Choosing the Right Livestock Insurance Policy

Choosing the Right Livestock Insurance Policy

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Shopping around for the right livestock insurance policy involves more than the cost. You want to feel confident that you have the exact coverage needed for potential problems. Below are a few of the policy selections you can choose from.

Individual Coverage

Insurance coverage for individual animals is a policy that makes sense if you have animals that are worth a big sum of money. This can specialized trained horses or breeding stock. Animals that would cost more money than average to replace should be covered on an individual basis. These policies tend to cost a little more, but it is because they will provide more compensation to cover the cost of finding a comparable animal.

Herd Coverage

The more animals you opt to have covered by an insurance policy, the less the cost will be per head. This is the more common way that ranchers and farmers insure their livestock animals. They may place valuable bulls and working horses on individual policies, but the main herds are placed on one general roll.

Farm Coverage

Many farmers and ranchers opt to have livestock coverage added to the overall farm coverage. This insures the buildings, equipment, vehicles, and livestock animals. This is an easier way to get insured if you are running a smaller farm or ranch. There are fewer policies to worry about.

Added Peril Coverage

Basic insurance coverage for livestock provides for loss due to injuries, weather-related events, drowning, bad feed, fires, and transport fatalities. What it does not cover without adding extended peril policies are disease and illness. This can be a good additional coverage to get, especially thinking about the devastation to farmers that happened with bird flu and swine flu. Any farmers without this added coverage stood at a total loss.

Types of Animals Covered

Livestock insurance is designed for any animals that are raised for profit. This can be exotics, such as emu, or equine, hogs, sheep, goats, and cattle. Poultry of all types can have customized policies made to cover specific needs of the farmers.

Call on animal insurance experts like Ark Agency and find out more about livestock mortality insurance today!

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