What kind of farm insurance do I need?

Farm insurance varies for each policyholder depending on the operation that occurs on the farm. An insurance plan for your farm is tailored specifically to the needs on your land. 

Typically, you will need coverage for your farm, machinery, and livestock. You can bundle your farm and ranch insurance, which covers your property and provides liability coverage. For your farm, you will need coverage for property, liability, and workers’ compensation. In addition, coverage will be needed for worker safety, as well as fire and equipment failure. 

The team at Holly McMillin works with policyholders to draft a plan to cover risks associated with professional, product, and general liability. Furthermore, they assess the needs and create a plan to properly cover your farm.

farm insuranceWhat is farm insurance?

Farm and ranch insurance are a bundled dual coverage policy. This insurance policy protects your livelihood – including the operation of the farm and the home on the property. Reliable insurance protects the livestock, machinery, and anyone who works on the property in the event of potential liability situations. It also protects additional structures such as the barn or stable. If there are animals on the farm that provide an income, having the right insurance protects the livestock in the event of a death or accident. 

Farm insurance is a highly customizable plan with additional add-on options for your farming needs. It is not uncommon for an insurance agent to visit the farm to assess the coverage needs so that the farm is protected personally and commercially. Farm and ranch protects the home, farm, machinery, and livestock. The policy may be broad coverage or more specific coverage.

What does farmer’s insurance cover?

  • Machinery such as tractors, combines, plows, and field equipment 
  • Livestock such as cattle, sheep, pigs, goats, and more
  • Farm products such as fertilizers, pesticides, animal feed, seed, grain (only covered while being stored) 
  • Detached garages, and other buildings
  • Plants such as trees
  • Personal property directly related to the farm 

In addition to the items listed above, if you use a truck for farm work, you may be able to bundle your auto insurance policy and add it to your farm insurance package. Some other basic coverage information that is beneficial to know is that if livestock is killed or injured, struck by a vehicle, attacked by other animals, or a victim of an accidental shooting, the livestock is covered. If a flood or earthquake causes loss to livestock, they will be protected under the policy. Horses typically require more insurance, whether they are used for work, breed, or show. Horses that are rode for pleasure may not need as much coverage. Horses need separate plans to also include medical and surgical expenses.

What may need to be included as an addition to the policy?

  • Crop coverage
  • Pollution coverage
  • Additional structures such as rental properties 
  • Fences 

What is included in liability protection coverage for a farm?

If an accident occurs on your farm, you will want to make sure you have quality liability coverage on your plan. Just like a home insurance policy, farm insurance also provides liability coverage. Liability coverage is required as a part of farm insurance. This covers bodily injury, medical expenses, property damage, and attorney’s fees. For example, if an animal escapes and causes an accident, the owner of the animal is liable. However, liability coverage protects the farmer in the event of an accident. 

What information do I need to provide for a quote?

An insurance agent at Holly McMillin will identify what plan may be most suitable for your farm. In order to receive a quote, the following information will need to be provided. 

  • Name and address of the farm
  • Type of farm – equine cattles, crops, etc.
  • Is the entity an LLC, corporation, or sole proprietorship?
  • How long has the company been in business?
  • How many years experience?
  • Do you reside on the farm?
  • Number of homes, barns, and values on the farm
  • List of equipment on the farm 
  • Amount of payroll, excluding the owner 

Holly McMillin is passionate about serving the farming community. Get in touch with our team here to learn your farm insurance options.

How do I add my teenage driver to my insurance?

When your teen has reached that monumental milestone of receiving their driver’s license, you may be wondering how to add them to your insurance and if there are any other considerations for having a teenaged driver in your household. 

Our team at Holly McMillin Insurance Group provides parents the opportunity to cover their teenaged driver in the event of an accident and every newly-driving teenager will need car insurance. 

Parents of teen drivers have the option to either add them to their existing policy or purchase a separate, individual plan if the child isn’t a minor. A child who is a minor, living in their parent’s household, and driving a car owned by their parents cannot purchase their own plan. They are considered financially dependent and will need to be added to their parent’s current plan.

how to add a teen driver to your insurance

What to expect when adding your teenage driver to your insurance plan

Operating a motor vehicle comes with tremendous responsibility and part of that newly found independence is the need for car insurance. If your teenage driver has a license to operate a vehicle, they must be insured. It is important to set the expectation upfront that your car insurance bill is going to increase. Your rates will most likely double because young drivers are more likely to be in an accident due to reasons such as distracted driving, not wearing a seatbelt, or driver inexperience. Recent surveys have concluded that there is an average increase of about $2,000 a year for adding teen drivers to their parent’s current plan. This is because more risks require more money to cover those risks. The good news is that rates typically decrease as the driver gets older. In addition, most insurance companies offer a variety of discounts for teen drivers.

What kind of discounts are available for teenage drivers?

