Coverage options also vary widely based on lease land’s use. A basic homeowners policy rarely covers all of the operational risk of leased farmland. Sometimes endorsements cover those specific risks, but in other cases, altogether different policies specifically designed for farmland are the best solutions.
Especially with an absentee leases, it’s always a good idea to have regular meetings during which the lessee can update the landowner on all activities on the leased land and how they impact things like lease price and optimal insurance coverage options.