The Federal Bureau of Economic Analysis recently released a personal income growth report that indicated U.S. personal income grew a marginal 1% from April to June, 2013. One of the most volatile parts of our nation’s economy – income from farming – fell more in Mississippi than it did nationwide. A reduction in government transfer payments also hurt the state’s personal income performance.
A farm, like any other business, is subjected to a wide range of variables that can affect the farm’s ability to earn a profit from any one year to another. The farming business is unique in that it is highly affected by something entirely outside of human control – the weather. When the weather cooperates, it can be a farmer’s best friend and an assurance of a good harvest season. When it turns aggressive – as it did with a widespread drought in 2012 and severe flooding in 1993 – the weather can destroy a farmer’s profit.
What Type Of Farm Insurance Does Your Mississippi Farm Need?
There are many types of farm insurance in Mississippi. Ideally, you’ll want to buy the coverage you need and make those decisions with an experienced farm insurance agent. The following are typical types of farm insurance for Mississippi farms:
- Property insurance – this type of insurance is focused on farming equipment, farming structures such as barns, corals, garages, etc.
- Liability insurance – this type of insurance protects the farmer from being sued for liability issues arising out of injuries or accidents at the farm.
- Livestock insurance – this type of insurance protects the farmer from losses related to the health of their livestock.
Call The Nowell Agency Inc. at 601.992.4444 for more information about Mississippi farm insurance or request a quote online.
Factors That Can Affect Your Farm Insurance
With many farmers living on the same land they cultivate, it’s critical that their coverage be comprehensive. Unfortunately, many farmers don’t consider all the factors that can affect their farm insurance. Below are some of the factors that can affect your farm insurance that you may not have considered:
- Are you boarding animals from other properties – even temporarily? If the boarded animal causes damage on your property or is injured while in your care, that incident could turn into a liability case.
- Have you considered the cost to rebuild? Often when a structure is destroyed due to a fire, natural disaster, etc., the farmer discovers too late that the changes in market pricing and/or in building regulations mean the rebuilding costs are far higher than expected. Getting a quality review from your farm insurance agent can eliminate this worry.
No one wants to pay for insurance they don’t need but adequately covering your farm is essential to avoiding financial troubles you can’t recover from when disasters happen. Tornadoes, fires, diseases, etc. are not uncommon in a farm setting. Determining the sweet spot for your farm insurance coverage is important.
Consult your local team of farm insurance experts at The Nowell Agency Inc. and request a quote online. Or call us at 601.992.4444 to discuss your insurance needs and the options available to you when choosing farm insurance in Mississippi.