Farm Equipment and Machinery Coverage
Blanket or Scheduled Coverage
Coverage for the "Many Things" That Keep Your Farm Running
Farm Personal Property can be insured two different ways, Blanket Coverage includes several items like tools, shop equipment, small implements, big equipment and supplies under one value, but coverage is typically subject to a co-insurance provision.
Schedule farm insurance lists (insures) each item separately with a value.
Farm blanket coverage insures groups of farm personal property under a single limit. Instead of listing every item, you get protection for the essential, movable property that keeps your operation moving. Gateway Insurance can help you set the limits and clarifies what's included.
When to Blanket, When to Schedule
Blanket Coverage
Farm coverage that protects a broad range of farm personal property under a single total limit, including machinery, grain, feed, tools, supplies and more.
Scheduled Coverage
Covers higher-value or unique items individually, with specific values, descriptions and most companies offer a separate deductible.
Examples: tractors, combines, GPS units, major implements, high-value ATVs/UTVs.
Inventory, Valuation & Avoiding Underinsurance
Review all tools, implements, and supplies annually. Gateway offers inventory worksheets and can help you through the process
Add up replacement costs, not just purchase price-consider seasonal additions or new purchases
Know that blanket coverage is subject to coinsurance-underinsuring can lead to reduced coverage, so set the limit accurately
Gateway's local agents provide guidance so you don't miss important items or underestimate your farm's needs.
Common Examples
Hand tools and shop tools
Small attachments and equipment
Power tools, welders, portable compressors
Feed bins, supplies, fencing materials
Some portable tech (if not scheduled elsewhere)
Seasonal and mobile items stored in shops/outbuildings
Consider scheduling your high-value or unique items (large tractors, combines, GPS, side-by-sides). Gateway Insurance can review and help you coordinate blanket items with your scheduled items.
Protection for Mobile, Movable, and Shop-Stored Property
Hail, fire, theft, and wind can affect items stored in shops, machine sheds, and outbuildings
Frequent movement of equipment between yard and fields increases exposure
Blanket and Scheduled Coverage is built for the risk of loss to the many items you have to run your farm operation.
Keep in mind that if the values on the property blanket/schedule are not current, you could be significantly underinsured in the event of a loss.
The value of certain types of farm commodities such as grain, cattle, etc., can fluctuate due to inventory size or market prices, so it’s a good idea to review these numbers throughout the year to ensure you have the appropriate amount of coverage.
Farm Personal Property Coverage-Questions Answered
What is farm blanket coverage?
It's a single-limit policy for groups of farm personal property-like tools, shop gear, and implements/equipment.
Should I schedule equipment or blanket it?
Items of high value and/or are unique should be scheduled.
What does unscheduled farm personal property include?
Items such as tools, attachments, equipment, and supplies not specifically listed (scheduled) on your policy.
How do I set the right blanket limit?
Review inventory and replacement costs, and take into consideration the farm policy’s co-insurance clause to avoid underinsurance.
Protect the Essentials
Request a Farm Blanket and
Scheduled
Coverage Review
Gateway Insurance can help review your farm inventory annually, and together we can determine the blanket and scheduled limits, and help keep your farm's everyday assets protected. We understand the time it takes to go through these valuation, coverage options and policy documents. We are here to help you through this process.