Homeowners insurance is a vital item to have when you own your home. Without it, any accidents or damages that occur on your property will not be covered and you will be left to deal with the damage and destruction on your own. Don’t let your home remain at risk because you don’t have coverage, find out why insurance is important and what it covers by talking to an insurance provider in your area.
Farm and Ranch Insurance
If you have a farm that accompanies your home then homeowners insurance will also cover your farm, protecting your livelihood from accidents and destruction. Currently, the U.S. harbors 2.2 million farms. Approximately 97% of these farms are operated either by an individual or a family partnership or corporation. The U.S. Census recognizes any establishment as a farm that produces and sells, or would typically produce and sell, $1,000 or more of agricultural products during the year. Approximately 60% of farmers are 55 years or older in the United States. In that age range it is important to have both a life insurance consultant and a homeowners insurance provider that can inform you about anything you need to know regarding your insurance policies.
It is estimated that the average expenses for farm production per year is $109,359. The Crop-Hail liability was #39.5 billion in 2013, and the premium was $956 million. To further ensure the safety of your farm and finances, you may purchase crop insurance to protect the money you put into your crops if something goes wrong. A total of 1.2 million crop insurance policies were sold in 2014, which protected more than 120 different crops and covered 294 million acres. Product liability insurance covers fresh produce and farm goods and will provide up to $1 million per occurrence in both general and product liability coverage with no deductible and a $2 million annual aggregate limit. Farm income averaging is not elected on many tax forms. In some cases farmers can receive refunds by filing amended tax return. These refunds may give up to $50,000. Knowing you have coverage from life and homeowners insurance can help any farmer put their mind at rest when it comes to their business and their family security.
In 2014, there were still 12.9% of people who are uninsured. Many times this is because of misinformation regarding how it works or the cost. The Millennials overestimate the cost of life insurance by approximately 213%, while Gen X overestimates it by 119%. A survey conducted in 2015 states that 37% of uninsured Millennials don’t have insurance because they don’t know how it works. Don’t let misinformation keep you uninsured, talk to an insurance provider and find out the facts. Learn more and live safer.