Could Your Home Qualify for a Country Estate Policy?
When it comes to insurance, we realize you have a lot of options! And while flashy marketing from some of the big wigs certainly grabs attention, at the end of the day, what makes an insurance product truly valuable is its ability to offer you the right kind of coverage for your unique situation.
That’s where Farm Bureau Insurance shines!
As Michigan’s insurance company, we understand there are unique aspects to living in the mitten that requires customized coverage to properly protect your assets. For example, our Lake Estate® Policy offers special coverage for homeowners living on lakefront property (which we talked about in this blog post). And while Michigan is certainly home to many lakes (over 11,000 to be exact), we also have a lot of rural land, which is why Farm Bureau also offers a Country Estate Policy.
What is a Country Estate Policy?
Farm Bureau’s Country Estate Policy is designed for individuals who live in rural areas, own some acreage, but make their primary living outside of the land.
This type of coverage is particularly beneficial for someone who has other structures on their property (such as a pole barn or chicken coop), a size-able garden, or raises livestock (like cows, goats, and chickens) as a hobby.
These items are typically not covered on a traditional homeowner's policy; and if you specifically add them, it’s likely you’ll be paying more than you should.
How do I qualify?
To qualify for Farm Bureau’s Country Estate Policy you must either:
Have 5 or more acres.
Have acreage that is farmed (including land rental).
Have personal property used for your farm.
Generate income (or expect income) from a farming operation.
Have buildings used for your farm.
What does a Country Estate Policy specifically cover?
A Country Estate Policy is great and affordable way to protect yourself from the everyday risks that come with hobby farming. This includes coverages like...
Off-Premise Liability Coverage for Livestock
Having animals on your property is certainly enjoyable, but it also comes with great responsibility. While you may view your cows, chickens, or goats as pets, they still need to be insured as livestock. That is where our off-premise liability coverage for livestock is key!
For example, let’s say you forget to shut the gate to your horse pasture and one of them wanders out into the middle of the road. If a driver where to hit or swerve to miss your horse and crash, you would be liable for any personal injury or property damage that occurs as a result of the accident.
In this instance, our off-premise liability coverage for livestock would cover you.
Farm Liability
If you plan to earn income as a result of your hobby farm such as selling your crops, chicken eggs, or other produce at a farmer's market or roadside stand, you need farm liability.
This becomes key in the event someone purchases your produce, becomes ill from it, and wishes to sue you for bodily injury.
Other Farm Structures & Farming Equipment
The moment you start selling something from your home, the other structures on your property associated with that sale in any way become excluded from your Homeowner’s policy.
Even if 90% of the equipment in your pole barn is meant for personal use, the 10% that is connected with the sale of any goods produced from your land would cause it to no longer be qualified under your homeowner's policy.
In this instance, our other farm structures & farming equipment would cover you.
We want you to enjoy all aspects of country living to the fullest, but we also want to help you protect the things that matter (and the things you’ve worked incredibly hard to earn). With Farm Bureau’s Country Estate Policy, we can work with you to identify your Liability Limits and determine out the right amount of protection to keep your family, assets, and retirement safe from these risks.
If you’re unsure whether you have the types of coverages mentioned in this post, let’s talk! A quick conversation about your current policy and circumstances will help us know whether a Farm Bureau Country Estate Policy is right for you.
