At Oegema Nicholson and Associates, we understand running a farm is different from operating any other business. Many Canadian farmers live on the land, raising their families and making a living for generations on end. When you work and live on the same property, a loss can be both personally and financially devastating.
Our knowledgeable insurance professionals can help protect your farm’s most valuable assets. Oegema Nicholson is one of the most trusted brokers in the Ontario and Quebec region. If you’re interested in farm house insurance, read on to learn what it entails and what should be covered in your policy.
What is farm house insurance?
Farm house insurance is a blend of both home and commercial coverages. This product is specifically designed to meet the unique needs of Canadian farmers. Like other types of insurance, you can choose how broad or slim you’d like your coverage to be. A basic policy will typically include protection for the residential dwelling and any items within.
A good policy will also include a level of commercial insurance. This added layer is designed to protect the farmer’s business activities. For example, plants, shrubs and trees are covered under a standard policy. But if they’re grown for business use, you’ll have to insure them under an expanded policy. Additional coverage options can also include damage to barns or agricultural machinery.
Which items can I include under personal property?
When you live and work at the same place, it can be difficult to determine which items fall under personal or commercial property. Farm house insurance policies will cover personal property directly related to your operation. This section of coverage is typically broken down into three distinct categories.
Animals are integral to the success of your farming operation, so it’s important to protect all livestock. Oegema Nicholson can help you determine which livestock coverage is right for you. Should one of your animals be hurt or killed as the result of a basic, covered peril — your insurance provider will cover the cost of replacing the animal. If you’re interested in extra coverage, livestock can be protected under a much broader list of perils. Some policies will even cover animals that are hit by vehicles or killed in an accidental shooting.
Cotton pickers, hay rakers and tractors are just some of the pieces you can protect under a farm house insurance policy. Damage to equipment due to theft and vandalism are usually covered. But if your planter was damaged by falling ice, your policy may not cover you for such risk. That’s why it’s crucial to understand which perils are covered under your insurance plan.
If you’re like most farmers, chances are you have a significant supply of farm-related goods on site. This supply can include animal feed, bags of soil and grain seed. Should any of these products become lost or damaged, farm insurance will replace their costs. But it’s important to note that farming supplies are only protected when they’re in storage. Once the goods have been opened and used, that product is no longer under insurance protection.
Is liability coverage included?
Not only is liability coverage included in a farm house insurance policy, it’s actually mandatory. Because farming involves heavy machinery and livestock, there is risk involved. Dangerous incidents can happen, no matter how cautious you may be.
Liability protection covers you if someone is injured on your property. Should a worker injure themselves while operating a tractor or a visitor get bitten by one of your horses — you could be held liable as the farm’s owner. This is the case even though you didn’t actually cause the incidents. Liability insurance will cover medical expenses, property damage and even legal fees should the injured party decide to sue.
Why trust Oegema Nicholson?
We are proud of the superior customer service we offer our clients. At Oegema Nicholson, our priority is ensuring you have farm coverage that addresses your unique needs. Rely on our expert insurance advisors to connect you with some of the best insurance products available on the market. We don’t work for insurance firms — our brokerage works for you. If you’re looking for an honest adviser that will protect your best interests, choose Oegema Nicholson for all your farm insurance needs.
For more information on farm house insurance, call us at 613-224-1455 or contact us here.