Insuring Farm Equipment

Your Illinois farm faces numerous risks, many of which could damage or destroy your valuable and essential farm equipment. Farm equipment insurance is highly customizable and can help mitigate the financial effects of damaged or destroyed farm equipment.

Contact First Community Insurance & Annuity Center in Bourbonnais, Illinois, to learn more about your farm equipment insurance options and get a personalized quote.

Who Needs Farm Equipment Insurance?

Farm equipment insurance may be appropriate for any farmer or rancher who has invested in essential farm equipment. This coverage can help protect those financial assets and investments with multiple coverage types that may help cover repairs, replacement, or legal liability for third-party injuries or property damage.

Farm equipment insurance can help cover accident-related damage to insured machinery. Depending on your policy’s details, it may help cover fire, theft, collisions or natural disasters.

What Farm Equipment Can I Insure?

Your agent can help you determine which farm equipment and machinery you can insure and which pieces require specialized coverage. In general, farm equipment insurance coverage may include the following:

• Sprayers
• Tools and field equipment
• Tractors
• Irrigation equipment
• Planters
• Portable buildings and fences
• Forage harvesters
• GPS devices
• Hay rakes and wagons
• Combines
• Farm office equipment

Talk with your agent about getting appropriate insurance coverage for borrowed and rented or leased equipment.

What Types of Farm Equipment Insurance Are Available?

Two main types of farm equipment insurance may be appropriate for your organization.

• Scheduled policies help cover pieces of equipment with an individual coverage limit for each.
• Blanket policies help insure all farm equipment up to a total limit.

Talk with your agent to understand how each policy type may work with your current farm insurance coverage and the equipment you own.

What Losses Does Farm Equipment Cover?

Farm equipment may be vulnerable to several serious risks. Your policy’s coverage varies depending on the insurer but may include losses due to the following:

• Theft
• Hail
• Fire and smoke
• Collision
• Vandalism
• Wind
• Lightning

Depending on the risks faced by your farming operation, your agent may recommend that you also purchase foreign object damage or glass breakage coverage or endorsements.

Does Farm Equipment Insurance Provide Liability Coverage?

Farm equipment insurance policies may also help cover your farm’s legal liability for third-party injuries or property damage caused by the use of covered equipment.

Your agent may recommend that you also purchase umbrella insurance, which extends the liability limits across your farm’s liability insurance policies.

Contact Us

Contact First Community Insurance & Annuity Center today to get started building your customized farm equipment insurance policy.

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.