Five Things You Should Review on Your Farm Insurance

Running a farm is more than just a business—it’s your livelihood, your home, and often a family legacy. That’s why farm insurance isn’t a “set it and forget it” policy. You hear it all the time that farming is a unique blend of your home and your livelihood but when is the last time you made a double check to make sure it was all protected? As your operation grows or changes, your insurance coverage needs grow and change with it. Too often, farmers only discover gaps in their insurance after a loss occurs—and by then it’s too late.

Here are five key things you should review on your farm insurance to make sure you’re properly protected:

1. Farm Property Values

The cost of building materials have increased substantially here in Michigan across the state in the past 5 years. Buildings, barns, silos, fencing, and even irrigation systems can quickly change in value. With the rising costs of construction materials and labor, what was enough coverage a few years ago might not be enough today. Ask yourself: if a major barn burned down tomorrow, would your policy limits cover the full cost to rebuild?

2. Equipment and Machinery Coverage

From tractors to combines to precision technology, farm equipment is one of your biggest investments. When is the last time you updated your farm personal inventory to make sure you had adequate insurance coverage on all of your farm personal property? Also, confirm if breakdown coverage or extra expense coverage limits are adequate in case of unexpected downtime.

3. Liability Protection

Farms face unique liability risks—such as equipment on roadways, custom farming work, or selling produce directly to consumers. Liability limits that were sufficient in the past may not cover today’s legal costs or settlements for Michigan. Reviewing your liability coverage helps protect your operation and personal assets from lawsuits or accidents.

4. Livestock Coverage

Animals are often central to a farm’s livelihood, yet not every loss is automatically covered. Some policies cover broad perils like fire, theft, and certain weather events, while others could protect your lost earnings from a heifer used for embryo flushing if she unexpectedly died. If your herd size or value has increased, your policy should reflect that.

5. Additional Coverages and Endorsements

Every farm is unique, which means your insurance should be too. Consider whether you need:

• Business income coverage if a claim shuts down operations

• Workers Compensation

• Crop insurance options

• Cyber protection if you use farm management software or online sales

These endorsements can fill gaps that a standard farm policy doesn’t automatically cover.

Final Thought

Your farm is constantly changing—your insurance should keep up. A yearly farm insurance review ensures your policy protects what matters most and provides savings opportunities as you grow and gain assets.

👉 Tip: Don’t just renew your policy blindly each year. Sit down with an independent insurance agent who understands farm operations and can walk you through potential gaps and savings options. As your farm grows you may be able to utilize higher deductibles, better technology like cameras in equipment and heat sensors to prevent equipment fires.