Risks on the Hobby Farms Series
This series profiles fictional hobby farms with farm operations, common insurance coverages, and a few common risks. Start with our intro post about hobby farms!
Hobby Farm: Ponies and Horses
For many hobby farmers, a love of horses draws them to the lifestyle. A house on land with room for a barn and riding is the ideal! Situated on 5 acres in Abbotsford, BC, this fictional hobby farm features:
- Large five-bedroom, executive home
- Inground saltwater pool and hot tub
- Extensive landscaping
- Horsebarn
- Outdoor riding ring
- Two horses
- Two ponies
Common Insurance Coverages
At Mutual Fire Insurance, many of our insurance products offer a range of options including basic perils, limited perils, extended perils, and comprehensive coverage. Hobby farm policies include protection for the home and personal liability and the farm and farm liability. Together with your insurance broker, you can choose the best coverages and amounts of insurance for your needs.
Here are some popular insurance coverages for hobby farmers with ponies and horses.
Tack
When riding horses and ponies, most people will use tack such as a saddle and bridle. Coverage can protect horse riding equipment from an insured peril.
Fencing, Corrals, and Paddocks
Add coverage to protect fencing used for farming operations on the property when damaged by a basic peril such as fire or wind. This coverage can apply to the fencing surrounding the riding ring as it is a farm use. Coverage would not apply to fencing surrounding the house as it is not for farm use.
Growing Plants, Trees, Shrubs, and Flowers
For homes with gardens and landscaping design, you can add protection to replace it if lost due to an insured peril. For example, if a small fire starts while grilling in the outdoor kitchen, it may spread to the bushes and flowers beside the area.
Farm Liability
While it is a good idea for every hobby farm to add farm liability to their insurance policies, it is essential for those with ponies and horses. Adequate insurance can protect you if someone is injured or property is damaged because of your horses.
Hobby Farm Risks to Be Aware Of
Liability Risks
Horses and ponies are large animals and owners are responsible for ensuring the safety of both their animals and the people who encounter them. In the event an animal causes injury or damage, the resulting legal fees, medical expenses, and damages can be costly. To minimize the risk of accidents and injury:
- Train horses well and supervise riders
- Maintain farm fencing and gates to prevent horses from escaping
- Regularly inspect tack like bridles, reins, and saddles
- Provide adequate veterinary care, nutrition, and boarding to keep horses healthy
This fictional farm also has a pool and hot tub which add to the liability risk. A few best practices for pool safety include:
- Fencing around the pool
- Alarm to notify the owner if the pool is accessed
- Rescue equipment on the pool deck
Property Risks
An executive home in a suburban area may have an increased risk for property theft. High value homes often have expensive outdoor features, luxury home finishes, and high-end appliances. These features can all be appraised and insured accordingly with the help of an experienced insurance broker.
Connectivity and the internet of things (IOT) may also be a property risk to examine. A blackout or brownout can damage smart home technology, computers, and appliances. One way to help protect devices is to use a power bar with surge protection. It can lower the risk of damage to your expensive electronics!
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