Fire and Theft Insurance
- Thread starter Gator23
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85Hokie
Moderator
Staff member
Lifetime Member
Equipment
BX-25D ,PTB. Under Armor, '90&'92-B7100HST's, '06 BX1850 FEL
why would the fire NOT be covered under your homeowners coverage???? And I would think that theft would be too.
The real question is??? Why do you have that insurance co?? My homeowners covers my tractor al long as it is on my property. Statefarm.
Mine is covered under my home owner's as long as its on my property and not in commercial use. American Family Insurance
Insurance rascal of 45 years here. It is common under standard homeowners policy that any PERSONAL tractor under 25 HP is covered for liability for personal use. Is is common for incidental of premises to extend but I never completely trust the insurer to define incidental. Most insurers have a maximum limit for physical damage - often between $25K and $50K. Check with your broker or agent. If there is commercial use you will probably need to arrange specific insurance.
Yup, Homeowners is common, however inland marine is recommended if not covered under financing. Never trust Homeowners to actually cover loss of the unit.
I have had three clients loose there JDs. One burned. One was stolen. One was driven to close to a bank by the sea and went over. All were fully insured to full replacement cost. All were personal use and clients ended up with brand new tractors. If commercial use then inland marine is the way to go for physical damage. I do not advise my clients to rely on the finance company insurance. Often (but not always) all that covers is the unpaid balance on the finance contract.
Yea that's what I have from Erie is an inland marine policy. It's 70.00 for the year and covers it if I take it off my property.
It seems there are lots of factors when it comes to insurance. Personally, my insurance company sux but I honestly haven't found one that doesn't.
That aside, I carry insurance on each tractor and on certain implements. For them to be covered they have to be listed on the policy and a premium paid every year. Home owners doesn't cover them in my case.
My advise to anyone, don't assume it's covered. Make your agent show you it's covered and be sure to read the fine print in the back of your policy. Good example, I have a farm policy. In the front it makes you believe the equipment and building, barns, sheds, ect. are covered. In the back while reading the fine and extra fine print if the equipment and or building are being used for farm / agricultral purposes they are not covered unless they are indivually specified and listed on the policy. Basicly, if you want it covered you pay for it. Even then, if anything happens they aren't going to want to pay. So good luck.
That aside, I carry insurance on each tractor and on certain implements. For them to be covered they have to be listed on the policy and a premium paid every year. Home owners doesn't cover them in my case.
My advise to anyone, don't assume it's covered. Make your agent show you it's covered and be sure to read the fine print in the back of your policy. Good example, I have a farm policy. In the front it makes you believe the equipment and building, barns, sheds, ect. are covered. In the back while reading the fine and extra fine print if the equipment and or building are being used for farm / agricultral purposes they are not covered unless they are indivually specified and listed on the policy. Basicly, if you want it covered you pay for it. Even then, if anything happens they aren't going to want to pay. So good luck.
Daren Todd
Well-known member
Lifetime Member
Equipment
Massey Ferguson 1825E, Kubota Z121S, Box blade, Rotary Cutter
Mine are only covered if the garage falls on it. Had to estimate for lawnmower, tools, that sort of thing, with a covered up to amount. When the tornados came through, most people found out that there tractors and such weren't covered. Unless the house collapsed on it. Some folks that did have farm policys had to fight tooth and nail to actually get something for there losses. Found out that they didn't have enough to cover barns, sheds, and outbuildings. Let alone the contents. Good thing to do is actually have your insurance agent come out and look at the property and make sure it's all covered
Wise words. "Good thing to do is actually have your insurance agent come out and look at the property and make sure it's all covered".
Wise indeed.
The next problem is when the adjuster comes out and asked all the trick questions. One wrong statement from you and your coverage is still worth nothing.
I mean really, if you have a shop / garage and work out of it then it's no longer covered. The honest working man doesn't have a chance.