Even though your car insurance bill is going to increase when adding a teenage driver, there are a variety of opportunities for discounts. If your child is a student, enrolled in school full-time, then they are eligible for student driver discounts. If a student maintains good grades (usually a B average), accomplishes academic achievements such as Honor Roll or Dean’s list, they can submit proof from school administration or showing their report card to receive discounts on their car insurance. Discounts for good students can save 10%-25% on car insurance rates! In addition to being a good student academically, if the teenage driver completes an approved driver’s education course, they may be eligible to qualify for discounts. 

Another opportunity for discounts is having multiple vehicles on your car insurance plan or bundling your home and auto insurance. Some insurance agencies even provide discounts for loyal customers. One of the most important reasons to qualify for insurance discounts is keeping a clean driving record. This means that your teenage driver shouldn’t be involved in at-fault accidents and hasn’t received any traffic violations. If your teenager goes off to college and doesn’t take their car to school, discounts may be available as well. The team at Holly McMillin can provide available discount options for parents adding their teenage drivers to their plan.

How do I add my teengager to my car insurance plan?

The proper time to add a teenage driver to your car insurance plan is the moment that they receive their driver’s license. Some parents may even decide to add their child when they receive their temporary driving permit. When a teenager is driving with a permit, they are protected under the parent’s insurance. When the teenage driver obtains their driver’s license, they will need to be added to the insurance plan. If the child lives with you and is driving a vehicle that you own, they will need to be on your plan. 

Unlike health insurance, there is no age limit for your child to be removed from your plan. However, if they are financially independent, typically they will need their own policy. This includes adult children who are married, own a home, or own the vehicle. A college student who is away at school isn’t necessarily considered financially independent. There are varying criteria for students, so be sure to confirm with your insurance provider. Parents will want to inquire for information regarding how to properly add their child to their plan. 

The team at Holly McMillin Group can help parents decide when to add their child, rates for adding a teenage driver, and available discounts. A team member will provide a quote and assist parents in deciding the proper time to make the addition.

What is home insurance and what does it cover?

Home insurance is a common term and need, but until you become a homeowner, you may not understand what home insurance actually covers or is needed for. At Holly McMillin Insurance, we love to explain the basics to our policy holders so they fully understand what it’s for and how it can be a critical resource in times of theft, storm damage, accidents, fire or other emergencies.

What is home insurance?

Home insurance is a form of property insurance that provides protection coverage over loss and damage to an individual’s personal residence. This includes not only the home or property itself, but furnishings and assets as well. Personal liability coverage is also included on the home insurance policy – which protects the homeowner’s assets in the event of an accident. 

What is personal liability coverage in home insurance? home insurance coverage

Personal liability coverage on a home insurance policy defends the homeowner and their property. For example, if a guest visiting the home were to accidentally fall down the stairs, personal liability coverage on a plan can help pay for medical expenses so the homeowner doesn’t have to cover these out-of-pocket. 

If an accident of any type occurs on a homeowner’s property, a claim must be made to the insurance company right away. This could be coverage assistance for medical bills for visitor accidents, house fires, vandalization, and more. A submitted claim will typically be in the form of a legal document including losses, damaged articles, as well as pictures and videos if necessary. Home insurance is not required by law, but most banks require it with a mortgage. Furthermore, it can protect the homeowner from immense loss sustained to their property or assets. 

What is included in most home insurance policies?

Home insurance policies usually include coverage for interior damage, exterior damage, damage to personal assets, and any injuries sustained while on the property during the time of the incident. Each  policy will include a liability limit to determine the amount of coverage needed in the event of an incident. The team at Holly McMillin insurance group works with homeowners to determine the appropriate limit for your liability coverage, as well as determining a plan to protect your home as suited. 

Examples of home or property damage:

  • Interior damage: clothing, furniture, appliances, water damage 
  • Exterior damage: lightning, fire, cracks in foundation
  • Theft, vandalization, burglary 
  • Natural disasters: hurricanes, lighting, hail

What is not covered on a basic home policy?

Most home insurance policies do not include coverage for flood or earthquake damage, rodent or termite damage, or damage from rust or mold. It should be noted that a separate policy would be encouraged to protect high-dollar assets such as fine art, jewelry, and antiques. Also, if the homeowner lives in an area more susceptible to natural disasters such as hurricanes or tornadoes, more coverage may be needed. Holly McMillin Insurance and team can assist in deciding what additional coverage options may be needed, particularly in the states of Kentucky, Florida and Virginia.

Why does a homeowner need home insurance?

Having insurance provides protection coverage for loss and damage sustained to the property during incidents such as theft, storms, and fires. Home insurance helps protect valuable assets damaged in such situations. For example, if there is a shed or fence on the property and it gets vandalized or damaged, the policy can help pay for repairs. If the homeowner cannot stay at their residence because the home has suffered too much damage, there may be a clause to provide financial assistance for temporary living costs. Obtaining insurance doesn’t guarantee that an accident won’t occur on the property, but it does guarantee a financial security blanket in the unexpected event of an accident.

