Best Insurance for Farm Animals
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Insurance policies offer financial protection from various circumstances. The life you lead determines which policies make the most sense. If you are a farmer, getting an insurance policy for your farm animals often makes sense.
A farm animal insurance policy offers coverage if something happens to one of your animals. A farm animal can get lost, pass away early, or get stolen. Farmers tend to have tight operating margins. An insurance policy is an extra expense but can shield you from worst-case scenarios.
This guide will cover some of the best insurance plans for farm animals. You will better understand what to look for in a policy and why you may need farm animal insurance.
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Overview of the best insurance policies for farm animals
Livestock Insurance | Best For |
Shelter Insurance | Scope of coverage |
American Family Insurance | Customization |
The Hartford | 24/7 customer support |
Farm Credit Mid-America | Specialized expertise |
Farm Bureau Financial Services | Market price fluctuations |
Markel | Cattle farms |
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Best insurance policies for farm animals
Shelter Insurance
Shelter Insurance offers auto and home insurance along with a few specialized policies. The insurer's agents sell policies in 15 states that are mostly located in the Midwest. There aren't any coastal regions on the list. Shelter Insurance has nearly 1,400 licensed agents on its team.
Shelter Insurance was started in 1946 under the name MFA Mutual Insurance. The company strives to lead its communities by providing daily value. The company's farm insurance policy covers various natural disasters, thefts, vehicle mishaps, and other scenarios.
You can get comprehensive liability and property protection with one of the company's farm owners' insurance policies. Farmers can also get farm equipment and property insurance for additional protection.
- Where to find: Shelter Insurance
- Accessibility: Arkansas, Colorado, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Mississippi, Missouri, Nebraska, Nevada, Ohio, Oklahoma, Tennessee
American Family Insurance
American Family Insurance offers policies for various livestock, such as dairy cows and beef cattle. The company's farm insurance policy covers accidents, natural disasters, weather events, crimes, civil unrest, and collisions while in transit.
Farmers can get add-ons for their policy covering accidental shooting, drowning, attack by dogs or wild animals, or building collapses. American Family Insurance has highly customizable insurance policies to acknowledge that no two farms are the same.
American Family Insurance has been around since 1927. The company has withstood many economic downturns while providing farmers with financial security. The company averages 4.5 stars out of 5 on Trustpilot. Over 130 people have left reviews for the insurer.
- Where to find: American Family Insurance
- Accessibility: Arizona, Colorado, Iowa, Idaho, Illinois, Indiana, Kansas, Minnesota, Missouri, North Dakota, Nebraska, Nevada, Oregon, South Dakota, Utah, Washington, Wisconsin
The Hartford Insurance
The Hartford Insurance has many insurance policies, including a Livestock & Animal Mortality Business Insurance policy. The Hartford has offered livestock, equine, and animal mortality coverage for livestock owners and businesses. The insurer covers many animals, including horses, cattle, hogs, and poultry.
The Hartford has several add-ons to protect yourself from the loss of income due to the suspension of egg production, qualifying natural disasters, and other reasons.
Policyholders can expect 24/7 customer support with a phone line that is always open. The Hartford has been writing insurance policies for over 200 years. The Hartford offers insurance policies throughout the United States.
- Where to find: The Hartford
- Accessibility: All 50 U.S. states
Farm Credit Mid-America
Many insurance companies offer an array of policies rather than focusing on a specialty. It's common to find insurers that offer auto insurance, home insurance, and many other policies in addition to livestock insurance.
Farm Credit Mid-America only sells livestock insurance. Their agents know the field more than most insurance companies since Farm Credit Mid-America doesn't look at other policies.
Farm Credit Mid-America has several life insurance products that cover hogs, cattle, lamb, property, and other resources. The insurer's team will guide you to the optimal risk management plan through a policy decision-making tool. The team will answer your questions and support policyholders who need to file claims. Farm Credit Mid-America has been around since 1916.
- Where to find: Farm Credit Mid-America
- Accessibility: Arkansas, Indiana, Kentucky, Missouri, Ohio, Tennessee
Farm Bureau Financial Services
Farm Bureau Financial Services offers various livestock insurance policies, including revenue insurance. This policy shields farmers from declining market prices, gross margins, and unexpected revenue changes.
The insurer has policies that protect you from revenue fluctuations in livestock, dairy, and operations. Increasing feed costs and revenue losses are covered in the policy.
