Insuring Equipment

Hogleg · #1 05/25/10, 01:00 PM

I have a small 40 acre farm. Currently insured with Allstate (not a farm policy). They cover most of my concerns. One, however, is my tractor. They cover it while on the farm. If I happen to be using it to load hay on another farm, for instance, it is not covered they say. So, the question is should I look for some sort of a supplemental policy on the tractor only, or look for some actual farm insurance. We sell live beef, and small amounts of eggs, and have horses. We have just decided to start cutting some our own hay and a few neighbors that will let me cut for free. Worried, however, that if the tractor happens to be stolen while on another property during hay season that the claim may be denied.

Sorry for the rambling, but need some opinions.

John

Lazy J · #2 05/25/10, 01:07 PM

Get a farm/ranch policy that will cover both on and off farm activities associated with your farming enterprise.

Jim

Windy in Kansas · #3 05/25/10, 02:59 PM

Someone drives by and shoots or otherwise damages one rear tire and you have the cost of several renewals involved. Stolen batteries, similar cost.

Hogleg · #4 05/25/10, 03:00 PM

Jim,

Suggestions on who to get a quote from? Not familiar with ins. companies that cater to farm folks. Heard State Farm is not that farming friendly, esp with chickens/egg selling... Farm Bureau, others?

John

Lazy J · #5 05/25/10, 04:14 PM

Quote:

Originally Posted by Hogleg

Jim,

Suggestions on who to get a quote from? Not familiar with ins. companies that cater to farm folks. Heard State Farm is not that farming friendly, esp with chickens/egg selling... Farm Bureau, others?

John

Our Farm Ranch policy is with State Farm. You could look at Farm Bureau in your county I am sure they could help you.

Jim

wogglebug · #6 05/25/10, 04:42 PM

Believe it or not, it has been known for insurance companies to find excuses to not pay claims - particularly if the policy isn't right in any particular, or if you're under-insured. If you're farming, you may well be better off come claim time if you have a farming policy. It should be tax deductible, too.

Jalopy · #7 05/25/10, 07:08 PM

Definitely get a farm policy and if you have other people coming and going on your pe3operty you may want to check on an umbrella liability policy. We have $1 million policy for $110/year well worth the cost in less anxiety if someone should get hurt on your property. JMHO

**highlands** · #8 05/25/10, 08:31 PM

We had an inland marine policy that was with two different companies over the years. Currently we have our insurance with Farm Bureau. I do not think they call the equipment portion inland marine though.

Cinelu · #9 05/26/10, 05:05 AM

I have a farm policy with farm bureau, and the agent told me that, under our policy, the only way my JD 4300 would be covered is if the mowing deck is attached to it.

Micheal · #10 05/26/10, 07:02 AM

Had a "farm" rider on my home-owners policy via Alstate that covered the equipment, animals, barns, etc. when I was "farming".
Now that I no longer have any farm animals I still carry a rider on my home owners for the tractor and barns.
Never had a problem with coverage, even when my neighbor's boy rolled the tractor over into a creek while cutting hay on his field - no one hurt, not his fault, bank was undercut and gave way - Allstate paid to have it not only repaired but also the cost of getting out of the creek and to the dealer.