What is the difference between home insurance and home warranty or mortgage insurance?

Home warranty covers maintenance issues and normal depletion that occurs over time. This may include plumbing, electrical work, or HVAC. In addition, home warranty covers repairs or replacements for appliances, water heater, and pools. Home warranty contracts usually expire within a time frame and having a home warranty is not required to buy a home.

Mortgage insurance is required by most banks or mortgage companies if there is a downpayment that is less than 20%. If the homebuyer takes out an FHA loan to purchase the home, the bank or mortgage company will require mortgage insurance. This type of insurance protects the lender if the homebuyer fails to make payments. Homeowner insurance protects the homebuyer and mortgage insurance protects the lender. 

Holly McMillin and the team specialize in creating personalized insurance coverage for those who own property in Florida, Kentucky, and Virgina. The team works with homeowners to create an insurance plan to protect all assets of the homeowner in the unforeseen event of property damage or loss. Click here to get a free quote!

What percentage of the population drives without insurance?

How many drivers are driving without auto insurance, putting you at risk? This is a topic our team at Holly McMillin Insurance addresses with our clients because knowing what to do if you’re in an accident with someone who doesn’t hold insurance may be a reality for you at some point.

Here’s what we explain to our insurance clients about driving without insurance and what happens if you’re in a car accident with another driver who does not carry insurance.

If you are a licensed driver or have a vehicle registered in your name, it is required by law to obtain auto insurance. This law is effective in almost every state, including Kentucky, with the exception of the state of New Hampshire. If you are caught driving without auto insurance or get in an accident and are uninsured, you could pay fines that could cost you much more than your driver’s insurance premium. Is driving without insurance a risk? Absolutely!

Statistics of uninsured drivers

There are roughly 215 million drivers in the United States.

A recent study concluded that about 1 in 8 of those drivers are driving without auto insurance – which means there are 32 million uninsured drivers. 

In 2017, 13% of drivers were uninsured. This was nearly an all-time high percentage. In 2018 and 2019, the rate of uninsured drivers dropped to 12%. Now in 2021, the rates of drivers who are uninsured are on the decline. However, driving without auto insurance still remains an issue. 

In the state of Kentucky an average of 13.9% of drivers do not hold auto insurance. According to the American Association of Motor Vehicles Administrators, the majority of uninsured drivers can’t afford auto insurance or own a vehicle that is not operable or not currently being used. Driving without insurance comes with a risk.

Possible consequences of driving without insurance

  • Fees
  • Impounding of vehicle
  • Loss of license
  • Suspension of license
  • Jail time

Consequences of driving without insurance vary depending on what state you live in. Also, it matters whether it is your first or repeated offense. If you get pulled over and are caught driving without insurance, there will most likely be a fine. If the officer finds it necessary, they can immediately impound your vehicle at the scene. This means that the driver will be responsible for towing fees and other associated costs to regain possession of your vehicle – which may include showing proof of auto insurance. In addition to fees, you could face up to 90 days in jail for a first offense or 180 days in jail for repeated offenses. 

Your driver’s license and registration are at risk of being suspended for a period of time if caught without auto insurance. Furthermore, you will be considered an at-risk driver, which will significantly raise your rates on your car insurance plan. It’s safe to say that driving without auto insurance is a costly liability.

driving without car insurance

Penalties for driving without auto insurance in Kentucky

  • Fine for first offense: $500-$1,000
  • Fine for second offense: $1,000-$2,500
  • Possible imprisonment up to 90 days for first offense and up to 180 days for repeated offenses
  • Driving privileges suspended for up to one year or until proof of insurance for first offense 
  • Driving privileges suspended for one year or two years for every additional offense after the second

Getting in an accident with a driver who isn’t insured

As mentioned above, Kentucky has penalties for drivers who get caught driving without insurance. If you are involved in an accident with an uninsured driver, you will need to make an insurance claim either on your own insurance or the other driver’s insurance. When the at-fault driver doesn’t have insurance, the victim involved in the accident may personally pursue the at-fault driver and sue for damages. This avenue is only successful if the at-fault driver has assets. Typically, most uninsured drivers have very few assets. This is why having uninsured or underinsured motorist coverage on your car insurance plan is important. 

How to protect yourself from an uninsured driver

Most people purchase coverage on their auto insurance plans to
cover drivers who aren’t insured. This is called uninsured or underinsured motorist coverage. This ensures that the victim can be compensated for medical bills, loss wages, as well as pain and suffering. You aren’t required in the state of Kentucky to obtain this specific coverage, but it could be highly beneficial to the driver if involved in an accident with an uninsured driver.

At Holly McMill Insurance, the team works to tailor a plan that protects you from all risks- including the risk of driving without auto insurance or being involved in an accident with an uninsured driver. Click here to get a quick quote on great auto insurance and we may be able to save you money!