Farm Bureau Financial Services was founded in 1939. The company started as an insurance company exclusively for farmers and has since expanded to auto insurance, home and property, life insurance, and wealth management. The company employs 1,900 workers and has 4,000 field associates. Farm Bureau Financial Services used to be publicly traded until the company bought back all of its publicly traded shares in 2021.
- Where to find: Farm Bureau Financial Service
- Accessibility: Arizona, Idaho, Iowa, Kansas, Minnesota, Montana, Nebraska, New Mexico, North Dakota, Oklahoma, South Dakota, Utah, Wisconsin, Wyoming
Markel Specialty
Markel Specialty has been issuing livestock insurance policies for over 50 years. The company offers affordable solutions that are easy to customize based on your needs as a cattle rancher. The company has policies that cover your home, barns, outbuildings, equipment, and more.
Market Specialty knows the ins and outs of the cattle business, which makes it easier for them to provide optimal coverage. The insurer also has a range of business insurance and personal insurance policies available.
Market Specialty has phone and email support available. The company has a readily accessible guide on its website for policyholders who want to report claims. You can contact Market Specialty to receive a free quote. Market Speciality serves policyholders in all 50 U.S. states and internationally.
- Where to find: Markel Specialty
- Accessibility: All 50 U.S. states
Best insurance policies for farm animals
Livestock Insurance | Online Quotes | Founded | Accessibility |
Shelter Insurance | Yes | 1946 | 15 U.S. states |
American Family Insurance | Yes | 1927 | 17 U.S. states |
The Hartford | Yes | 1810 | All 50 U.S. states |
Farm Credit Mid-America | Yes | 1916 | 6 U.S. states |
Farm Bureau Financial Services | Yes | 1939 | 14 U.S. states |
Markel | Yes | 1930 | All 50 U.S. states |
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- Get 5% Off for 2 or more pets
- Get 10% off when you bundle
- Get 5% off by paying annually
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FAQs
How much does livestock mortality insurance cost?
The premiums depend on the insurer and the type of livestock you want to insure. Most cattle insurance policies cost 5.8% of the animal's market value. Sheep, goat, and hog insurance ranges from 12% to 15% of the animal's market value. Policies last for one year and can be renewed.
Can you write off livestock insurance on your tax returns?
Yes. You can use the premiums incurred for livestock insurance as tax deductions. Farmers can claim tax deductions, such as the costs incurred for livestock, seeds, plants, and other resources.
What protections does livestock insurance offer?
The total coverage depends on the policy, but you can receive protection for your livestock, price fluctuations that impact profits, farmland, and more.
Why should (or shouldn't) you use livestock insurance
Livestock insurance gives farmers extra financial protection from unforeseen circumstances. Keeping animals healthy is an important part of farming and allows farms to stay in business.
Insurance policies can mitigate the damage from declining revenue, lost livestock, sicknesses, property damage, and other events. While insurance policies offer these protections, they aren't for everyone.
Insurance policies expire after a year, but you can renew them. You can end up paying significant premiums in the long run that minimize your profits. Farmers already run on tight profit margins, and insurance will put more pressure on them.
There's also the possibility of losing livestock in a way that is not covered in the policy. This outcome still results in lost livestock but without the insurance payout. Livestock insurance can give you extra protections, but it isn't impenetrable. Farmers should consider what type of coverage they are receiving, the total premiums, and their budgets before getting livestock insurance.
The bottom line
Every insurance policy provides an extra layer of protection from uncertainty. Your animal may complete its life cycle instead of passing away early due to sickness. It's also possible that a natural disaster will wipe out your livestock.
Insurance policies address various risks, but it is important to see what these policies cover and which events apply—many livestock insurers list which events are a part of their insurance policies. Fires, floods, and earthquakes are some of the natural disasters you should look for in a livestock insurance policy.
Farmers should examine their finances to see if they can cover the insurance premiums. Lapsing on your insurance policy makes it void, so you should only take on an insurance policy if you can comfortably afford the premiums.
Farmers can reduce their coverage to secure lower insurance premiums. Many insurance companies offer the flexibility and coverage options farmers need for their livestock and farms.
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Marc Guberti is a business freelance writer who specializes in personal finance, digital marketing, and entrepreneurship. His award-winning book "Content Marketing Secrets" teaches readers how to create, promote and optimize content for growth and revenue. Marc also hosts the "Breakthrough Success Podcast," where listeners learn how to master content marketing and get more clients.
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