Equipment and machinery : What's a farm without a tractor? Some of those pieces of equipment and machinery can cost a pretty penny, getting them insured to value is necessary.Livestock : Whether you have a prize-winning bull or an average steed, you'll need coverage for them.Crops : You'll need insurance to protect your products before, during and after.Liability: For accidents that could potentially occur involving bodily injury and property damage.Some risks that you'll want insurance for ASAP: There are a lot of moving parts when it comes to your farm and you'll want every potential risk covered. Plus, they may be able to give you a few tips for setting up your hobby farm in a way that lowers your premiums. If you're thinking of buying a hobby farm, give an agent a call, they can help get you set up right away. If you already own a hobby farm that's not insured, you'll want to contact an independent insurance agent right away. What preemptive protection do you have in place? Are there proper protocols to make sure the public stays off-premises and away from restricted parts of the farm? Are there security cameras? How are you protecting your dream?.Meaning what is the value of each piece of equipment, building, livestock and crop if it were to be replaced? What are your buildings, equipment, machinery, farmhouse, livestock, and crops worth? This isn't the sentimental value, but what the market can bear and replacement cost.What year were buildings built and what are the specifications of each? What types of equipment and machinery are on the premises? Your hobby farm's specifics: What is on your hobby farm? What are you selling to the consumer and how do they get it? What crops or livestock do you produce? What are gross annual revenues of the farm? Remember, this will need to be a side hustle and not the main source of your income to truly be a hobby farm.
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