A Farm/Ranch Owner’s policy is a Homeowners & Commercial Liability policy combined. The benefits are that they often provide the same coverage as a sole Homeowner’s policy and has discounts applied for packaging the two policies. Another benefit of having your Personal and Commercial Liability packaged is less friction. In the event of making a claim you will not have the added worry of two carriers arguing about which liability policy it falls under, whether it be Homeowner’s or Farm/Ranch.
For example, say a friend of yours came over for dinner and wanted to see the horses. While you all are out in the barn your friend gets bit while feeding a horse a carrot. Carriers might argue whether it should be covered under the Personal Liability (Homeowner’s) or under the Commercial Liability (Farm/ Ranch Owner’s).