Insuring Your Farm’s Outbuildings: Barns, Sheds and More

Farms often sprawl across many acres of land, requiring several large structures and many outlying buildings. Even for smaller operations, barns, toolsheds, silos, fences and other structures are integral to various parts of your farm’s functionality. Unfortunately, each of these parts of your farm may also be at constant risk, as many common incidents and perils could damage or level them, potentially incurring costly repair or rebuild costs. Appropriate insurance is essential.

What Insurance Do My Farm’s Buildings Need?

Farm insurance may consist of several policies and many coverages, such as livestock insurance, liability coverage and crop insurance. Coverage for your farm’s structures is essential to its overall insurance package. It may be referred to by several names, including farm property insurance, farm structures insurance and farm building insurance.

What Can My Policy Cover?

Purchasing and maintaining coverage for your farm’s structures should be a top priority regardless of exact terminology. Many common perils can damage even the most well-maintained and sturdily constructed buildings. Fortunately, your insurance may help reimburse you for losses arising from the following:

• Fires

• Lightning

• Hail

• Smoke

• Vandalism

• Burglary

What Else Do I Need to Consider?

Not all farm structures insurance policies are the same. Your farm and its buildings have unique characteristics, making it necessary for you to tailor your coverage accordingly. Specifically, you should be mindful of the following:

• Coverage limits—This is the maximum amount your policy can pay for covered losses. Make sure your policies can cover the full rebuild costs of essential structures.

• Deductibles—You’ll need to pay out of pocket these amounts for covered claims. Higher deductibles can help you save on your premiums but will mean you’ll have to contribute more when filing a claim.

• Exclusions—Certain perils, such as floods and earth movements, are usually excluded from standard policies and require endorsements or additional policies. Windstorms may also be excluded in certain areas, such as coastal locations subject to hurricanes.

We’re Here to Help

Contact Hampton Insurance Services in Clemmons, North Carolina, today to learn more about coverage options available near you.

This blog is intended for informational and educational use only. It is not exhaustive and should not be construed as legal advice. Please contact your insurance professional for further information.