Hello all. Just wanted to pick some brains for those of you who carry insurance policies on your personal machine that is not located on your home premises. I have a parcel of land about 15 minutes from my house, which is still my property, but as I am trying to move from Liberty Mutual, I’m having a hard time getting someone to understand how to insure it. I’m thinking a separate policy would probably be better, but have no idea who carries personal insurance for these. any help would be appreciated.
I have insurance on a couple of pieces of equipment, dozer and excavator, on a property I own, but don't live at. It is through State Farm and I believe it is written as an inland marine policy.
The inland marine policies I am familiar with cover goods in transit. Depending on the size of your parcel, Ohio Farm Bureau may insure it if it is just for your personal usage.
We have an inland marine policy along side our GL and WC policies that covers our equipment and small tools. The term "marine" throws people off as it doesn't only cover items on a boat as the name implies or goods in transit, it also covers contractors equipment and various other things. https://www.insuranceopedia.com/definition/2359/inland-marine-policy I have always carried an inland marine policy for equipment and small tools. The larger equipment has a schedule of values per piece with a set dollar value cap for small tools per claim usually around $15K-20K for our polices. We set the insured value of the larger iron in a schedule and pick an amount for the small tools as it all relates to the premiums you pay just like any other insurance - accept the risk you are willing to pay for.
My inland marine policy is thru Auto Owners. Ed
Farm bureaus understand this sort of stuff. When I called my home insurance guy, his response to my query was "why did you buy a backhoe? Homeowners never buy that sort of stuff." Had no idea what to do with me.
I use Travelers insurance. I pay $300 a year for $25k coverage on my excavator and $20k on my tractor.
I switched insurances last week and ended up going with Allstate. I quoted probably 10 different insurance companies and called around to the local farm places, but when it came to having a 2nd parcel of property and just a backhoe on it, I always had an issue and it couldn't be covered. Allstate was able to cover the liability on the land with the backhoe for about $125 or so per year.
I wonder if the policies are state-by-state. I'm doing something similar in Oregon. I have four acres of bare land, no building yet and own a backhoe. Allstate won't insure any of it. They said the backhoe would be on their commercial insurance side and will only do a package deal with business liability and equipment insurance. They won't insure bare land either. I can insure my Kubota tractor, but a backhoe needs to be tied to a construction business. I gave up my contractor's license years ago. This has been a frustrating experience so far. Suggestions?
Travelers insures my excavator and tractor for a private owner for a reasonable price.
Was it part of your homeowner's policy or a stand-alone policy?
You need to go and shop around different agents. What you want to do is a little out of the ordinary, but not that much. There is insurance for everything, you just have to find an agent who know how to do more than insure houses and cars. Find a local agent, the big nationwide hotlines probably won't get you far.
I'm running uncovered on a $20K machine. Stored in a locked garage with good security cameras and an alarm system. Fire is my biggest fear, and it's a real threat during the season.
They covered my property under the homeowners insurance since it did not have any structures. As for the backhoe I had to purchase an additional policy on my homeowners. It was called something like yard and garden policy.
Do you know any farmers? I know here that farm machinery does not have to be licensed to move from one piece of land to another as long as it is doing farm related stuff. Not sure what that includes, but if I was to have a little tractor to plow my driveway, it has to be licensed and insured to back out on the street
Snowbird in Mexico for the winter. No more plowing, problem solved.
My wife has a friend that runs a place in Nevis. Always wants us to go. All we have to do is get there and she'll look after the rest. The idea of lounging on a beach has never appealed to me. I would rather see stuff. Would love to see Pearl Harbor. Stuff like that.