The Piedmont Region is renowned for its large farms; many of which have remained in the same family for hundreds of years. Passing traditions from generation to generation with the hopes of passing the larger asset of the actual land to future generations as well.

According to the VA Department of Agriculture and Consumer Services, farming contributes $70 billion annually and provides jobs to over 334,000 people.

 

More Virginia Farm Facts

  • Virginia has 44,800 farms.
  • The typical Virginia farmer is 59.5 years old. Thirty-six percent of farmers are 65 years of age or older.
  • The average farm size is 181 acres.
  • Farms cover 8.1 million acres, or 32 percent of Virginia’s total land area of 25.3 million acres.
  • Approximately 17 percent of Virginia’s primary farm operators are female.
  • The market value of Virginia agricultural products sold in 2016 was $3.32 billion.
  • Nearly 90 percent of Virginia farms are owned and operated by individuals or families.
  • In the 1960s, one farmer supplied food for 25.8 people in the U.S. and abroad. Today, one farmer supplies food for 165 people in the U.S. and abroad.
  • Less than 16 cents of every consumer dollar spent on food actually goes to the farmer.

Source: 2012 USDA Census of Agriculture, 2016 survey data from NASS and the Economic Research Service (ERS)

In recent decades, the cost to maintain a farm and the expense of the equipment required to run it have caused many farm owners to take on temporary debt; debt anticipated to be paid off in a predetermined number of years.

Long term planning for large farm owners has them asking the question of what would happen if they were to die? How would their debts be paid off? How can farmers ensure that their farms will remain in the family for generations to come? How can they secure this asset for generations to come?

Puffenbarger Insurance wants to help protect your most valuable asset and ensure that it will continue to provide for family and the community for years to come. We are deeply entrenched in the Piedmont Region and focus our efforts on safeguarding assets for years to come. Understanding the insurance policies that are available to you is the first step.

Contact us to learn more about insurance policies.

1 Response
  1. I never knew that the farmers before have been in debt due to the expense of maintaining their equipment and the farm to keep in running. So I agree that it is essential to get a farm insurance to ensure that the farm will still be theirs in the future. My uncle is planning to own a farm, and he is thinking if he should get an insurance or not because he has limited knowledge about farm insurance. I will probably share this information with him to convince him about getting one. Thanks!

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