 112
Las Cruces, NM
Alternate Phone Number
5755232451
Services
Insurance
Prices and/or Promotions
Free Quotes

New York Life Insurance Co
(505) 763-3127
2111 Gidding St
Clovis, NM
 
Williams Insurance Agency
(505) 769-2855
1101 N Norris St
Clovis, NM
 
Johnson Darrel Bud Insurance
(505) 762-3334
1020 Fairway Ter
Clovis, NM
 

Farm Insurance - Insurance Policies for Farm Owners

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Farm Insurance


Farms are a business. As such, it is smart to ensure them. However, because of the nature of farming (and the unpredictable nature of the business), insurance can be expensive. But in the risky world of farming, a bad year can be all that stands between the farmer and bankruptcy. Therefore, getting insurance for your farm can be critical.

Agricultural insurance generally covers three main circumstances:

  • Crop insurance for damaged or lost crops.
  • Property and Casualty (P&C) insurance, which provides liability coverage if a hired hand is hurt, and potential coverage for physical property. It does not usually include livestock.
  • Livestock insurance.
  • Specialized insurance coverage for certain types of farming with unique perils and challenges

Your state government is a good source of information, if you are looking for agricultural insurance. Many states actually have specialized insurance companies within state government (or sponsored through the state) that cover the unique perils for that region. For instance, farmers in California might not buy coverage for hail, because it is less common there. However, in the American Midwest, if you don't buy hail coverage for your crops, you are asking for disaster.

Further, because many regions do have unique concerns within the farming community, there are often insurance cooperatives operating in a specific region. Because these cooperatives can often offer lower prices for the same insurance, it is well worth the research. Your local farming associations will often be able to point you in the right direction.

What will it cost?


In the U.S., Congress subsidizes the cost of buying crop insurance and several states provide state-funded premium subsidies. Rates will ultimately depend on your needs, risk tolerance, insurance plans, production, and location. Remember that anything which will raise risk to the insurance company will end up costing you more. You may have to make some hard decisions between your risk tolerance, and the amount of money that you could afford to lose without jeopardizing your farming business.

Benefit's of Farm Insurance


If you are a farmer, your farm is your livelihood. It is also your business. Insuring it makes good business sense.

You have some good reasons to consider it, aside from the longevity of your farming business:

  • Government subsidies are often offered to farmers to offset a portion of the premium.
  • Increased coverage levels are offered for several crops.
  • Protection for input costs and harvest values.

Keep in mind that crop insurance may serve as collateral for operating loans. Most banks and financial institutions will want to ensure that you have some kind of insurance coverage, to protect your ability to re-pay loans.

Crop Insurance


Crop insurance does what you'd expect - it insures your crop. The trick with crop insurance is to decide what level of coverage you want. Specific levels ...

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