Home Owners Insurance etc.

[Gobblin Tom]

My wife asked the question about insurance on the tractor, do I need to add it to my policy? Or is it already covered from being on the land? I was also told by many people that the extended warrranty is not worth it from JD??? Just looking for opinions.....

 

[Bird]

Hard to give a valid answer for your questions. Many of our members added their tractor to their homeowner's policy. That covers such things as fire, theft, storm damage, but maybe only on your property. It usually does not cover such things as accidents, rollovers, etc. Others, including me, bought a separate policy to cover the tractor. Best thing I could suggest would be to talk to your insurance agent.

 

[sbussell]

If your'e financing, JD requires physical damage insurance for the term of the loan. For me, it was only $3/Month. I did check with my homeowners and they said I was "covered", but for $180 over 5 years, I figured it was a bargain. BTW, Kubota wanted $14/month for there insurance and another $220 for "paperwork".
On my 2320, I did not get the extended warranty. Good luck with the new tractor.

 

[Tig]

I'm sorting out the insurance issue myself. Read your policy, every company is different and opinions will not help you when you need it. My policy mentions that "garden type" tractors up to 25 hp are covered. I'm not really certain what "garden type" means so I asked my agent if my 16hp tractor is covered. I'm still waiting for an answer.

 

[om21braz]

I previously bought an inland marine/rider? on my homeowners policy to cover my tractor at my house or anywhere else (covered theft/damage/fire) at replacement value (approx. 32k) for about $200 per year.

 

[pdp11]

Many home owner's policies would cover the tractor under certain scenarios of loss. Often, one condition of that coverage is that the loss has to occur on the covered home owner's own property. So, if you are helping one of the neighbors out and the tractor catches fire, or a tree falls on it, then your insurance may not cover the loss.

As someone else mentioned, JD requires insurance for financing, and provides their own policy to owners. I chose that option because the tractor was covered from all types of loss no matter where it was at the time. It was fairly inexpensive coverage for what it provided.

 

[Spudland_Dave]

One of them YMMV issues...
I had checked with mine, asked them if it was covered, they said yep...I said even though its a 30k machine? They said yep....said they'd even cover a $250k excavator if it was owned by you personally only for personal use on your own property....Of course, it all boils down to what you got for a homeowners policy type, carrier, etc...

 

[dmay]

For my insurance I presented an itemized list of my tractor and all attachments make/model/sn and $ value. This way it is listed in a separate policy addendum. No guessing what is covered or not.

 

[retiredmgn]

While moving snow at my house last winter - on a dead end dirt road - I came very near to a car/tractor collision. It's a straight shot for a 3/4 mile. I saw the bi**h as I headed out my driveway to dump on the other side of the road. I made the mistake of thinking she would slow down on her approach long enough for me to get back into my driveway. Not a chance. I started to backup and as usual checked both ways - That Bit*h blew past me cell phone in hand obviously convinced she was the only person in the world. I checked with my insurance company. The tractor is covered under a 300 thousand homeowners but NOT IN THE EVENT OF A COLLISION.
Need to have a talk with that bi**h.

 

[WM75Guy]

Homeowners policies are not intended for ag equipment or operations. Check with your local Farm Bureau agent about coverage for your property and equipment. Texas has the AgAdvantage policy for farm or ranch operations. It does not have to be a commercial operation. One policy for the main dwelling, personal property, personal liability ($1,000,000 aggregate/$500,000 per occurance), medical payments to others, chemical drift liability, animal collision, recreational land use liability, farm buildings, contents of farm buildings, scheduled farm property, and mobile agricultural machinery and equipment.

Residential policies do not cover many of the perils I now have on my 14 acre hobby farm. If one of my horses or cows gets hit on the road, I'm covered for the damage it causes. If someone flips an ATV or gets shot hunting on my property, I am covered. If someone gets hurt it will pay up to $5000 in medical bills if I am not sued. If they sue, I have $2.5 million in coverage with the $2,000,000 umbrella policy I bought ($232/yr). My Boomer 8N added $69 a year to the premium and is covered anywhere in the United States, Canada or Puerto Rico.