TW Still Standing Behind Farmers

summer farmTW wouldn’t be here if it were not for a group of farmers who had the foresight to recognize the need to band together for the protection of their livelihood and property. That was back in the summer of 1874 (see Our History), and agricultural insurance remains a priority of TW to this day.

Its cornerstone is the primary coverage provided by its Farmowners’ Insurance, which provides a plan for you whether farming is your full-time occupation or you just do it on the side for extra income as a hobby farmer. Whatever your approach to farming, TW has a program for you.

As is the case with homeowners’ insurance, the coverage includes the home or primary residence itself, as well as other structures on the property that are not for farm use. Then there is the personal property contained in the home, as well as a provision for additional living expenses. Then comes the business part of the operation since the farm is historically the first family business in a country with agrarian roots. Other property covered by primary farmowners’ insurance are all farm barns, buildings and structures, as well as personal property directly related to farming. That would generally include significant farm equipment ranging from tractors to barn cleaners, as well as livestock and produce.

The farmer would also be covered for personal liability and liability for anything related to the farm premises. Finally, the basic package would include medical payments to others who may be injured.

Agriculture runs a particularly high exposure or risk to so-called “adverse natural events,” whether it is weather, disease or insect infestation, and that can directly affect production and, ultimately, the farmer’s income. Risk management has become a necessity in a business so vulnerable to forces beyond the farmer’s control. Typical options provided by TW include coverage from fire, lightning and  wind storms and hail, with provisions for livestock loss from earthquakes and floods, electrocution of livestock, collisions and accidents of loading and unloading.

Comparisons of coverage are highlighted in a perils chart with Form 1 generally representing the basic coverage and Form 2 denoting additional coverage options.

 

TW Covers Other Farming Risks

rural farmFor farming and residential properties that do not meet the requirements of basic farmowners’ coverage or need something more, there is Farm Fire Insurance. This is generally for property loss only, though liability coverage may be obtained, and includes the four basics: damage to the home, damage to other structures on the property, damage to the personal property of the insured and additional living expenses based on fair rental value if the home is unfit for habitation.

As is the case with its home and business coverage, TW does offer protection for renters—in this case tenants in the dwelling on the premises, including mobile homes—through Farm Fire Insurance. Owner-occupied dwellings may also be covered if they do not qualify for the primary farm insurance. Other types of dwellings covered are homes under construction, seasonal dwellings and vacant and unoccupied dwellings.

You may want to refer to the perils chart that applies to this insurance plan for quick comparison of what may be included through extended and broad coverage options.  If you need to know more, contact a local agent. You can consult the agent locator to find one near you.

Did You Know?

Spoiled food in freezers and refrigerators are often NOT covered under homeowners policies, but exceptions abound from state to state. Coverage would be more likely if the source of the power outage is nearby, such as a line break. Check with your agent. (Insurance Information Institute)