Do You Need Equipment Insurance?
March 07, 2021
When you consider how long it took you to accumulate all your farm equipment and how much it all cost, does it overwhelm you? If a loss event were to happen would you be able to list all that equipment? Would you be able to cover the cost of the loss out of pocket?  If the answer to any of the previous questions is no, then you need to consider equipment insurance.

Equipment insurance can provide coverage for your valuable equipment in a loss causing event. You need your equipment up and running to be profitable and by adding equipment insurance to your farm plan, DFA Insurance can help ensure you are covered. Equipment insurance can typically cover the following:
  • Tractors
  • Combines
  • Planters
  • Sprayers
  • Cotton Pickers
  • Hay Rakes
  • Field Equipment
  • Farm Office Equipment
  • Portable Irrigation Equipment
  • Portable Fences and Structures
  • Tools and Supplies
  • GPS Equipment
In addition to causes that may immediately come to mind, such as fire, lightning, and wind, equipment insurance provides coverage for damage during towing and hitching, contact with the roadbed or ground, cab glass coverage, with no deductible, foreign object damage, borrowed machinery, and rented or leased tractors or other equipment.

The best way to protect yourself, farm, and equipment is to meet with your DFA Insurance agent. Our focus on dairy and agribusiness helps us to understand the challenges you face every day and to provide programs that have been developed specifically for your needs. We also have agents across the country and 24/7 service to help you get your needs taken care of when it is convenient for you. Our trained agents can work with you to get the right coverage.

It is also important to take an inventory of your equipment and have that ready when you meet with your agent to make sure everything is covered. Be sure to include the following:
  • Purchase date and cost, include your receipts
  • Estimated replacement value, include any appraisals you may have
  • Serial or ID number
  • Model number, brand, and year
By having an inventory of your equipment, you can help your insurance company to process a claim and a reimbursement check more quickly. Some software will have inventory tools you can use but if not, you can even use a simple spreadsheet or a paper and pen. No matter how you take your inventory, make sure to keep a copy off site or online in a safe place, if your home is damaged in the loss event you could lose your inventory as well. Make sure to review your inventory annually. Taking inventory yearly can help to determine if equipment needs repair or to be replaced, ensure that your existing equipment is covered when the policy renews, and help you to add new equipment to the policy upon renewal.

Equipment insurance can protect you and your farm by providing coverage for your equipment. In the event of a fire, wind damage, or lightning it can help with the costs associated with damaged equipment, allowing you to get back to work sooner and with less worry. In order to be prepared for a loss event and the need to file a claim, it is a good idea to take an inventory of all your equipment. Give DFA Insurance a call today at 1-877-358-9523!