If you have a farming property and need multiple risks covered, you're looking for a farm insurance policy. A farm insurance policy or pack can include a number of sections. They are designed to combine multiple risks such as home and contents, farm property, and farming liability into the one policy.

If you're a farmer or primary producer looking to get a new quote or want to evaluate your options, here is all you should know about farm insurance.

What is a farm pack?

A farm insurance pack refers to the bundled policies that you have chosen. Some key components farm insurance packs include:

• Farm property insurance: Covers farm property, including farm buildings for physical loss due to defined events and where applicable accidental damage.
• Machinery breakdown and equipment: For vehicles, machinery and equipment that are investments to your business to prevent costly disruptions to your operations. 
• Home and contents: Including building cover, contents cover, and personal effects cover. 
• Farm motor: Comprehensive or third party cover for farm vehicles including utes, trucks, tractors, side-by-sides, quad bikes and prime movers. 
• Theft: Cover for loss or damage as a result of theft or attempted theft to your listed insured contents, infrastructure, machinery, fencing, hay, grain or wool.
• Products & public liability: Farm liability covers you if legally liable for property or personal injury caused in connection to your business.
• Livestock: Cover for death or loss to your stock while on your property or in transit. Includes cover for disease, theft, flood, fire, storm, or wild animal attacks.
• Produce and crop insurance: Cover for crops and produce in storage against natural disaster, and legal liability against claims caused by goods.
• Business interruption insurance: Cover in the event your business is out of action, including paying staff wages, addressing debts, and compensating for loss of income.
• Miscellaneous: Insurers may include other cover options such as electronic equipment, working dogs, or frozen embryos/semen.

Note that some insurers require you to choose a minimum number of risks to qualify for cover. This requirement varies from insurer to insurer.

Find out what a quote for your farm would look like by submitting a request below.

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Farm Insurance Risk Types

Some common risks types that farm insurers will cover:

• Beef
• Diary
• Sheep
• Cereal and grain
• Fruit
• Vegetables
• and hobby farms

If you have a smaller hobby or lifestyle block, find out more about hobby farm insurance.

What Impacts Farm Insurance Costs?

When an insurer prepares a quote for your farm, there are a few factors that go into the final cost, these include:

• Claims history
• Size of farm
• Farming activities
• Value of farm assets
• Location of farm

For instance areas that are prone to natural disasters like flood and fire, or high-risk farm activities will increase the cost of your insurance. An insurer will take all these factors into consideration to evaluate your farm or rural property's risk profile. When using a broker, they are able to search the market for competitive quotes and utilise industry experience to find the best insurer for your unique situation.

How can you reduce your premiums on a farm policy?

For a farm or rural property insurance policy, there are some strategies you can implement to reduce your premiums.

1. Increase your excess: An excess is what you need to pay in the event of a claim, and by increasing this, your premiums will lower.
2. Introduce more safety and security measures: By mitigating risks such as theft with monitored security alarms, deadlocks, and key operated window locks, you can lower premiums.
3. Audit your risks: Review your assets to make sure you haven't underinsured or overinsured items on your policy.

Regular inventory checks allow you to review your farm's insurance needs and take action come renewal time to keep your farm up to date.

Find a Farm Insurance Broker

A farm insurance broker will search the market and source quotes to find the most competitive pricing and value for your situation. A broker will not only help you through the quoting and renewal process, but they are also there in the event of a claim to assist you.

For working farms and rural properties, contact Peter Cameron Insurance Broker today. Call our office on 02 6771 3422, or submit a quote request below.

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Any advice provided on this website is general in nature. It does not take into account your objectives, financial situation or needs. You must therefore assess whether it is appropriate, in the light of your own individual circumstances, to act upon this advice.