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Farm Insurance Chilliwack

Whether you own a small hobby farm or a large ranch, it is crucial to have the right insurance coverage for your livestock, crops, buildings, and equipment. This will ensure that every element of your farm is sufficiently covered in the event of an accident. As a leading provider of farm insurance in Chilliwack since 1949, Wheeler-Homemakers Insurance knows how difficult it can be to select policies that are the right fit for your precise needs. That is why our team is dedicated to working with farmers to help them select the perfect solution. Whether you want to inquire about crop insurance, building insurance, or another type of coverage for your farm, we can help. Get in touch with our team today for assistance choosing the right business insurance policies for your farm and property!

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Types of Farm Insurance

The following types of farm insurance can be extremely beneficial for farms of all sizes:

Dwelling Insurance

Much like a standard home insurance policy, dwelling insurance is designed to protect any living spaces on the farm and the contents within them. This type of coverage can offer protection against theft, fire, storms, vandalism, and other similar events. Some dwelling insurance policies can also provide coverage for attached structures—like garages—for an additional cost.

Liability Insurance

Farm liability insurance encompasses business liability for large-scale farming operations and personal liability for hobby farmers and their families. For example, if an employee or visitor is hurt while on your property, liability insurance can help protect you from a lawsuit while also covering any costs associated with accidental bodily injury, medical expenses, and property damage.

Building Insurance

Building insurance provides coverage for barns, silos, sheds, greenhouses, shops, and any other type of non-dwelling property on your farm. This is especially crucial for larger operations, as these buildings are typically used every day and would cause heavy financial losses if they were to become unusable or otherwise damaged.

Equipment Insurance

Tractors, seeders, sprayers, balers, and other types of equipment are widely used across farms of all sizes. In addition to their utility, these pieces of equipment can be extremely costly to repair or replace should they become damaged or unusable. That is why it is crucial to ensure that your farm machinery is sufficiently covered and protected. Please note that this coverage is only intended for farm machinery that is solely used on the farm for farm-related purposes. In most cases, it does not apply to conventional motor vehicles.

Crop Insurance

If your farm produces crops such as grain, berries, corn, or other vegetables, it is crucial to ensure that they are protected. Crop insurance is available in both crop-hail insurance and multi-peril insurance. The former is specifically designed to help cover any costs incurred by crops that are damaged by hail, while the latter is designed to help cover the cost of crops that are damaged or lost due to fire, floods, hail, insects, and other natural disasters. Crop insurance policies can be complex, so it is crucial to speak with a professional to ensure that you are choosing the right policy for your specific needs.

Livestock Insurance

When it comes to livestock, there are specific risks that must be considered for insurance. While most livestock insurance policies help cover financial losses incurred by injured or deceased livestock, it is crucial to ensure that you are choosing the right coverage for the animals you tend to and the size of your herd. Livestock insurance can be purchased as individual coverage for specific animals, as herd insurance for large groups of animals, or as part of a blanket policy that covers livestock, equipment, and structures/buildings on the farm.

Farm Insurance FAQs

What is Farm Insurance?

Farm insurance is a package of unique insurance policies that are designed to protect farmers against legal liabilities and potential financial losses incurred due to accidents or severe weather conditions. Every farm is unique and will have different insurance needs, so it is crucial to speak with a professional to ensure that you are sufficiently insured.

How Much Does Farm Insurance Cost?

Every farm insurance policy is unique, so the cost will vary on a farm-by-farm basis. Factors that influence the cost of farm insurance include:

  • The location of the farm in relation to municipal services like water and fire departments.
  • The type of equipment used on the farm.
  • The type of farming performed on the property (livestock handling, crop growth, etc.).
  • The total value of livestock, crops, buildings, equipment, and tools on the property.
  • The number of employees for the farm.
  • The number of residents on the farm.
  • Insurance history and past claims.

What Insurance Coverage do I Need for my Farm?

The insurance coverage you need for your farm will vary based on several factors. For example, the size, location, and type of farm you operate can all impact the amount of insurance coverage you will need. In addition to these factors, it is worth considering your livestock, crops, equipment, and the buildings/structures you have on your farm as each of these will influence your insurance policy requirements and pricing. Some of the most common insurance coverage options for farms across BC include:

  • Commercial general liability insurance.
  • Product liability insurance.
  • Commercial property insurance.
  • Farm equipment insurance.
  • Livestock insurance.
  • Crop insurance.

Can I Insure a Field on my Farm?

If your farm features a large field or multiple fields that would be suitable for grazing, it may be worth purchasing undeveloped pasture insurance or vacant land insurance to ensure that the land is sufficiently covered. Any field that you wish to insure can contain a mixture of plants, grass, bushes, herbage, and other vegetation that has not been previously developed.

Is Farm Insurance Required in BC?

Farm insurance is strongly recommended for hobby farmers, crop producers, and ranch owners alike. While certain types of coverage are not legally required in BC, it is still worth purchasing them to minimize the potential for financial losses. In BC, changing climates have increased the risk of losses for farmers due to excessive precipitation, prolonged freezing weather, and excessive snowfall, making farm insurance all the more worthwhile.

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