Agriculture is an essential part of the economy in Spokane County, as well as the state of Washington. The state’s farms have a fruit-heavy portfolio, with approximately 41% of all exported goods in 2012 being fruit crops. This dwarfs the national average, which is only 5.5% of agricultural exports. Wine is another common crop in the Spokane area. Due to an ice dam flooding the Northwest and creating the Columbia Valley during the Ice Age, our area has plenty of deposits of nutrient rich soil.
With all of these conditions creating an ideal environment for farming, it is important for Spokane farmers to keep their livelihood protected. Inland Northwest Insurance has several farm insurance policies to cover both your personal and business needs. Regardless of the size of your operation, whether you own or rent your buildings and land, or raise crops of livestock, we can create a customized plan for you. We are proud to cover Spokane County, including Spokane Valley, Spokane, Mead WA, Liberty Lake, Veradale, Glenrose as well as the entire state of Washington.
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Farm insurance is an agreement between yourself and an insurance company. In return for you paying a regular amount (called a premium), the insurance company agrees to provide financial coverage for you should incur financial damage or theft, as defined within your policy. This coverage will protect you from a variety of damages, including things such as fire, lightning, windstorms, hail, theft, vandalism, accidental shootings, or more. Farm insurance is a necessity to keep your farm or ranch running at full capacity, regardless of the unexpected.
Your farm is more than just your place of business, it is your entire livelihood, and often your home. Because of this, it is important to protect what you’ve already built. We design our insurance policies to your unique situation, customizing our coverage and costs based on our discussions. We cover any type of farm, from hobby farms, wineries to large grain or livestock operations.
One of the first questions you will always want to discuss with your agent is whether your property is within 1000 feet of a fire hydrant. If the answer to that question is no, you will need to discuss several other important topics, particularly regarding fire coverage. Other questions that need to be asked, particularly if your property is more than two or three acres, are:
- Are there additional structures other than a pool house or garage?
- What kind of animals or livestock are on your property? Whom do they belong to?
- How many horses are on your property? Washington has enacted an Equine Activity Statute, which limits liabilities on equine activities and will affect the types of coverage you’ll need.
- Who is working on your property? Will you need worker’s compensation along with farm insurance?
Fencing is also an important reason to acquire farm insurance or agricultural insurance. Although it is rare for a single incident to damage large portions of fencing, as farmers know, fencing is very expensive, with a single electronic gate costing as much as $15,000 or more, meaning it is important to cover these investments.
Typically, farm insurance is broken down into several types.
- Agricultural Insurance is intended to protect your home, vehicles and farm/ranch personal property.
- Crop and Livestock Insurance prevents you from being ruined by disasters- which do happen.
- Liability Insurance helps protect you from a lawsuit if someone is working on or visiting your farm.
There are several features of farm insurance that cover the various aspects of your farm or ranch operations.
- Farm dwellings and private structures
- Household personal property
- Farm buildings and structures
- Farm machinery and equipment
- Farm personal property
- Farm liability
- Comprehensive personal liability
- Scheduled farm and personal property
- Blanket or unscheduled farm personal property
- Other farm structures
We also have options for horse owners, as well as many more coverages!
For farm owners that live on the premises, farm homeowner insurance is your best option. This will cover many of the same things that typical homeowner insurance does, with some special additions for your additional dwellings, buildings, vehicles, crops and livestock. You will want to make sure you ask your agent about several other options, including:
- Farm home systems and equipment, such as portable generators and sump pumps
- Garages, gazebos ad other structures
- Liabilities from injuries to house guests or workers
- How much deductible you will carry
- Whether you should insure your farm house for replacement cost or actual cash value
For farm owners that do not live on the premises, including landlords, farm property insurance will be the policy type you will want. This type of insurance will be similar to farm homeowner insurance, but including a few additional protections for liabilities from your renters. In Spokane, it is important to ask about clauses for earthquake damage, and water/flood coverage.
If you live on a farm premise that you are currently renting, it is a good idea to acquire farm renters insurance. Features of this type of insurance include:
- Replacement Cost Coverage or Actual Cash Value Coverage in case of repair or replacement
- Special Personal Property Coverage
- Umbrella Liability Coverage
- Residential Equipment Breakdown
Inland Northwest Insurance is conveniently located in Spokane Valley, serving all of the surrounding communities including Spokane, Mead WA, Liberty Lake, Veradale, Glenrose as well as the entire state of Washington. For more information on farm insurance, or any of our other policies, contact us at (509) 892-6373 or fill out the form below!