Livestock insurance is a specialized type of coverage designed to protect farmers, ranchers and hobbyists from the financial risks associated with raising animals. Whether you own cattle, horses, pigs or other types of livestock, these animals represent a significant investment and a crucial part of your livelihood. Unfortunately, accidents, illness, theft or weather can disrupt the well-being of your livestock and lead to substantial financial losses. Livestock insurance can offer coverage for such risks, helping to ensure that you’re not left financially vulnerable in the event of unexpected circumstances.

Do You Need Insurance for Livestock?

Livestock insurance is highly recommended for farmers and ranchers. It can help protect your investment against various risks, such as accidents, weather events and attacks by wild animals. Various livestock insurance policies are available, such as individual, blanket and herd coverage. Each option offers different levels of protection tailored to meet your specific needs.

How Much Does Livestock Insurance Cost?

The following factors can influence the cost of livestock insurance:

• Type of livestock—Different animals have different values and risks associated with them. For example, insuring a high-value breeding bull might cost more than insuring a herd of sheep.

• Number of animals—The more animals you insure, the higher the premium. However, some insurers offer discounts for insuring larger herds.

• Coverage level—The extent of coverage you choose affects the cost. Policies that offer coverage for a wide range of risks will be more expensive than basic policies.

• Location—Your farm’s geographical location can impact the cost. Areas prone to natural disasters or with higher rates of livestock theft might have higher premiums.

• Health and age of livestock—Younger and healthier animals typically cost less to insure than older or less healthy ones.

• Farm management practices—Good farm management practices, such as regular veterinary care and proper housing, can reduce the risk of loss and may lower insurance costs.

• Claims history—If you have a history of frequent claims, insurers might charge higher premiums.

Does Livestock Insurance Cover Theft?

Many livestock insurance policies do cover theft. This type of coverage can help protect you financially if your animals are stolen. The details may differ based on the insurance provider and the policy you select. It’s essential to review the terms and conditions of your policy thoroughly to understand what is included and excluded.

Does Homeowners Insurance Cover Livestock?

Homeowners insurance typically does not cover livestock, as livestock are considered a business asset or a specific type of property that is excluded from typical homeowners policies.

Learn More

Contact Franklin Insurance Agency to discuss your farm insurance portfolio.