(1) In respect to property insurance as defined in 33-1-210, a farm mutual insurer shall insure against loss or damage by fire or other casualty only:
(a) rural dwellings and buildings, including the usual contents, farm livestock, machinery, vehicles, growing crops, and other forms of farm property owned by a member of the insurer or by the member's spouse;
(b) residential dwellings, appurtenant structures, and personal property owned by a member of the insurer or by the member's spouse;
(c) dwellings and related buildings designed for occupancy by not over four families, together with the usual contents;
(d) rural schoolhouses and buildings used in connection with the schoolhouse, rural community houses, rural churches, or other rural public buildings.
(2) A farm mutual insurer may insure against the liability risks provided in 33-1-206 (1)(b):
(a) only to the extent of the limit of risks provided in 33-4-502 (3); and
(b) if contingent liability exists, provided that every policy contains a statement that each member of the farm mutual insurer is subject to a contingent liability under 33-3-411.