Filing your personal taxes can be easier than it used to be. Unfortunately, what you could claim last year may not be the same this year. I have compiled a list of the common personal tax laws that have changed since last tax season on my website. I have also provided several tips that can help you get the biggest return possible without manipulating your tax forms. You can learn how to get the biggest return while following the IRS guidelines so you do not have to worry about tax audits or getting a penalty letter a few years after getting your check.
Have you recently moved into a property that is on a farm and you don't know what type of insurance you need? Or have you recently purchased a farm that will be used for business purposes and want to make sure that you have enough coverage? There are actually multiple types of farm insurance that are designed around specific circumstances, including renting a farm property and owning one as a business. The main question is what type of farm insurance will be right for your situation.
Farm Insurance for Renters
If you are renting a property that is on a farm, your insurance plan will be different than one for an owner. For example, a renter will only need farm insurance that covers their household property and personal belongings, as the owner will be responsible for the insurance that covers the home itself. So purchase coverage for everything that you bring into the home, such as clothing, jewelry and furniture. If you are responsible for the equipment and livestock on the property, consider purchasing separate coverage for farm property in order to cover any losses you may experience.
Farm Insurance for Home Owners
If you own a home that is on a farm property, your farm insurance will be similar to homeowners insurance. This type of insurance is known as owner occupied dwelling coverage. You will need to purchase coverage for the property itself, as well as any detached dwellings or swimming pools. Home owners will also need to purchase coverage for their personal property such as furniture, appliances and jewelry. Liability insurance may also be necessary to cover any incident where a person is injured on the farm.
Farm Insurance for Commercial Users
If you have purchased a farm as a business opportunity, your farm insurance will be known as farm personal property coverage; if you live on the farm you will need to purchase this in addition to owner occupied dwelling insurance. Farm personal property insurance covers the machinery, livestock, farm tools and grain that is used for farming operations. Additional insurance to cover structures, such as barns and other buildings, on the property will also be required. Insurance for any losses and liability coverage for both personal and farm liability as well as paying medical expenses for other parties should also be purchased.
Regardless of what type of circumstance you are in, purchasing farm insurance should be at the top of your to do list. You want to make sure that your property is covered, as well as any equipment you may own. Contact an insurance company in your area, such as Western Reserve Group, to discuss what options will best suit your needs.
Share12 January 2015
