As mentioned by some of the others, you need to talk to your insurance company to find out all of the details. Other factors are the laws in your state.
For example, in Maryland with my insurance company, my tractor and the equipment is fully covered as long as the tractor remains on my property under my homeowners property. As soon, as the tractor leaves my property, no coverage!! /forums/images/graemlins/shocked.gif Period!!
I opted for a policy that allows me to use the tractor where ever I want and also allows me to make some extra money to pay for the insurance. Two things were of concern with our insurance agent. A backhoe and snow plowing. Those two items would have driven up the cost of the insurance tremendously. With that in mind, I do not have a backhoe and I do not have a plow. And even if I did, I wouldn't take them off my property!! Litigation scares the living daylights out of me!!!
Terry