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re: homeowner insurance
My homeowners policy wouldn't cover my tractor, 27hp. I go through State Farm. My brother in law is a catastrophic claims adjuster for Nationwide. He knows insurance inside out and agreed with my agent and my dealer. I now have an "inland marine" policy on the tractor. It's the most expensive policy, relative to the tractors value, that I own, but it covers almost everything. Fire, collision, theft, roll over, personal stupidity (an issue for a neophyte like me) It might be worth looking into for you guys, not based on the personal stupidity factor, that's just why I bought it, but based on degree of coverage.
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re: homeowner insurance
Donald and Jeff,
I think you guys need to check what "anything" means. I am pretty certain that if you roll your tractor, it won't be covered. Likewise, collision is a question. I also doubt State Farm would give you replacement cost on the tractor in the event of a fire or theft, unless you have a clause stating that specifically. I checked on what was covered carefully, as we have 12K in titanium bicycles in our home, and they didn't need a rider, but my wife's wedding ring did. These tractors cost more than some cars, and I don't believe homeowners covers your car if it burns up in the garage, or is stolen. Your auto policy does. I was told this by my agent, and by the guy who gets to go out to the site and write the check for what's covered, and by my dealer who is pretty savy about this, that I needed an inland marine policy. I'm in Vermont, which is pretty good about making the insurance companies toe the line, but maybe your state is different. It's worth being sure.
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re: homeowner insurance
I'd keep that letter Craig. It's golden if anything happens, because the bank would argue for their money, and it might be cheaper for the insurance company to give in than argue they didn't mean it was covered in situation X. Since I earn no money from my property, and don't move my tractor, I wonder if maybe I should switch over to Amica like Jeff??? Still, I'm a big fan of being over insured. This way, I'll rest easy if my brother-in-law or somebody ever does borrows my toy. Some things you can never have too much of, insurance is one of them.
Todd
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