For anyone running an agricultural operation, farm insurance is a key hedge against possible adverse events. However good your policy may be, you will still want to get the most value possible from it. You can apply these four tips to ensure your policy will maximize coverage at a fair price.

General vs. Specific

There are two ways to configure most kinds of coverage. First, you can select a general policy. This approach is likely to cost you more in premiums, but you won't have to give the details too much attention.

Second, you can choose policies for specific assets. Given the potential replacement costs of specific buildings and pieces of farm equipment, often in the hundreds of thousands or millions of dollars, you may want to take the time to be sure the policy covers a particular item. However, you will have to be quick to acquire a new insurance policy whenever you add something. Likewise, you should be quick to take assets off the policy once you retire or sell them.

Available Water

Many insurers will only cover buildings if there is water nearby to support firefighting activities. It's a good idea to have a pond near the key structures in case a fire department needs the water for a prolonged effort. Alternatively, you should try to install a regulation fire hydrant for the same purpose. Talk with your local fire chief to learn what they would want you to have in place.

Access Roads

Similarly, insurers want to know the fire department can get to key locations on the property. If there isn't a suitable road for a normal-size fire truck to reach each building, install one. This road should have direct access from the main road or one close to it. Also, your access roads should have enough asphalt or heavy gravel in place to avoid potential problems with trucks in mud during wet weather. Once more, talk to your fire chief about their company's needs.

Animals

Make sure your farm insurance policy includes every possible scenario that could affect livestock and other valuable animals. Ask the agent drafting the policy to enumerate coverage for specific scenarios like wild animal attacks, thefts, stampedes, and droughts. It's also wise to include scenarios involving vehicle strikes, especially liability coverage if an animal wanders off the property.

If you have show or breeding animals, you should consider special coverage for them. Many farm insurance providers are happy to provide coverage for medical expenses.

For more information, contact a local insurance provider, or visit a website like http://www.wrg-ins.com/.