All the money that my farm makes from renting land on my farm goes to insurance companies. Do I need to have insurance? If I do, why? and sa?

Yes, YOU are ultimately liable for what happens on your property.

If someone is injured, you are liable.

If there is a fire, you are responsible for any buildings on your property, but you are not responsible for the renter's contents. Depending on state law, you may also be responsible for temporary housing if the rentals are residential.

Natural Disasters, like tornadoes, hail and such are NOT covered by regular policies. You would have to get a "rider", or even another policy, that covers these casualties.

If you are not insured, and someone sues, you are financially responsible for any judgment against you.

You don't HAVE to get insurance. However, if something happened you are liable so insurance is a good idea. The actual amount you will pay if something happens depends on your deductible and type of policy. However, it will be a lot less than how much you pay without any insurance. Otherwise, you may end up paying millions. We had a drunk fall off a balcony and sued us. The insurance paid him. Our premium went up, but not as much as they had to pay him. Point is, if you are going to have renters or other people using your property, you should have insurance.

IF you had no insurance and everything burnt down, you would pay all your own money to rebuild. If someone got hurt, YOU would personally be sued, if there was theft, you would simply have no choice but to buy new items.

You see, without insurance, something like that will bankrupt you.

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