One of the most popular policies in the State Farm umbrella is their Flood Insurance. It protects you against damage or loss resulting from an occurrence that causes flooding. While at first glance, this seems like a pretty broad coverage, it can be much more useful for a number of situations. In fact, it is one of the most important pieces of farm insurance.
Let’s start with the most common. There is a limit of around $1 million per insured property. This means that if you have ten properties and the same event occurs, you are covered and your claims will not be denied. So even if you happen to own ten different kinds of livestock, they will all be protected under your coverage.
Another aspect of this kind of insurance is that it is very flexible in its coverage. Some of the situations covered include agriculture, crop production, crop washing, dairy, poultry and horse breeding. These are just some of the farm-related activities that may require a flood insurance policy. Other than these, you can be covered if there is a power outage in your farming area, a leak or spill of chemicals, or even falling trees.
State Farm is not the only company to offer farm related flood insurance. Farmers Insurance is another reliable provider of coverage. They also have flood insurance that is specific to farmers. Although they offer general coverage, it may benefit you to look into a Farm Insurance quote that offers specialized coverage.
In the case of natural disasters, the damage caused by a flood can last for several years. Although there may be some financial setback, the cost of replacing your property will more than make up for it. In the worst case scenario, which is when you have damage that will not be covered by your regular policies, you may have to get reconstructive surgery or even buy new property. The good news is that the rebuilding cost will be covered by the insurance.
There is much to learn about a Farm Loan Auction, but you don’t want to miss out on your chance to get a low mortgage rate! Research the lender thoroughly and speak with a real estate professional before you decide on purchasing a home at the auction. You may need to get a Farm Loan appraisal in order to determine a fair value for your farm property. Make sure the lender has followed proper guidelines and has a current FHA/HUD loan file number. If your lender does not have this, contact them about getting one.