Understanding Farm Insurance Essentials

Farm insurance provides risk management solutions against theft, fire, vandalism, and weather-related incidents, including liability protection. To ensure comprehensive coverage, you must consider the insurance basics pertinent to your livestock and machinery. At Hanneken Insurance Agency Inc., our agents in Little Falls, MN, are on hand to assist you with farm insurance policy selection.

Key Factors to Consider When Purchasing Farm Insurance

Here’s what you should evaluate before settling on coverage:

Living Quarters for Livestock

Assess the quality of lodging you provide your livestock. The state and value of barns and other residing structures impact your insurance requirements.

Storage for Assets

Appropriate storage safeguards your seeds, machinery, and other valuables from theft and damage. Regularly examine your storage infrastructure. If you plan to insure numerous high-value items, considering a storage system upgrade may be wise.

Valuation of Items

Determine the accurate value of all you plan to insure, including land, livestock, machinery, and buildings. Keep updated records of each possession’s current worth.

Security Measures

Implementing security measures can protect your livestock and machinery. Adequate lights, surveillance tech, and other security components can reduce the risk of theft or damage to your assets.

Getting the Right Insurance for Your Farm

Your farm deserves adequate protection throughout your ownership period. If you have employees, you may also need liability coverage. To personalize a farm insurance policy that answers all your needs, reach out to our agents at Hanneken Insurance Agency Inc.

Understanding Health Insurance in New Jersey

According to the New Jersey Business & Industry Association (NJBIA), in 2022, 72.1 percent of New Jersey residents have secured private health insurance – a consistent statistic for several years. However, a staggering 30 percent navigate life uninsured.

The complexity of acquiring coverage and the associated cost remain formidable obstructions for those seeking health insurance. These hurdles make understanding when to purchase health insurance a crucial question for them.

Health Insurance Enrollment Periods in New Jersey

In New Jersey, the Open Enrollment Period through Get Covered NJ – the state’s health insurance marketplace – commences on November 1st and concludes on January 31st.

Outside the Open Enrollment Period, Get Covered NJ offers a Special Enrollment Period. This "grace period" caters to extenuating circumstances, generally labeled "life-changing events." Missing the Open Enrollment Period doesn’t preclude you from getting health insurance; you can alter an existing plan or sign up for new coverage within an additional 60-day period.

Qualifying Life-Changing Events By NJ Government Standards

The New Jersey government deems the following circumstances as life-changing, hence qualifying for special enrollment:

• Medical complication or enrollment issue that impeded you from getting health insurance
• Completion of a jail sentence
• Becoming a US citizen
• Income fluctuations impacting your insurance eligibility
• Transition from shelter to transitional housing
• Moving to an educational institution as a student
• Relocation from a US territory or foreign country to New Jersey
• Change of area within the state
• Legal separation or divorce creates changes in your health insurance
• Marriage
• Pregnancy
• Adding a child to your family through birth, foster care, or adoption
• Turning 26 and losing parent’s health insurance coverage
• Losing insurance coverage from a student, individual, or workplace plan

Furthermore, if your annual income equates to 200 percent of the US Federal Poverty Level, you are eligible for the Special Enrollment Period (SEP).

Contact Us For Your Insurance Needs

Contact Hanneken Insurance Agency Inc. for further clarifications on health insurance and the enrollment process. We are here to simplify insurance for you.