Each one of them covers a different part of your life as a farmer, and each one is important. Farm and ranch insurance is a hybrid form of coverage designed to protect you both personally and commercially. Like a standard homeowners insurance policy, farm insurance covers your home, your possessions, and your personal liability. Beyond that, it also includes coverage for your machinery and livestock, but not for your crops.
RMA offers policies for more than 100 crops. Policies typically consist of general crop insurance provisions, provisions for specific crops, policy endorsements, and special provisions. See the RMA County crop program lists for information on cultivation policies available in specific counties and states. The USDA Risk Management Agency offers crop insurance on a county-by-county basis and crop-by-crop insurance.
Crop insurance is available for twenty-five different crops in New York State. Crop insurance protects the policyholder against losses in yield or income that result from specific climate-related events or other natural events. The federal government subsidizes most premiums. Whole-Farm Revenue Protection provides a risk management safety net for all farm products under a single insurance policy.
That's why Luke can take advantage of his experience as a farmer and help his customers find and understand the coverage that best suits their particular property. Most agricultural insurance policies allow policyholders to choose broad coverages instead of categories or to schedule individual items. Like a standard home insurance policy, farm and ranch insurance also provides liability protection. So I think that, historically, what I've seen change a lot and the equipment are the insurance policies that were used to program each item and they were on the statement page, that page that we talked about.
For crops where there is no agricultural insurance, the Uninsured Crop Disaster Assistance Program provides financial assistance to producers of uninsurable crops when low yields are produced, inventory is lost, or planting is prevented due to natural disasters. So, Luke, before we get into the topic of insurance, tell us a little bit about yourself, your farming experience, your insurance experience, all that good stuff, all the interesting details. If you have electric gates, you should definitely consider the importance of doors and whether you need to secure them. So, that's another coverage that could be something that a young farmer, in particular, would want to consider, just to make sure that he maintains his income level to make those payments, while the barn is being rebuilt.
I mean, those who have their own livestock, need to have those items, either per head of cattle, or if they have pigs, or some big sheep farmers in the area, as you know, Phil. Ensuring that your operation is covered by various risks and liabilities isn't the most exciting part of agriculture, but it's an important task that any successful operation must consider. Whether it's buying new farmland, upgrading equipment, or helping the borrower understand their finances, your goal is always to help your customers succeed. If you want to apply for insurance for a crop that is not insurable in your county but is insurable in other counties, you can complete and file an actuarial change request through a crop insurance agent.
For example, Nationwide agribusiness farm insurance allows policyholders to choose coverage for 12 different categories of hazards. For an insurance policy for farms or ranches to cover fences extensively, it would mean taking into account a risk that many policyholders are not subject to, even though it would be reflected in the form of a more expensive premium. .
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