Homeowners/Auto insurance

[showcrop]

For many years I have had my home, farm and auto rolled into one insurance policy with a cooperative insurance company through a local independent agent with whose father I used to be a 4H leader. It seemed to work well and to be competitive, but 2-3 years ago I cut my farming back a lot, so a couple weeks ago I asked about something more reasonable since I am making so little now from farming, and there is so little exposure for an insurance company. Well, He responded back that he could transfer it to a homeowners which would cover my buildings and motor vehicles which would include two cars and a truck and three trailers for $1100, which would be reasonable, except that it would not cover any tractors. Say What? everyone has a tractor if only a compact Kubota New Holland etc. What do you have that is working well?

 

[gene bender]

find another ins co not all of the are so narrow minded about a tractor.

 

[NIK OWEN]

FARMBUREAU GOTZ ALL MINE, TR. ALSO...BE BLESSED, GRATEFUL, PREPARED...

 

[Welding man]

I have home owners ,rental property, business insurance, autos and antique vehicle
insurance with a four different companies.I have 10 tractors, a forklift,a skid steer, and
a bulldozer and I have never even thought about insuring any of them. Just never entered my
mind.

 

[oldtanker]

I'm surprised the agent didn't try to sell you supplemental insurance for your tractors. But you either farm or you don't farm. There is no middle ground there as far as most insurance companies are concerned. Same thing if like a few on here doing custom field work or mowing. You either have a separate policy for that or you make sure your farm policy covers doing custom work. I'd talk to a few other companies and see what they can do for you.

Rick

 

[jim buford]

As a former insurance adjuster for 47 years typically a tractor is covered if it is used for the upkeep of the premises same as with a
riding mower, but not if used for farming purposes. What constitutes farming purposes can be tricky. If a person is really engaged in
farming then you may not have coverage for a building in which the equipment is parked. Otherwise the building may be covered under a
straight ho policy since it does not house farm equipment. If things are not clear cut it is always best to have the agent get a ruling in
advance from the claims department in writing. Just be sure you give the claimsperson ALL the information.

 

[jim buford]

Homeowners and Farmowners policies have different purposes but one can get their home and personal property on a farmowner policy with
riders such as an inland marine floater (inland marine just means it is subject to being at different locations at times.)
I found so much of the time the agent did not ask enough or relevant questions and the policyholder failed to be candid in the information
provided and then a loss occurred and problems presented that could have been avoided.

 

[LAA]

I have homeowners and insurance on all vehicles with a $1000,000 ''umbrella'' rider which covers
farm related risks. I have a home place far and two other farms within 5 and 8 miles of my home,
the umbrella covers the buildings on all three places as well as liability if a cow gets out on the
high way or someone is injured on any place I own whether they are authorized to be on the land or
not, the umbrella also extends to my vehicles in so much as if a tractor or roll of hay falls off
of my trailer I am covered for liability to other motorists. For tractor protection, such as loss
due to fire or theft I have seperate policies through a different broker who specializes in
equipment, the coverage is real cheap, roughly 60 cents per thousand dollars o valuation annually.

 

[Traditional Farmer]

Just because you're insuring less doesn't mean you'll pay less.Farms usually get the best rate from insurance companies for vehicles and buildings over just plain homeowners policies.
Also usually if you change anything the money you pay will go up.

 

[MarkB_MI]

I assume you are concerned about loss coverage, rather than liability. Your homeowner's coverage should handle any liability you might incur from the non-farm operation of your tractors. If you're using your tractors in any sort of business, though, you need liability coverage for the business. And if there's a gray area whether or not you have an actual business, umbrella policies are cheap.

You don't say what sort of tractors you have. Remember the whole purpose of insurance is to cover losses you can't afford. If you have, for example, a four thousand dollar tractor and twenty thousand in the bank, it doesn't make a lot of sense to cover the tractor against loss, since you can afford to replace the tractor if it's damaged or stolen.

