Farm vs. Ranch Insurance
(You've got questions, we've got answers.)
Written by
Candace Jenkins is a licensed insurance advisor with over a decade of experience. She is also a writer and loves to write on all things insurance. Candace writes for TrustedChoice.com on a continuous basis and is here with the facts about all your insurance inquiries.
Reviewed by
Paul Martin is the Director of Education and Development for Myron Steves, one of the largest, most respected insurance wholesalers in the southern U.S.
Table of Contents
Is farm insurance different from ranch insurance?
My ranch is now going to yield crops, do I need farm insurance or how does that work?
Does my ranch insurance cover horseback riding lessons?
My farm will be adding livestock, what coverages do I need if they get attacked?
Is farm insurance different from ranch insurance?
As an aspiring farm or ranch owner, I am researching if there is really a difference between coverages in farm or ranch insurance policies. It's key for me to know what each will cover so I can make an educated decision both monetarily and to suit our lifestyle.
The same insurance will apply in a sense. The only things that may differ and need coverages added or altered are what type of farm you have and what farm activities you are doing. If you have a ranch, you are likely to have horses. Does that mean you allow horseback riding lessons? If you have a farm, you are likely to have crops. Do you sell those crops to distributors and markets? Each of those exposures needs different types of insurance, one for horses and one for crops. The foundational insurance coverages, like general liability, farmhouse insurance, workers' compensation, machinery and equipment and umbrella coverages, among others, will still be needed for both. Check with your independent insurance agent for the specifics for your farm or ranch.
My ranch is now going to yield crops, do I need farm insurance or how does that work?
I have owned my ranch for decades and now have decided to add an extra venture of soybean crops to sell to distributors. Doesn't that fall under a farm insurance policy now? If so, how do I get coverage and what coverage is needed for these crops?
A farm insurance policy and a ranch insurance policy are essentially the same. The main differences between the two will depend on your activities and products or offerings. Crops are not only a typical farm's product, but will also need the same insurance whether you own a farm or a ranch. You will need crop-hail insurance and multiple peril crop insurance (MPCI) to have adequate protection for your crops. Discussing the details of your new venture with your independent insurance agent will determine exactly how much coverage you'll need.
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Does my ranch insurance cover horseback riding lessons?
My ranch would like to offer horseback riding lessons to the general public and to adolescents. I am not sure what type of coverage I would need to cover an exposure like this and if my current policy already has this built-in.
Horseback riding lessons would not typically be an automatic or included coverage in your ranch insurance policy. You would need to discuss what your horseback riding operations would look like with your independent insurance agent so they could make sure to get you the best coverage. Essentially, you will want to have additional liability insurance any time you have people on your premises, along with coverage for the horses. Possibly the most important piece is to minimize risk by having any participants sign a waiver that would absolve your ranch of liability for injury or even death. Horseback riding can be dangerous, and as such, will need proper coverage.
My farm will be adding livestock, what coverages do I need if they get attacked?
Not knowing what all is covered with livestock insurance and wondering if they will cover an attack from a predator. Also, if there is disease in the livestock and it can no longer be utilized, is there coverage for that?
There is separate livestock insurance for your furry friends. Most policies do cover attacks from predators such as wild animals, and will even provide coverage if your livestock gets caught in a barbed wire fence. Disease of animals do not have normally have coverage. Disease, as well as aging and natural death, are not covered under a livestock policy because, well, that's life. Your independent insurance agent can expand on these coverages for your farm's livestock.