0/T farm machinery insurance

Kow Farmer · Nov 5, 2011

I am renting a neighbor's shed for machinery storage for the first time in my life. My question is, do any of you put insurance on your farm machinery if you store/rent a shed other than on your own farm? I am curious to see what all of you do. I insured some equipment that isn't worth a lot to most people these days, but it means alot to my small farm. I am worried about theft/vandalism, because my neighbor died in March of 2011. The farm is empty. Everything he had was auctioned off by his son. I take care of this neighbor's farm and it is off the road about 1/2 mile. I can see if anyone goes in or out the driveway when I am home. I work full time also, so it is hard to monitor daily activity. Just looking for advice from you. Thank you in advance. Have a great day!
Kow Farmer

Anonymous-0 · Nov 5, 2011

check with your insurance agent, it may be covered on your current policy, also may only covered at a reduced rate, neighbor recently lost many items (mowers tools ect) in a fire items were in a shed owned by his son one block from residence ins only paid 10 cents on dollar of insured amount because it was not at his residence and he did not specify that it was stored at second location, or something like that, i don't have all details. leroy

hayray · Nov 5, 2011

The location of stored equipment needs to be added to your policy. I know that every piece of ground that I farm needs to be listed for insurance to cover anything otherwise they may be able to exclude coverage. I do the same thing as far as equipment storage and rented barns and I am covered. I know a guy who had 200 head of cattle stolen on leased ground that was not listed and they denied coverage, he eventually won in federal court but had he listed the acreage the outcome should have been differnt. If your agent is not sitting down with you covering your exclusions and coverages then there probably is alot of things you are not covered for.

Kow Farmer · Nov 5, 2011

I forgot to add that I gave my insurance agent a detailed description of each piece of equipment and a dollar value that I think it maybe worth. Like I said earlier, it is not worth alot to others, but to me it sure is. I have a zero deductible on this policy also. I got the premium cost also from my agent also. I thought it was very reasonably priced for this situation. Thanks again everyone. Enjoy your day.
Kow Farmer

Brad Gyde · Nov 5, 2011

When i was farming (and still now that I'm not) I store everything at my parent's place (next door to my house, as I have no sheds currently)..

I carry a renter's policy on the building that is our "shop" still to cover if anything were to happen.. Dad thinks he is saving money by having $2000 content replacement on the buildings.. That would about buy me a new welder and compressor.. What about everything else??

I'd suggest talking to your agent.. Mine is more than helpful when I have questions such as yours.. And we all know they'll try everything they can to not have to pay you if something were to happen, so cover your bases and ask questions.. He/she will have the right answers and not just all of our opinions.

Brad

37chief · Nov 5, 2011

You may want to invest in a motion detection camera. I wish I had one at my place when a few things came up missing. I knew who took the stuff, but a picture would have been the proof I needed. Stan

37chief · Nov 5, 2011

You may want to invest in a motion detection camera. I wish I had one at my place when a few things came up missing. I knew who took the stuff, but a picture would have been the proof I needed. Stan

37chief · Nov 5, 2011

The double post is what happens when you get on the phone during your answer. Did I or didn't I. Stan

Ray · Nov 5, 2011

my farm has a blanket insurance policy that covers everything.You only have to list your big items,tractors,combine,etc.

kyhayman · Nov 6, 2011

I insure most everything with at least some coverage. Its a balance between self insurance and purchased insurance. In the first year I insure anything with a purchase price of over 2000 dollars at purchase price. After that I increase or decrease accordingly. Mine costs shade over 6 dollars per thousand dollars coverage for machinery and equipment, 7.50 per thousand on wooden farm buildings, and 6.00 per thousand on metal or masonary buildings. The barns in particular are only covered at what they are worth to me for hay storage. Were I to lose one I'd not replace it with another 40K dollar tobacco barn but a 10-15 K hoop building. Where I really felt the need to increase coverage was liability. My base farm owners had 300,000, and on auto I was carrying 100/300. Not enough for a bad accident. So I upped my auto to 250/500 and added 4M of umbrealla liability. Its one thing to have barn burn and I lose something, its another to have to pay out a bunch to someone else. The liability upgrade was 300 bucks for the first 1M and 100 for each additional.

RodinNS · Nov 6, 2011

Put it this way.... if you want your equipment insured while it's in storage on someone else's property, YOU make sure that YOU have insurance on it. There has been various instances around here in the last number of years where people were storing stuff in bubba's old barn and the barn burns down... and the stuff was lost without insurance because the owners thought bubba had insurance and bubba though the owners had insurance...
Personally, I keep everything insured all of the time through an equipment floater policy on the farm's general policy...

Rod

0/T farm machinery insurance

Kow Farmer

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Anonymous-0

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hayray

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Kow Farmer

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Brad Gyde

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37chief

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37chief

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37chief

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Ray

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kyhayman

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RodinNS

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