Farm insurance protects rural properties by combining domestic home and contents cover with commercial farm assets and liability.
Standard policies protect against fire, storm and third-party liability, while livestock and crop cover are typically specialized add-ons.
Policies can be tailored to owner-operators, hobby farmers, pastoral corporate entities and non-resident rural landlords.
Premiums vary significantly based on farm acreage, geographical bushfire risk ratings, produce types and overall asset values.
Farm insurance can combine multiple types of cover including home and contents, farm property, liability and farm vehicles.
It protects your livelihood and assets from severe weather events, fires, livestock injury or death, theft and more.
What is farm insurance?
Farm insurance is a type of insurance designed specifically for farmers. It combines elements of personal and commercial insurance to protect both your personal assets (like your home and its contents) and your business assets (such as machinery, crops and livestock).
It helps protect against a range of risks, from natural disasters and equipment breakdown to liability issues, helping ensure that your farm can recover from unexpected events.
Finder survey: How many Australians of different ages have business insurance?
Response
75+ yrs
65-74 yrs
55-64 yrs
45-54 yrs
35-44 yrs
25-34 yrs
18-24 yrs
I don't own a business
86.05%
75.16%
74.27%
73.91%
66.54%
63.11%
52.86%
No
6.98%
12.42%
9.94%
13.53%
15.75%
18.45%
21.43%
Yes
6.98%
12.42%
15.79%
12.56%
17.72%
18.45%
25.71%
Source: Finder survey by Pure Profile of 1112 Australians, December 2023
What does farm insurance cover?
Farm insurance packages can be tailored to suit the specific needs of your farm, so what's included can vary depending on your insurer and the options you choose. However, some common cover types include:
What's typically covered
Home and contents. Farm insurance can cover your home and the items inside it from loss or damage due to natural disasters, theft or any other accident.
Farm property. You can also get cover for your rural property. This can include financial help if machinery, buildings, silage, grain or livestock is damaged or destroyed.
Farm liability. This covers you against liability claims for property damage or personal injury as a result of your business operations. This can include legal costs you might incur to defend yourself.
Farm vehicles. If you have any agricultural vehicles, this can protect them from loss or damage.
Crops. If hail, fire, overspray, transit, livestock intrusion or storage loss damages or destroys your crops, this can cover you.
Extras that you can add-on
Many farm insurance policies also come with a few add-ons. These can include cover for:
Business interruption. This can cover any loss of income you suffer as a result of a disaster or other event that disrupts your farm operations.
Livestock. If your livestock are lost or killed due to an insured event, this can provide financial compensation.
Theft. Farm insurance can cover any of your equipment, stock or materials that are stolen.
Machinery breakdown. If essential equipment breaks down, this can cover the cost of repairs or replacements.
Who needs farm insurance?
Whether you run a large-scale agricultural business or a hobby farm, farm insurance is suitable for anyone who owns or operates a rural property. It can cover a wide range of properties, including:
Cattle, sheep or pig farms
Dairy farms
Poultry farms
Grain, fruit or vegetable growers
Vineyards and orchards
Lifestyle blocks and hobby farms
Equine and horse breeding facilities
Ready to protect your farm?
Get quotes with an insurance broker
To find the right cover for your farm, it can be a good idea to work with an insurance broker. A broker can help you assess your specific risks and find a policy that suits your needs.
The cost of your farm insurance depends on several factors. These include the size and location of your farm, the type of farming operation you run such as cropping or livestock, the value of assets you need to insure including buildings machinery livestock and crops, your claims history, your chosen excess and the overall level of cover you select.
Farm insurance policies have exclusions. Generally they do not cover wear and tear mechanical breakdown pest or insect damage pre-existing damage intentional damage or losses arising from illegal activities. It is important to review your PDS to understand all specific exclusions that apply to your policy.
To make a claim, contact your insurer as soon as possible after an incident occurs. You will need to provide details of what happened and gather any relevant evidence such as photos videos police reports or witness statements. Your insurer will guide you through the next steps in the claims process.
When seeking a farm insurance quote you will typically need to provide details about your farm. This includes your farm's address and size the type of farming activity you undertake details of your buildings machinery and equipment the number and type of livestock you have your crop types and acreage any previous insurance or claims history and security measures you have in place.
Many farm insurance policies offer cover for natural disasters but the extent of this cover can vary. Floods and bushfires may be included as standard or as an optional extra depending on your policy and insurer. It is essential to check your PDS for specific details on what natural disaster events are covered any waiting periods that may apply and any exclusions for high risk areas.
Yes, it is possible to get farm insurance even if you operate another business from your property. Many insurers can tailor policies to cover multiple business activities. You should discuss all your business operations with your insurer or broker to ensure you have adequate cover for both your farming and non-farming ventures.
No, workers' compensation is a separate mandatory insurance that you must take out if you have employees as it is not part of standard public liability cover.
Yes, boundary and internal fences are usually covered for specific events like fire and impact but you may need to specify the total value of your fencing to ensure adequate protection.
Yes, insurance can be arranged for investment farms, leased land or properties where you are the owner but not the resident farmer.
No, you typically need to add a 'Goods in Transit' or specific livestock transit extension to your policy to cover animals being moved to market or between properties.
Yes, coverage for liability arising from chemical overspray or drift is a common feature of the public liability section in most Australian farm insurance packs.
Gary Ross Hunter has over 6 years of expertise writing about insurance, including life, health, home, and car insurance. Having reviewed hundreds of product disclosure statements and published over 800 articles, he loves simplifying complex insurance topics for everyday readers. Gary has contributed to major outlets like Yahoo Finance, The Sydney Morning Herald, and news.com.au, and holds a Bachelor of Arts (Honours) in English Literature from the University of Glasgow, along with a Tier 2 General Advice certification, ensuring his work adheres to ASIC’s RG146 standards.
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Regards
Keith
hi Keith,
We’re a comparison site and we’re not directly affiliated with any insurer. You’ll have to make contact with insurers directly to discuss your options.
Best of luck!