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re: homeowner insurance
Dang, single quote in the subject line strikes again and I can't reply. This subject is one everybody should be clear on. My tractor is covered under my homeowner policy, but the terms are much more liberal than mentioned. I have coverage for theft and 3rd party liability while on our two properties and transportation in between. There is no coverage for damage to property or the tractor done by an operator. However, the tractor and implements are written on a special rider to the policy. I suspect the 20hp limit is for coverage under the general policy, and I'd be surprised if coverage for most any tractor couldn't be included in a special rider. I might go shopping for another insurer if I couldn’t cover my tractor and implements under my homeowner policy. Yes, it's a very good thing to be sure about.
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re: homeowner insurance
Tom, I, too, was curious about insurance coverage for my equipment and asked my agent for a reading. He was a bit taken back at first as I have a small business package in addition to my homeowner's policy. I pressed him because I still wanted to know about my homeowner's policy coverage. He checked, and to my surprise, learned that everything would not be covered while in transport or at someone else's property. As long as it was on our primary residence I had "every and any" occurrence covered at replacement cost, not pro-rated like cars and trucks. He said that if I didn't have my business policy I would have a hard time convincing the carrier that I wasn't using such "professional" equipment for an illegal side business if an accident or theft occurred while on the road or while at someone else's property. He said they would balk at payment because most homeowners (we aren't talking farm here) don't have such an extensive amount of equipment. Good thing I have the business policy because it protects me even while I'm at the inlaws or a friend's, and not just on the job. Good idea for everybody to check it out.
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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
My homeowners (Amica) covered my 35hp tractor and implements, but only as long as it is on my property and not doing any work for hire.
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re: homeowner insurance
My State Farm Home Owners covers my TC29D & implements for anything, anywhere as long as I'm not making money with it.
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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
Maybe I should do some checking....... When I bought my tractor, financed of course, the bank wanted proof of insurance on the tractor. My agent at State Farm told me it was covered under homeowners. That had got me to thinking, and I specifically asked about using it at a friends house as a favor. I was told I was covered there, and in transit as long as I wasn't profiting from it. They provided the bank, and a copy to me, a letter stating the tractor was covered fully by homeowners. The bank was happy with it, so I figured everything was peachy. We know how banks like to protect their investment.
I did not ask about acts of stupidity. I just kinda figure if I do something stupid that damages the tractor, I will pay for my lesson, kinda helps the learning process if you have to pay for it!
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re: homeowner insurance
Just got off the phone with my insurance company. Near as I can tell, Amica (in NY) covers my 35 hp tractor and implements for loss (fire, theft, vandalism, accident, etc.) as part of my homeowners without a special rider as long as the tractor is on my property, is not used on a highway, and is not used for hire. The relevent clause in the policy classifies it as a non-registered motor vehicle used to service the property. My homeowners liability coverage extends to this also. When I asked "what if I drive down the road to my father's property to do him a favor", they said the coverage was not so clear because NY has cracked down more on non-registered vehicle highway use, and they will have to further investigate this and get back to me. I also asked if the fact that my land is classified as agricultural (tree-farm) and that I derive income from farm activities impacts the coverage. They have to get back to me on implications of that also. Getting interesting.
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re: homeowner insurance
My insuror set me up with a "Marine policy" to cover my tractor that covers fire, theft, collision (including damage to other persons or property) on my property or others. Currently, I have my tractor parked at our church in order to help with snow removal & it is covered there.
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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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