Getting coverage is a great way to protect your animals and property. An independent insurance agent can guide you through the process, cutting through the jargon and fine print. They also have access to several insurance companies and can negotiate the best coverage and pricing for you.
Cost
The cost of equine and livestock insurance varies depending on the coverage you require. Some policies cover a specific number of animals, while others are more generic. Either way, it is essential to consider the cost of insurance when raising animals. The right policy can protect your livestock and property from accidents and injuries.
The cost of mortality coverage varies and can be as high as $250 or less. It depends on the range you require, your horse’s age, and the area in which you reside. In most cases, the premium is between two and four percent of the horse’s value. If your horse is worth $7,000, you will likely have to pay between $220 and $280 for its annual premium. Some providers require a minimum gratuity of $150, so you must shop around.
Insurance companies must disclose their financial strength and reputation to potential clients. Fortunately, several independent agents can simplify the process. It is wise to research the importance of an insurer and choose an agent specializing in livestock insurance. By cutting through the jargon and explaining the fine print, they can get you the best coverage for the lowest price.
Obtaining Coverage
Horse insurance is a great way to save money on veterinarian bills and medications. It’s like having your own health insurance plan, but for horses. Insurance can reimburse up to 60 percent of a horse’s medical care cost. The policy also covers the costs of emergency stabling and the removal of the horse’s carcass. Many policies include additional coverages that pay for surgery or high medical costs.
Obtaining coverage for livestock and horses requires a thorough knowledge of the industry and the insurance policy. It would help if you worked with a livestock specialist to get the most out of your policy. It would be best if you also researched the insurance company’s reputation. You can do this by checking A. M. Best ratings.
For horses, you may want to obtain coverage for “specified perils” (also known as named and restricted perils). This coverage covers equine deaths caused by specific dangers like fire or flood. Specified perils coverage is available for most horses but is not available in every state.
Coverage Options
Horse and livestock insurance is designed to protect your horse and your livelihood in the event of a loss. It can save you from financial loss, bodily injury, and property damage to third parties. If you own a horse, many insurance coverage options are available to you.
Horse and livestock insurance covers the cost of medical treatment and loss of use. The policy typically has an annual limit of $5,000 to $15,000. Any costs over this limit will be the responsibility of the policyholder. Generally, horse insurance works on a reimbursement basis. When your horse becomes ill or has an accident, you pay your vet bill and submit it to the insurance company. The company will review your claim and send you a check for the expenses.
The cost of mortality insurance depends on the value of your horse and where you live. Depending on the type of coverage you select, it could cost anywhere from $150 to $280 annually. Surgical coverage is more expensive, and premiums are based on the type of surgery.
Infertility Coverage
Whether you own a single horse or a herd of thousands, infertility coverage dramatically benefits your health insurance policy. This benefit will cover costs related to fertility preservation and infertility treatment. The cost of a single IVF cycle will be about $59 to $69, and it will cost approximately $116 per cycle to insure unlimited cycles.
The insurance coverage of fertility services varies from state to state and even employer to employer. Most private health insurance plans will not cover fertility services, but Medicaid will cover specific procedures. Infertility coverage is available for several systems, including HSG, pelvic ultrasounds, blood tests, and office visits. In some states, however, fertility services are not covered at all. Check with your state’s Medicaid office to see if infertility services are covered.
Some states are moving towards requiring insurers to provide coverage for infertility. In Utah, for example, insurers must cover infertility treatments as part of their primary health coverage. Louisiana, New York, and New Hampshire have passed legislation requiring insurers to cover infertility.
