11 December 2018

Guest Post: Placing a Monetary Value on the Life of Your Animals

Placing a Monetary Value on the Life of Your Animals

If you are like most farmers and ranchers, you would say that the lives of your farm and ranch animals are priceless and that no value could be placed on them. In reality, a price can be placed on them, which is why you can buy farm and ranch insurance that will compensate you if one or several of them are lost to circumstances you could not control.

With that in mind, you need to think of a roundabout dollar figure before you shop for cattle, sheep, and horse insurance. The insurer can then create a policy that will be as close to that dollar amount for which you think your animals are worth if they are taken from you.

Creating a Realistic Policy

You may think your trusty ranch horses are worth a million dollars apiece because of how much sentimental value you place on them. However, it is unlikely you could get a policy written for this much unless the horses are show horses or used for stud services in the horse racing industry.

Instead, it is more likely you can have them insured for several thousands of dollars apiece, which in reality will be enough to compensate you for the loss of an animal you use for ranching or farming purposes. While you appreciate the animal as a companion, you also know the price for which you insure it can reasonably be enough to buy you another horse to replace it.

With that, you can shop for policies that will be reasonably created and priced on the website. The agent with the company can determine a legitimate value of the animals you want to insure. You can then pay the first month’s premium and get the policy issued the same day if you prefer.

The policy can be useful in all types of circumstances including fires, tornadoes, floods, and theft. You never know when disaster will strike your property or your farm or ranch animals, which is why you may want this protection in place as soon as possible.

Image Source: Pixabay

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  1. Replies
    1. I agree completely. I think even if I had farm animals, I would see them as family, not property. Not everyone sees it that way. We had a couple of hogs when I was a teenager. My daddy saw them as food. I guess I saw them as not-so-little siblings. I couldn't handle the thought of eating someone that I'd taken care of (feeding, etc.).

      Have a blessed day. :)


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