Recycling parts from a burned tractor

[fried1765]

I'm trying to think of a good example in my case.....

Although this isn't a tractor, it will give you an example of "replacement coverage". I built a 3pt log splitter that was lost in the fire. I estimated it's value at $1,500. That was what I had in it. The insurance person called me and asked how many ton it was? I calculated it at 42T. Based on cylinder size, hydraulic pressure, etc. They called me back and said the only 40T splitter they could find was trailer mounted, would that be alright? I said fine. They gave me $6,975 for a replacement. We purchased that splitter.

Replacement insurance pays to replace the item lost, regardless of original cost.

Tryin to post pics, but my connection isn't cooperating......

If you don't have an understanding of "replacement" insurance I suggest you contact your agent and inquire. I will have nothing else.

YOU HAVE CORRECTLY DESCRIBED THE PROCESS!
I was the beneficiary of MANY tens thousands of dollars of replacement value home furnishings and tools.....plus the building too.
I estimated that I would have needed to pay insurance premiums for over 150 years, to even approach what my insurance company paid out.