I'm no lawyer and every state is different. Iowa has a recreational use law that limits the liability of the land owner if someone uses the property for recreational use. (The law looks at someone who wanders onto your property different than someone you invite as a guest.

http://www.americanwhitewater.org/resources/repository/Iowa_Recreational_Use_Statute.htm

The best thing about insurance is in most cases, the insurance company pays the legal defense costs.

You don't lose the farm paying the lawyers.

1/3 acre & 1.5 acre ponds -- first year of ownership