Securing your yard and everything in it is something that is always on a horse owner’s mind. If you are on a livery yard, rent your own place or own your own property you need to insure the insurance you have, will cover you should the worse happen. This includes everything from theft to flooding, fire to storm and malicious damage.
Yard Items Included
Most horse owners alongside their equine will also own some high value yard items, with the likes of horse walkers, solariums and machinery costing way into the thousands it is important these items are also valued correctly and included within a suitable insurance policy. Not all standard or household policies will cover these areas.
This is why it is often important to insure with an equestrian specialist, as not every yard looks or contains the same. Equestrian properties are a niche market and require specific cover to ensure all aspects are protected. A standard household policy is not designed for the non standard nature of an equestrian property and therefore tends to only offer limited protection.
Check The Wording
Equestrian policy wording is tailored and designed to take in to account that the horses are the main residents of the property. In the event of items such as show jumps, feed, hay, bedding and tack being damaged or stolen, the financial consequences could be disastrous if adequate cover is not held – not to mention the inconvenience, so by using a specific equestrian insurer you can have peace of mind that all your valuable possessions are protected.
Under an equestrian property insurance policy you can insure everything from saddlery and tack, hay, straw and feed, tools, machinery and jumps as well as other high value items.
Each item insured depending on the value, may require storage within a building and as well as securing to a permanent structure, or within an alarmed area. In the event of a claim for an item typically an amount is deducted for wear and tear.
Valuing Your Property
When insuring your equestrian property, whether you have two stables and a field, or twenty boxes, ménage and an all weather gallops – the first thing you need to ensure is that your property is valued correctly. It is not uncommon for customers to under-insure their property – which means that in the event of a claim they will bear a rateable portion of the financial outlay. For example, if your insurance covers your property for £200,000 but the rebuild cost would be £400,000, you would be 50% under insured for any claim. Even if your claim was for £20,000 you would still only receive 50%, in this case a £10,000 payout. To protect against this customers should consider all aspects when calculating a rebuild cost of any property, including materials, professional fees and including removal of debris in cases of a total loss. If you are still unsure seek professional advice from either a surveyor or local builder.
Take Your Time
The main thing is to be careful not to rush your insurance policy, take your time to consider everything you want covered and discuss it with a specialised insurance broker like Shearwater, who can advise you on the extras you may or may not need.