Your farm runs with the help of different kinds of FARM MACHINERY and tools. You might have sprayers, planters, boilers, wagons, and a lot of other kinds of equipment on your land. All of these are important for keeping your farm running, whether you raise animals for slaughter, grow crops, or offer a variety of agritourism activities. Your farm equipment is very important to your business, which is why you need insurance for it.

Farm equipment can look like many different kinds of tools. Your coverage needs may change based on how you use your farm tools. The cost of your equipment will depend a lot on how much it’s worth overall.

Hitchings Insurance covers most farm equipment with a blanket policy. However, some implements, like combines, may need to be covered separately, which is usually part of a farm package policy.
Combines, tools, and other farm equipment are already expensive, and repairing or replacing them without insurance will be even more expensive. Here is an overview of the insurance coverage for farm machinery and equipment, as well as some information about how the prices for these unique policies are set.

Like any other insurance policy, the price of your farm equipment insurance or farm machinery insurance will depend on several things. You might not pay the same amount for your farm equipment and tools as the next farmer. All of it depends on how much you have your things insured for. Even though most of the machinery and equipment on your farm doesn’t have to have insurance, you may want to talk to an agent about the pros and cons of having it. If you are renting the equipment, keep in mind that the owner may want you to have coverage. Here are some examples of farm machinery and tools that can be insured:

  • Combines
  • Plows
  • Drills
  • Cultipackers
  • Applicators
  • Planters
  • Harrows
  • Balers
  • Wagons
  • Carts
  • Excavators
  • Sprayers
  • Mowers
  • Seed tenders

Your farm’s equipment can be insured in two different ways or both. These are called “blanket coverage” and “scheduled coverage,” respectively. Here’s what makes them different:

Blanket Coverage

Most of the time, blanket coverage is the best choice for most farm equipment. Most insurance companies will suggest blanket coverage, which covers everything that can be insured. These things don’t have to be on a schedule for them to be covered. All of the things that can be insured under the blanket are covered up to a certain amount, no matter how many claims are made during the policy period.

Plans for coverage

Scheduled coverage, on the other hand, covers things that are listed in a “schedule” on your policy or with your insurer. Anything that isn’t on this list won’t be taken care of. In some situations, an insurance company may suggest a mix of the blanket and scheduled coverage. Certain things, like combines, would have coverage on a set schedule, and blanket coverage for unscheduled things would be less. This might be a better choice for some farmers because it saves money and makes sure that all of their valuable farm equipment and machinery is covered.

Overall Value

When you apply for a policy, you will have to provide an accurate list of all the tools, equipment, and machinery you want to be covered. You might want to write down the important details of each item, such as:

  • Age
  • Make
  • Model
  • Serial number
  • Coverage limit (based on the value of the piece)

Don’t forget that the limit is the most your insurance company will pay out if that item is lost or broken beyond repair. Your losses can be paid out either based on the item’s replacement cost, which is better but more expensive because it takes into account the object’s depreciation, or on its actual cash value (which pays out for the item based on its current depreciated value).


When it comes to farm machinery, there are many different kinds. So many things are important. Because there are so many different factors, it can be hard to find an average price for a schedule of farm machinery insurance. See the examples of prices for insurance coverage for farm equipment below.
If you want to cover all of your farm equipment for $1,500,000, you might have to pay $4,300 per year in premiums. In this case, you pay $2.86 for every $1,000 worth of coverage.

For extra, optional coverages like loss of use, you could pay an extra $250 per year on top of what you’re already paying for farm machinery insurance.

It’s important to remember that the cost of insuring your farm equipment and machinery is very small compared to how much it would cost to replace everything if something bad happened, like a barn fire, a lightning strike, a gas explosion, etc. These things are very important to the way your farm works, so it’s always better to protect them than not.

Leave a Comment