Now that Spring has finally arrived, many of our insureds are purchasing large pieces of equipment to service their property. Tractors that come with several attachments or a new riding mower perhaps. Depending on the type of equipment and what it is used for there may be coverage on your homeowner policy.
If you are purchasing a piece of equipment used only to service your property, it is most likely covered under personal property on your homeowners policy. If you own vacant land and use that equipment to service that property it still most likely covered, as long as the land is truly vacant. A fence or even telephone pole may exclude the coverage. It is also important to check to see, there may be a limit as to the dollar figure for attachments that are detached from the equipment at the time of loss.
If it is covered under personal property on your homeowner policy, you will want to confirm what perils it is insured against. Like, fire, vandalism, theft etc. and what your deductible is. If you only have basic coverage on your personal property you may want to schedule that equipment on your homeowner policy, called an inland marine floater, for an additional fee based on the cost of the equipment.
If you are driving the tractor on a road, perhaps to fill it up with gas or to drive to an adjacent lot - you should schedule it for liability only on your auto policy. It is usually cheaper to schedule it on your homeowner policy for physical damage and again you will have more comprehensive coverage on that policy.
If you are using the equipment to service property you own but it is not vacant, a hunting camp or rental property - you will want to schedule that on your homeowner policy or take out a separate personal lines inland marine policy for the physical damage coverage.
Lastly, if you are using the equipment for business use you should schedule that as mobile contractors equipment on your commercial package policy or take out a commercial inland marine policy.
As with all insurance companies and policies there are terms and conditions you should be aware of. Please contact your agent to find out if the equipment is covered and on what policy, and for what perils it is insured against.
We also offer free insurance reviews - even if your not our existing client - we would be happy to take a look at your policy for you and help translate that sometimes confusing insurance verbiage.