Farm insurance is a key part of running an agricultural business. The challenge comes in knowing which policy offering what coverage and which price from which insurance company is right for you.
There are 8,100 farms in Maine, occupying more than 1.3 million acres. Even with our abbreviated 135-day growing season we harvest more wild blueberries than any other state, produce more brown eggs than any other state in the U.S. and are second only to Vermont for our maple syrup harvest. Our dairy industry is one of the rural economy’s leading sectors. Perhaps most importantly, Maine has long been a leader in the organic and sustainable farming movement and is the second-most locavore-friendly state in the country. Agriculture is important to Maine.
Apart from the smallest farms, where production is more for the family table than for the market and where a personal homeowners insurance policy may well be adequate, most operations require a specialized farm insurance policy, which would typically provide coverage in the following areas tailored to specific circumstances:
- Residential Property Damage.
- Additional Living Expenses.
- Farm Property Damage.
- Liability.
- Medical.
There are a variety of influencing factors that determine an insurance premium. These include:
- Risk Factors on Your Property.
- Commercial Exposures.
- Age and Condition of the Home.
- Property Size.
- Location.
- Frequency of Risk Occurrence.
In addition to researching and recommending insurance products, your Allen Insurance agent can advise concerning non-insurance based methods of risk management and mitigation for exposures that may not fall under the purview of an insurance policy. We work with our clients as their business grows or changes to make sure coverage flexes as appropriate to meet evolving needs.