Protecting your farmland investment
In a skyrocketing farmland market, it’s more important than ever to make sure you’re protected from the many liabilities that come from farmland ownership.
Read MoreThe following information is provided by Nationwide, the No. 1 farm and ranch insurer in the U.S.¹
Every piece of ag land is different.
And in a skyrocketing farmland market, it’s more important than ever to make sure you’re protected from the many liabilities that come from farmland ownership.
If you’re a first-time landowner, that process starts with getting familiar with your land. A clear picture of what is raised on or supported by your farmland is the first step in identifying the liabilities you may face as a landowner. Consider the following in that process:
“How you use the land determines the specific liabilities you are exposed to. As a new farmland owner, think about how you plan to use the land today and in the future,” said Nationwide Senior Consultant Erin Cumings. “Any activities that take place on that land create exposure and the type of activity and exposure can vary significantly.”
Once you’ve discussed these working details about your farmland, you’re armed with the right information to help select insurance coverage to protect you from potential liabilities. In many cases, a simple endorsement on a homeowner’s insurance policy doesn’t provide adequate coverage. It’s best to discuss your options with someone who not only knows your land well, but also your specific insurance coverage options, whether they’re endorsements or entirely new policies.
“Connecting with the previous owner or other local farmers can help you paint a picture of the history of the land and provide information that may help you make a decision about the future use of the land,” Cumings said. “A Certified Farm Agent can help match your insurance coverage to the activities on your land, just be sure to let them know if the activities change over time.”
Your long-term plan for your farmland also contributes to how you insure for potential liabilities. If your land is an asset in a succession plan or other long-term financial agreement, for example, you may seek different coverage options than if it’s simply to generate annual income from rent payments or the crops or livestock it supports.
Your local Nationwide Farm Certified agent or financial advisor can help you adequately account for those types of variables in finding the right liability protection. Nationwide Land As Your Legacy can also help you protect your farmland investment through legacy planning.
[1] *A.M. Best Market Share Report 2023. Nationwide, the Nationwide N and Eagle, and Nationwide is on your side are service marks of Nationwide Mutual Insurance Company. © 2024 Nationwide.
In a skyrocketing farmland market, it’s more important than ever to make sure you’re protected from the many liabilities that come from farmland ownership.
Read MoreEach session will feature new and innovative solutions, research, and information on the latest technology and strategies to protect farms and rural communities.
Read MoreLearn about Nationwide’s new Drive the 5 driver safety campaign and find out how some livestock exhibitions rules have been clarified and simplified for the 2024 county fair show season.
Read MoreLearn about the new Let’s Champion Rider Safety initiative from Nationwide to spread awareness about ATV and UTV safety. Plus, find out about Ohio State Extension’s new Food Business Central.
Read MoreThe agents who attended the symposium are all part of Ohio Farm Bureau’s Select Partner Program, an insurance and financial services preferred partnership program for Ohio’s agricultural community.
Read MoreNationwide is helping its agriculture customers take a proactive approach to fire defense through a new partnership. Plus, learn about common fall hazards around the farm and how to prevent them from an expert with Ohio’s Bureau of Workers’ Compensation on this Ohio Farm Bureau Podcast.
Read MoreNew resources and technology are broadening the different types of sales tools and strategies available to farmers.
Read More154 farmers, firefighters and other emergency personnel learned critical information about the hazards of working around manure pits.
Read MoreFarming is a very rewarding occupation, but it can come with hazardous territory if there are not proper training protocols in place.
Read MoreLearn what to think about when it comes to diversifying your farm and how changes to the Corporate Transparency Act could impact your operation.
Read More