Donystoy
Active member
Equipment
LX2610HSDCC, B/H, Loader, plus numerous other attachments. B7200 sold
Our insurance company covers our riding lawnmower under existing policy but I have to have a rider that covers the Kubota and indicated attachments at an additional cost.
I have my tractor scheduled on homeowners and then have a Farm Liability endorsement to cover off premise use.
if financed Kubota has insurance, but the premium was almost twice of my homeowners.
Farm liability covers me for driving down the road or off my owned property.
The two cost apprx $310 annual.
if financed Kubota has insurance, but the premium was almost twice of my homeowners.
Farm liability covers me for driving down the road or off my owned property.
The two cost apprx $310 annual.
Depending on the state you live in and your insurance company look into some form of "farm rider" or "farm equipment rider".
Ours covers virtually everything "equipment" not otherwise covered under homeowner policy---tractors, mowers, hand-power-, shop-, and machine tools, farm trucks, implements. We've got everything scheduled out and the only thing not listed are the barn cats.
Owner must pay attention and continuously interact with Agent as operations expand, contract, or change (buy, sell, rent equipment). Document everything. Keep photo records of everything. Little things like photographing roofs every six months can make a big difference come the next claim.
Be certain you're covered for being driven on road or highway, trailering, transport, and if on neighbor or local land-not-your-own (trading labor, community contribution (cleaning a ditch, spreading gravel at fire station, citizen roadside trash pickup day).
Try bundling all your insurance needs with one company for a better deal.
Insurance like lawyers and real estate agents are generally low-level scams but have become necessary in order to survive the modern world.
Ours covers virtually everything "equipment" not otherwise covered under homeowner policy---tractors, mowers, hand-power-, shop-, and machine tools, farm trucks, implements. We've got everything scheduled out and the only thing not listed are the barn cats.
Owner must pay attention and continuously interact with Agent as operations expand, contract, or change (buy, sell, rent equipment). Document everything. Keep photo records of everything. Little things like photographing roofs every six months can make a big difference come the next claim.
Be certain you're covered for being driven on road or highway, trailering, transport, and if on neighbor or local land-not-your-own (trading labor, community contribution (cleaning a ditch, spreading gravel at fire station, citizen roadside trash pickup day).
Try bundling all your insurance needs with one company for a better deal.
Insurance like lawyers and real estate agents are generally low-level scams but have become necessary in order to survive the modern world.
"Insurance like lawyers and real estate agents are generally low-level scams but have become necessary in order to survive the modern world."
Wow, what an opinionated statement.
Shouldn't you also include equipment sales agents, doctors, utility companies, and shoe salespersons and teachers? Probably need to include tenants (renters) also!
Wow, what an opinionated statement.
Shouldn't you also include equipment sales agents, doctors, utility companies, and shoe salespersons and teachers? Probably need to include tenants (renters) also!
I have a blanket inland marine policy that covers new replacement cost of my equipment that was purchased new. I use a $5000.00 deductible. Some, if not most policies will waive your deductible if your machine has working GPS or if you register the machine or machines with National Equipment Registry. I have GPS on all my rolling stock. Rocky Mountain Tracking has a good GPS program that proved to be inexpensive enough for me to buy 30 of their trackers. I also plan to register most of my equipment with NER. If you don't protect yourself, don't expect law enforcement to do so. They have limited resources. The ones around here couldn't find their mouths with a $30.00 pizza.
rofl! ! !
aaaaaahh but coffee and donuts are another story.
I have two different policies.
1) Home Owners
2) Anything else that I own or "am operating" on or off my property up to approx $2,000,000 in a single loss or liability.
I have had these policies since 1984 and they have not been sold for a long time but I have kept them in force so I am grandfathered. They are adjusted for inflation every year. They both cover the full replacement cost of everything minus a $1,000 deductible per occurrence. Don't laugh, $1,000 was allot in 1984 but that has not been adjusted. They really really want me to give them a reason to cancel both policies.