Anonymous Poster
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- Sep 27, 2005
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If you have a tractor and it is not registered to be used on the roads you probably have it insured under your homeowners policy. The homeowners policy covers the tractor if it is used to service your property. You then have coverage for your liability should you damage someone elses property and for the tractor itself. The coverage on the tractor itself can be on a named peril basis which means the policy says exactly what must occur to damage the tractor or it can be on an allrisk basis which covers anything that happens to the tractor unless excluded.
Why am I writing this? Because the homeowners policy is being changed. Under the policy most companies sell your tractor is insured even if you are using it at someone elses property. That means go to a neighbors or relatives and hit their house-you have coverage. Roll the tractor off your trailer or down a hill you might have coverage.The policy most companies are selling was written in 1991 and is called a ISO form. Some companies like Statefarm and Allstate have their own policies. I am not sure of their coverage. BUT the insurance industry came out with a new policy written in 2000. The insurance companies are now going to the various state regulators to get approval of this new policy. The new policy provides NO coverage if you take your tractor off your land. So if you mow the neighbors or your relatives lawn and anything happens you have no coverage.
The 2000 policy will start to be put into place in the near future as your policies renew if your State has approved it. I have called my company to ask about an endorsment to override this exclusion. If you take your tractor off your land you need to check with your insurance agent about this. The agent may not be familar with the changes.Some agents may not yet be aware that the policy is being changed. Ask the agent if your insurer will be selling the 2000 HO-3 policy. Explain to him that you have a tractor and take it off premises. That way if he says you are covered and he is wrong you can take it up with his insurer.
Changes to the home owners policy occur every ten years or so. Usually the changes are small but in this case I find the changes are rather disturbing considering my off premises use of my tractor. I became aware of theses changes when I received a analysis of the policy changes from a insurance company I work with.
Why am I writing this? Because the homeowners policy is being changed. Under the policy most companies sell your tractor is insured even if you are using it at someone elses property. That means go to a neighbors or relatives and hit their house-you have coverage. Roll the tractor off your trailer or down a hill you might have coverage.The policy most companies are selling was written in 1991 and is called a ISO form. Some companies like Statefarm and Allstate have their own policies. I am not sure of their coverage. BUT the insurance industry came out with a new policy written in 2000. The insurance companies are now going to the various state regulators to get approval of this new policy. The new policy provides NO coverage if you take your tractor off your land. So if you mow the neighbors or your relatives lawn and anything happens you have no coverage.
The 2000 policy will start to be put into place in the near future as your policies renew if your State has approved it. I have called my company to ask about an endorsment to override this exclusion. If you take your tractor off your land you need to check with your insurance agent about this. The agent may not be familar with the changes.Some agents may not yet be aware that the policy is being changed. Ask the agent if your insurer will be selling the 2000 HO-3 policy. Explain to him that you have a tractor and take it off premises. That way if he says you are covered and he is wrong you can take it up with his insurer.
Changes to the home owners policy occur every ten years or so. Usually the changes are small but in this case I find the changes are rather disturbing considering my off premises use of my tractor. I became aware of theses changes when I received a analysis of the policy changes from a insurance company I work with.