 

[wilson ind]

Please name your company.

 

[JOCCO]

Some companies have a hobby farm or country estate set up ask about it!!! If tractor is the main issue look at insuring it by itself.

 

[Mark - IN.]

I'm not complaining about my insurance company, State Farm, they treat me well and give me a pretty good package across the board and I've been with them for decades and still am, but the first question they ask me about any new vehicle or thing (equipment) is, "Will this be used as farm equipment too or for personal use?". I know, I know, they as a matter of business must break it down, but then I even get letters, questionnaires in the mail asking me to explain or prove how they are NOT being used as farm equipment if it isn't. It's not hard to prove or disprove, but I have to admit that the follow up letters and questionnaires do get a little irritating and annoying. The lady at the office is friendly and nice looking so I don't mind explaining to her as I look her over and up and down, but I get a little snippy with the questionnaires that I have to swear and attest to and sign before I mail them back in. Maybe all insurance companies do the same with follow up questionnaires in the mail? No one ever just shows up though to knock at the door to inspect or as far as I know to take pictures from the roads, so I guess I'm ok there. I hope that I didn't just give any insurance company an idea if any of them read these posts. I've never had a problem with my insurance company, but then again I've been fortunate to have never had to make a claim. I guess we'll find out then...if I ever have to. But for now, no real complaints.

Mark

 

[WGM]

Farm Bureau Insurance used to have all of my insurance also. Just one claim change which required hiring a lawyer changed that. With Auto-Owners now. As you said, "Be prepared" especially if you have Farm Bureau Insurance. I won the case by the way.

 

[oldtanker]

The whole idea of insurance as someone stated is to allow you cover a loss that you don't have the money to cover. What you have to be aware of is that each state has it's own insurance laws. Some states have laws that favor the companies and others have laws that favor the policy holder. It doesn't matter which state the company is based in, they have to meet the laws of the state you live in with the exception of auto insurance where they have to meet the laws of a state you may happen to be in at the time.

All of us on here have computers so researching your company shouldn't be too hard. You can check out different companies, find ratings on them and so on [b:df828ffa32]For your state [/b:df828ffa32]. You can find companies that are fair and you can find out which ones are slow to make good on a claim. You will most likely find through research that you will get what you pay for!

I too am a former adjuster. I was licensed as an independent adjuster by the state of MN. In MN you have to pass detailed test that cover insurance law. I was licensed for all lines of insurance. Because of this I had the opportunity to work for a bunch of different companies. Just because they are small doesn't mean they are bad. But in my experience the cut rate companies were the worst ones in pushing you to find reasons to deny a claim.

When you suffer a loss your insurance company can turn the situation around and help you recover from it or it can make a bad situation even worse!

I pay a little more for insurance to be with a company that I have confidence in and has a very good reputation.

Your agent may be good or bad too. Here in MN it doesn't take much to become a licensed agent. They basically have to know the different types of policies. I have seen many times where a policy holder trusting the agents knowledge have ask about a loss and been told it's not covered when it fact it was. That's why your policy and insurance cards (cab cards) have a 1-800 number. [b:df828ffa32]USE IT![/b:df828ffa32] Most often the person you talk to can tell you what's covered and what isn't and if they don't know they will either find out or start a claim so it can be determined! Most insurance companies don't mind you calling and asking about coverage too. They know that the agents may not know everything. They would prefer you to call about something, in this case covering the tractors, than to have you switch coverage to another company.

Rick

[/b]

 

[jim buford]

Everything can be covered and in some instances coverage is even written through Lloyds of London when it is very specialized.

 

[Thomasthetankengine]

. I would talk to A&B Insurance Group LLC. (978-399-0025) in Westford MA. They cover all of New England. I still use Farm Family.

 

[GeneMO]

I can only speak for Missouri. and the company I am with. Here, Farm rates are cheaper than homeowners. As a rule farmers have fewer claims.

Gene