Tractor insurance- I'm not covered by homeowners...

[Mark Headley]

Hello all...
I am learning about insurance so feel free to lend ideas and input.
It turns out because my new Kioti DK45SE-HST replacement value is over $10K it isn't covered up to the $27ish grand replacement value.
I got a quote from Red Shield out of Oregon, I haven't read all the fine print yet but it's $500 a year premium with a $1000 deductible. It says it's a 'fully earned' premium so I assume the money is all theirs once paid- no refunds. I think they are calling it 'Equipment Catastrophe' coverage.
What would you do? Our local insurance people aren't real savvy with equipment coverage- Our Allstate homeowners doesn't have anything and referred us to this place.
I suppose one option could be to just have the 10K homeowners amount available and self insure for the $17K in the hopefully rare event the tractor is thieved.
Does homeowners cover personal injury and others injured?
We do have an umbrella policy due to owning our own business...not sure if that covers any of this.

ughhhhh...always some new garbage to bone up on and hope you're covered.

 

[murphy1244]

Do you plan to drive your machine off your property?

 

[Mark Headley]

It would be nice to help the neighbors once in a while but is this a big no no?

 

[k0ua]

Contact KTAC the Kubota insurance you normally buy with your new Kubota.. They covered my Kioti DK35se.. See if they will do it for you.. its somewhere around $200 year.

Here is the link, I had their insurance on my Kubota, and when I traded it I asked if they would cover the Kioti.

http://ktacinsuranceagency.com/

 

[Don87]

It would be nice to help the neighbors once in a while but is this a big no no?

With my insurance(Nationwide), my tractor is covered as long as it's on my property. If it leaves my property I have 0, zilch, nada coverage on the tractor.

 

[Don87]

Contact KTAC the Kubota insurance you normally buy with your new Kubota.. They covered my Kioti DK35se.. See if they will do it for you.. its somewhere around $200 year.

Here is the link, I had their insurance on my Kubota, and when I traded it I asked if they would cover the Kioti.

http://ktacinsuranceagency.com/

Wow, who woulda thunk it.

 

[Mark Headley]

With my insurance(Nationwide), my tractor is covered as long as it's on my property. If it leaves my property I have 0, zilch, nada coverage on the tractor.

So Nationwide isn't capping you at a certain dollar amount?

 

[Hill Farmer]

Ask your insurance company about an inland marine policy on the tractor.

 

[Buckgnarly]

We have Allstate and mine is covered for full amount. Local credit union would not finalize the loan until it got specifically written into my policy.

 

[Mark Headley]

Ask your insurance company about an inland marine policy on the tractor.

All good replies- I think I'll talk with Allstate corporate as opposed to my agent who seems hesitant and possibly under-informed.