Insurance Help

andrewj · Dec 12, 2005

( I work as an adjustor and yes, all the insurance jargon is confusing at times. I have a farm policy thru Farm Family with 1 million in liability. I just purchased a L3400 Kubota and it costs me $ 90 per year for $ 15000 in full coverage with a $ 250 deductible. I don't have to purchase any liability as I already have the 1 million farm umbrela liability policy I have and it covers me even if I am working for someone else on their property. I know some of you stated that you would absolutely not switch to Farm Family, but might be something you would want to look into. They are a tremendous company and have excellent rates. No, I don't work for them but used to for several years when I owned an indepent adjusting firm. I make maple syrup and the liability policy on my syrup operation is great along with the product liability. I know, every little bit adds up, but better safe than sorry in this day of "jerk off" attorneys just waiting like buzzards. From working in claims for 10 years, I have seen about everything. People try to save a few $$$ and it ends up costing them big. The rates that I pay for the tractor are $ 6 per thousand for the tractor and loader.

Hope this helps and if you have any questions, I can try to answer them. /forums/images/graemlins/smile.gif ) 

i've seen my share of jerk off adjusters. One of the reasons I'd rather be farming. I'm sure you are one of the nice adjusters, as I am one of the nice attorneys. /forums/images/graemlins/wink.gif

grainger12002 · Dec 12, 2005

The Inland Marine policy is a fancy name for article floater. You can insure almost anything that doesn't have a place somewhere else on this type of policy. In Conn. coverage follows the unit and runs around $300 depending on value, other states may have a rider for a home policy you will need to call a local agent.

As usual cut and dry does not apply to Insurance.....

N80 · Dec 12, 2005

I need to make a correction. My wife was talking to our homeowners carrier who originally told us there was only $3000 coverage for the tractor. That was wrong, and my homeowners will cover the whole value of my tractor. But there are a lot of limitations. First it has to be on the property that my cabin is on. It also won't cover flood damage or accidents while operating the tractor. It does, however, cover theft, fire, vandalism.

This isn't enought to satisfy all of my needs, but its nice to have and doesn't cost any more. I've still got to find an Inland Marine policy somewhere.

GaryE · Dec 12, 2005

I've still got to find an Inland Marine policy somewhere.


I have mine with State Farm.

Hope this helps.

Gary

dmccarty · Dec 14, 2005

( I just talked with Farm Bureau and they will not insure your tractor unless you have another insurance policy with them )

That must be a local/state issue. My tractor is insured by the NC Farm Bureau and its the only policy I have with them. I'm getting ready to switch home owners and auto to them but they have insured my tractor most of this year.

The home owners insurance from FB was almost half as much for the policy I'm getting through AAA. For the same coverage. The auto policy with FB is about $100 more than AAA.

Later,
Dan

wvmapler · Dec 14, 2005

Andrew,

You hit the nail on the head. I guess I get a little over disgusted with the attorneys here. Our insurance rates are about double of nearly all the states around us and there are more attorneys that about every other business put together. Well, not quite, but they really affect the insurance market her a ton. Either way, there are plenty of bad insurance carriers out there too. Guess the point I was trying to make was that if you have even a mini farm, from a liability and insurance standpoint, you are usually better with a farm policy. You have to be careful with some of these companies as they will insure your tractor or etc., but the minute it leaves your yard, forget it. It is in your policy, but how many people read that. With your background, I am sure you have been down that road before! /forums/images/graemlins/crazy.gif