Just as you protect your home and its assets, there are many reasons to insure your farm and its property. While horses represent loved animals among many owners and their families, they can also be large financial investments. From illness and injuries to liability issues, below are the different types of equine/farm insurance and a few reasons why you should consider investing in them to protect your horse and farm:
Equine Health Insurance helps finance surgeries and other major medical expenses. Like their riders, horses can also suffer from unexpected medical issues, and the cost of surgery can be unaffordable. Horse medical insurance will help you avoid a financial burden in the unfortunate event that your horse becomes challenged by medical issues or requires major surgery.
Equine Mortality Insurance can help you cope with the death or theft of a loved horse. The emotional burden that results from the loss of a loved animal is difficult enough to handle alone, so having to worry about suffering a significant financial loss as well will only make matters worse. Although your horse and its sentimental value may never be replaced, horse life insurance will help ease the pain by reimbursing you for the death or theft of your horse.
Farm Liability Insurance is needed to reduce liability risks involved in your horse operation. An equine liability policy is required for activities like boarding, training, horse shows, and riding instruction. Regardless of whether you offer daily riding lessons or occasionally care for a friend's horse, it's important to protect yourself with farm or equine liability insurance.
Farm Property Insurance covers your barn, sheds and machinery associated with the farm. Although farms are often connected to homes, a standard homeowners insurance policy doesn't always cover a barn and its contents. Consulting your independent insurance agent to ensure that your barn and its assets are protected is a great place to start.
Loss of Use Insurance protects against your horse's loss of value. While many people consider their horses valuable friends regardless of their skill levels, a disabling injury suffered by a horse intended to perform in horse shows or races can be financially troubling. Loss of use insurance will protect your horse in the unfortunate event that he/she suffers a disabling injury.
Whether you purchased a pony to fulfill your daughter's birthday wish, or invested in a skilled horse to compete with, there are many reasons to protect yourself and your horse with insurance.