Insurance coverage while off property??

Mosby · May 23, 2006

It is very difficult to answer insurance questions due to the differences in states and policies. Each state has minimum policy coverages and language that is required. It is then up to the carriers to spruce it up with extras to make it marketable and competitive. I can speak only for the policies that I am familair with in the 5 states I have a fairly decent experience in. The 10% that you are referring to does not apply for when the tractor is at the dealer. It applies to contents that are at a residence owned by you other than the residence premises and a couple other applicable tweaks. The catch to some of the policies is if it is anywhere other than home (or the dealer) it isn't covered at all and some policies actually have wording that specifies used solely for the servicing of the residence premises while some others just say used for servicing the residence premises. The 10% your agent referred to is of the contents limit and not the structure limit. The contents limit is almost always less. There are some states and companies that offer a "farm policy" that is targeted for the hobby farmer. Pretty neat product. As it is, actuaries and underwriters have had a difficult time at best keeping up with the boom of the tractor market and some of us wannabe farmers like myself. We have gone a long way from riding lawnmowers!!! I hope that hasn't confused you. I tried to answer your question but it is extremely difficult to do. If I had your policy, I could probably find it for you fairly easy. If you are uneasy with the response, ask to talk to a claims manager, they can usually tell you or at least find the answer for you.

Mosby · May 23, 2006

It is very difficult to answer insurance questions due to the differences in states and policies. Each state has minimum policy coverages and language that is required. It is then up to the carriers to spruce it up with extras to make it marketable and competitive. I can speak only for the policies that I am familair with in the 5 states I have a fairly decent experience in. The 10% that you are referring to does not apply for when the tractor is at the dealer. It applies to contents that are at a residence owned by you other than the residence premises and a couple other applicable tweaks. The catch to some of the policies is if it is anywhere other than home (or the dealer) it isn't covered at all and some policies actually have wording that specifies used solely for the servicing of the residence premises while some others just say used for servicing the residence premises. The 10% your agent referred to is of the contents limit and not the structure limit. The contents limit is almost always less. There are some states and companies that offer a "farm policy" that is targeted for the hobby farmer. Pretty neat product. As it is, actuaries and underwriters have had a difficult time at best keeping up with the boom of the tractor market and some of us wannabe farmers like myself. We have gone a long way from riding lawnmowers!!! I hope that hasn't confused you. I tried to answer your question but it is extremely difficult to do. If I had your policy, I could probably find it for you fairly easy. If you are uneasy with the response, ask to talk to a claims manager, they can usually tell you or at least find the answer for you.

8561 · May 23, 2006

Mosby's reply is correct. Well done.

8561 · May 23, 2006

Mosby's reply is correct. Well done.

ronjhall · May 24, 2006

I thought I had the same insurance. Until I read threads on TBN. To be properly protected you need a Inland Marine amendment to your Homeowners policy. Here is a link to a thread on the subject. Click Here

ronjhall · May 24, 2006

I thought I had the same insurance. Until I read threads on TBN. To be properly protected you need a Inland Marine amendment to your Homeowners policy. Here is a link to a thread on the subject. Click Here

Doc_Bob · May 24, 2006

( The 10% that you are referring to does not apply for when the tractor is at the dealer. )

Thanks for the answer. Let me ask, does my homeowners policy apply to the tractor at all when at the dealer for service?
Bob

Doc_Bob · May 24, 2006

( The 10% that you are referring to does not apply for when the tractor is at the dealer. )

Thanks for the answer. Let me ask, does my homeowners policy apply to the tractor at all when at the dealer for service?
Bob

Doc_Bob · May 24, 2006

( I thought I had the same insurance. Until I read threads on TBN. To be properly protected you need a Inland Marine amendment to your Homeowners policy. Here is a link to a thread on the subject. Click Here )

Thanks for the link, off I go!
Bob

Doc_Bob · May 24, 2006

( I thought I had the same insurance. Until I read threads on TBN. To be properly protected you need a Inland Marine amendment to your Homeowners policy. Here is a link to a thread on the subject. Click Here )

Thanks for the link, off I go!
Bob