Farm and ranch annual insurance review tips

Life on the farm changes fast. People come and go. Equipment gets upgraded. New outbuildings are constructed, and old barns are torn down. And that’s why an annual farm and ranch insurance review matters.

At American Family Insurance, we believe yearly insurance checks can help you keep your coverage aligned with what you own, how you operate, and what you’re responsible for, so you may be able to avoid paying to insure items you no longer own.

Here are a few practical, farm-friendly reminders to help you get ready for your annual review.

Look at changes to update your farm and ranch insurance policy

Start by thinking through what’s changed since your last review. Even small updates can affect coverage, liability, and cost.

Take inventory. A quick list can go a long way.

• What did you buy this year—equipment, tools, tech, livestock, supplies?
• What did you sell, trade in, or stop using?
• Any big upgrades or major repairs?

Bring a list of those bigger-ticket items to your review so your agent can help you adjust coverage to fit what you have today.

Think about staffing changes. Your staffing profile matters, especially if you’ve had shifts in:

• full-time vs. part-time help
• seasonal or temporary labor
• job duties, such as who’s driving, handling animals, running equipment, etc.

If your team has changed, your insurance may need to change, too. Depending on your state and your operation, you may want to discuss workers compensation and other business coverages with your agent.

While you’re looking at your employees’ roles and responsibilities, now’s a good time to revisit your business insurance needs.

Note any leadership changes. Have there been changes in who owns the operation or who helps run it? If you’re adding partners, changing business structure, or planning to transition the farm to the next generation, bring it up during your review.

Creating a farm succession plan can be complex, and insurance is often part of protecting both the operation and the people behind it. By discussing these details with your agent early, you can get a head start on the hand-off.

Review farm and ranch buildings and vehicle inventory

Next, walk through what’s changed on the property itself. Buildings, vehicles, and storage updates can all shift what you need.

Home and residence coverage. If you’ve renovated—finished a basement, added a room, or upgraded systems—the value of your home may have increased. That’s a good reason to revisit your dwelling coverage limits.

Barns, sheds, and outbuildings. New buildings, expansions, repairs, and tear downs are all worth noting, including:

• barns and machine sheds
• grain bins or commodity storage structures
• workshops and other outbuildings

Now might also be a great time to take a closer look at farm structure and outbuilding insurance.

Vehicles owned by the farm or ranch. Look at what you currently own and use on site, such as:

• tractors, combines, and sprayers
• trucks used for farm operations
• ATVs/UTVs

If something was added, sold, or used differently than before, your tractor and farm equipment insurance may need a tuneup.

Changes to feed storage. A switch in how or where you store feed or commodities can change your exposure to loss. If storage methods, buildings, or volumes have changed, be sure to mention it. Your farm personal property protection may need adjustments.

Fire protection. Your coverage for fire risk is review-worthy every year.

Consider whether you’ve added anything that affects fire protection, such as:

• sprinkler or fire suppression systems
• electrical updates
• a new roof or fire-resistant materials

If you’ve made improvements, your policy may need to reflect them.

Update your farm and ranch coverage

Finally, look at your operation as a whole. If your farm or ranch has grown or shifted direction, it may be time to consider a broader coverage strategy.

Livestock and cattle insurance. Livestock counts can change from year to year. If you’ve added higher-value animals or significantly changed your herd size, it’s worth reviewing whether your current coverage still fits.

Get in the know about your options for livestock and farm animal insurance coverage.

Review your commercial agribusiness policy. If your operation has expanded, you may want to discuss whether an agribusiness policy makes sense, especially if you have multiple moving parts, like livestock, buildings, equipment, and more complex exposures.

Revisit your umbrella and farm liability policy. Farm and ranch liability insurance can help protect you if someone is injured on your property or if you accidentally damage someone else’s property.

If you’re concerned about larger claims or legal costs that could exceed your primary insurance limits, ask about adding a farm & ranch umbrella liability policy for an extra layer of protection.

Keep your annual review simple (and worth your time)

A farm insurance annual review doesn’t have to be complicated. The goal is straightforward: align your coverage with today’s operations. When you’re ready, your American Family agent can help you evaluate your farm and ranch insurance options so you can feel more confident your investment has the coverage it deserves.

This information represents only a brief description of coverages, is not part of your policy, and is not a promise or guarantee of coverage. If there is any conflict between this information and your policy, the provisions of the policy will prevail. Insurance policy terms and conditions may apply. Exclusions may apply to policies, endorsements, or riders. Coverage may vary by state and may be subject to change. Some products are not available in every state. Please read your policy and contact your agent for assistance.