If you have just purchased a farm and need to obtain farm insurance for the first time, then it is important that you understand your options. Just as with homeowners and automobile insurance policies, you will have various options for both comprehensive coverage and liability coverage.

Listed below is some basic information, so you understand your options in each classification before giving your insurance agent a call to obtain your new farm insurance policy:

Comprehensive Farm Insurance Options

When it comes to farming insurance policies, each has various levels of coverage available for:

• Farm buildings
• Farm-specific personal property
• Losses of other types

Just as your homeowner's insurance policy is designed to cover the cost to replace your home, garage, and other structures on your property, your new farm insurance policy should cover the replacement cost of your barns, storage buildings, and all other structures on your farm or ranch. 

The farm-specific personal property covered by your farm policy refers to machinery, equipment, and supplies that are used only for farming. For example, your milking machine and tractor are considered to be part of your farming operation and not your homestead.

The other types of losses you can insure your farm against include: 

• Extreme weather events
• Theft and vandalism
• Accidental drownings and shootings

Also, you can also insure your farm against a livestock attack by neighboring dogs or wild animals such as wolves.

Additional Comprehensive Farm Insurance Options

In addition to the comprehensive farm insurance options listed above, there are also many additional things you can opt to cover, including each of the following:

• Crop dusting and chemical spraying issues
• Farm machinery and vehicle collisions with livestock
• Frozen and refrigerated product loss
• Equipment failure and breakdown

In addition to each of these types of additional insurance coverage for your farm, you can also cover your growing crops from fire and your farm itself from earthquakes.

Liability Coverage Farm Insurance Options

As with your automobile policy, liability insurance coverage is the part of your farm insurance that pays for any medical bills and property damage for people you have given permission to be on your property. Liability insurance is optional when you insure your farm, but this coverage is very important. If you do not opt for liability coverage, then your farm's visitors could sue you personally if they hurt themselves or their possessions are damaged while on your property. 

Seek Professional Assistance to Ensure Your Farm is Properly Covered for a Loss

Finally, now that you have a clear understanding of the insurance options available for your new farm, you should work with your insurance agent to customize your policy to ensure you are completely covered in the case of a loss. To learn more, contact a company like Cache Valley Insurance Inc.