South Carolina is home to more than 25,000 farms across 4.7 million acres of farmland. With its top commodities being broilers, turkeys, greenhouse nurseries, cotton, corn, cattle, soybeans, peanuts, eggs, and wheat, if you're a farm owner you'll want to make sure your property and commodities are protected with farm insurance. 

When shopping for the right farm insurance, a South Carolina independent insurance agent can help you get the coverage you need. There are a variety of variables that affect the cost of farm insurance and an agent can make sure all of your land and equipment is protected against any potential risks.

South Carolina farm facts

What Is the Average Cost of Farm Insurance in South Carolina?

When you purchase farm insurance you have a variety of options depending on the size of your farm, the equipment you run, the type of commodity you produce, how many employees you have, and a whole host of additional factors that insurance companies will take into consideration. This makes it nearly impossible to put a price on the cost of farm insurance in South Carolina, as it will vary greatly from farm owner to farm owner. Here is a list of the most common "add-ons" and/or "options" on a farm insurance policy.

Of course, the more add-ons you have, the more expensive your insurance policy will be. The same goes if you have a $500,000 tractor to insure vs. a $25,000 tractor. Your independent insurance agent can help you understand what add-ons you need and pull exact cost quotes from companies.

What Does Farm Insurance Cover in South Carolina?

Farm insurance covers your personal property that is directly related to the farm. Typically this is broken down into three categories: farm machinery and equipment, livestock, and farm products.

Farm machinery and equipment: Pays for any damage or repair for machinery, such as tractors, combines, cotton pickers, planters, field equipment, hay rakers, and more. In some instances, you can bundle any vehicles you use on your farm with your commercial auto insurance to make them part of your farm insurance package. It will also cover portable structures and fences.

Livestock: If your livestock is killed or injured by a covered peril, your farm insurance will cover the costs. There are different options depending on the type of livestock you have. You can purchase additional coverage like animal mortality for horses, as that covers death related to illness or disease, which will not be covered in your standard farm insurance policy. Other extensions include injuries or death from accidental shooting or attack by wild animals. 

Farm products: Seed, silage, animal feed, fertilizers and pesticides are all considered farm products that are covered while being stored. They are not covered once they are planted or used.

Liability coverage: Farm insurance will also include liability coverage, which will cover medical expenses, legal fees, property damage, and bodily injury for covered events. However, liability insurance is not included in every farm policy and events may be covered by your homeowners liability policy.

What Is Not Covered in Farm Insurance in South Carolina?

Farms are large with lots of property and equipment, and you may encounter some things that you'd imagine would be covered but in fact are not. There are also small nuances related to what is covered. Unless specifically purchased, most farm insurance companies will not cover chemical drift. This would happen if you decide to spray your cotton fields with pesticide on a windy day and the pesticide drifted into your neighbor's farmland and killed all their crops. Often, fencing will not be automatically included in farm insurance and will need to be added. When it comes to your machinery, it will only be covered under specific perils, and if your equipment isn't well-maintained it will not be covered. There are also some exclusions for covered fire events that will vary by policy.

The good news is that there are extensions and add-ons that can cover most nuances, but working with a South Carolina independent insurance agent can guarantee that you have all of your bases covered.

How Much Does South Carolina Farm Equipment Insurance Cost?

Farm equipment is not a cheap purchase. Tractors can cost several hundred thousand dollars, and they're put to good use. According to independent insurance agent, Paul Martin, "Equipment insurance can be included in farm insurance, but if you have a ton of expensive equipment, you might need individual equipment insurance." He further explained that an insurance company might insure complicated equipment, but it might come with a lot of conditions that can get expensive, fast.

Since every piece of equipment is so different, it's hard to put a price tag on farm equipment insurance. But for your typical equipment, like a tractor, typically you'll pay $15 per $1,000 of value. Of course, you always have to pay your deductible before your policy will kick in, and your insurance will only pay for covered perils. 

Is Farm Insurance Required in South Carolina?

Farm insurance is often bundled into other insurance policies like home insurance or commercial insurance. Depending on the size of your farm and number of employees, you may be required to purchase worker's compensation for your employees. You may also be required to purchase liability insurance. However, comprehensive coverage and insurance to cover your equipment being damaged are usually not required, just recommended.

Does Farm Insurance Cover Transportation of Products in South Carolina?

Typically, farm insurance does not cover the transportation of your commodities or products if you're moving them from your farm to somewhere else. This is usually covered under inland marine insurance. This insurance covers products, materials, and equipment that are being transported over land via a truck or train. It will help pay for any damage or replacement costs of the products being transferred if there's a covered accident.

How Can a South Carolina Independent Insurance Agent Help with Farm Insurance?

Agribusiness is crucial to South Carolina's economy. With large plots of land come buildings, equipment, products, livestock, and a variety of other property that can be damaged in an instant. An independent insurance agent in South Carolina can help you get farm insurance quotes from several different companies. They'll get to know your farm and make recommendations that fit your property and assets.