View Full Version : home owners insurance

Jul. 29, 2011, 12:02 PM
General question for you farm owners out there:

I board at home but rent the property so i do not have to pay homeowners insurance.

In-laws own the farm next door- they have black angus cows, BUT, they (in-laws) are getting older and are thinking of being done with that in a few years. They have pretty heft insurance because of the size of the property, the fact that it is waterfront and has a pier, and the fact that the home is historic. My question is, if i wanted to move my horses THERE within the next few years, what would be the impact on their insurance policy/bill? I'd like to be able to have an educated conversation with them about it, and plan on talking to an agent, but since it's pretty far off, i thought i would start here.

Thanks in advance!

Jul. 29, 2011, 12:37 PM
They might already have a commercial farm policy. That might cover the horses.

Jul. 29, 2011, 03:01 PM
Our farm insurance covered "2 harness animals"

Jul. 29, 2011, 08:02 PM
We have an umbrella policy that covers everything...It's incredibly cheap (like a couple hundred bucks for $2million coverage) and totally worthwhile. It might be something to discuss with your agent.

Jul. 30, 2011, 12:08 AM
You could "lease " the pasture from the in-laws and get a general liability policy for the rented space and name them as an additional insured to protect them as well as you in the event that your horses escape and cause property damage or a kid wanders into the pasture and gets kicked in the head. The coverage is relativley cheap, just wrote a a policy with $1,000,000 limit for a leased 15 acre pasture for a guy for $500 a year.

Your homeowners policy may or may not cover animal/livestock liability, you need to check with your agent/company to make sure there is no exclusions. Also, even though you are renting it does not mean you wil not be held responsible for damage/injury your horses cause and you should have a tenant policy including liability coverage that includes animal/livestock liability.

An Umbrella policy will do you no good unless you have an underlying liability policy to trigger the umbrella policies response. An umbrella policy is additional limits of coverage once the underlying coverage limit is exhausted.

Example: You have a liability policy (that invluces animal/livestock liability) with a limit of $500,000 and an umbrella policy that has a limit of $1,000,000 with your liability policy listed as one of the underlying policies. a kid wanders into your pasture and is kicked in the head and you are sued and the kids parents are awarded a judgement of $750,000. Your liability policy would pay the $500,000 limit and your umbrella policy would pick up the additional $250,000 of the judgement.

Jul. 30, 2011, 09:51 AM
Insurance policies are specific to companies and insureds. Any information you get here will be "generic" and will vary from spot on to dangerously wrong. :)

With the permission of your inlaws talk to their insurance agent. That will get you answers IAW the policy in force. They can also give you information on changes that need to be made.