The North Country is a beautiful place to live. There are countless recreational opportunities and four seasons to enjoy (or, perhaps, endure). But, all of those can create specific homeowners insurance coverage considerations that should be on the minds of many of us in Upstate New York.
Over the next few weeks, we're going to highlight some of those may apply to you.
Subcompact/Compact Tractors are very popular! Many come with loaders and can be equipped with mowers, snowblowers, backhoes and other implements. Zero percent financing has made them affordable for many, but at $20,000 to $30,000,you have a substantial investment that needs insurance. Oh, and don’t just worry about insurance because you have a loan. You also have a piece of machinery that can cause injury to other people or damage to someone’s property.
“Isn’t it automatically covered?” It depends. As they say, the devil is in the details. Some insurance
policies will automatically cover tractors as part of your personal property or contents coverage.
Other policies may limit coverage to a specific dollar amount such as $5,000. Generally, liability
coverage is automatically included if the tractor is “used principally to service the insured premises,”
but every policy reads differently.
“What perils are covered or excluded?” Many policies only insure contents for “named perils.”
But, even with the best coverage forms, “collision, other than collision with a land vehicle”
may not be covered, so if the tractor is upset or overturned from carrying an unstable load,
there may not be coverage. There are also numerous, standard exclusions on homeowners
policies that may apply.
“Can I take my tractor off premises?” In reference to property coverage, some policies use language like
“used exclusively to service the insured premises” or “solely to service the insured premises.” This is very
restrictive and could put you in a coverage gap if you use the tractor off premises. Don’t think that applies to you? Tractors are like pickups- friends and family will be calling for help!
“What if I use it to earn income?” Tempted to make some extra cash to help with your tractor payment? I’m sure you have willing neighbors who’d pay you to snow blow their driveway. Most homeowners insurance policies will limit both property and liability coverages if the tractor is used for business or income-generating activities.
“I bought coverage through the finance company.” Many finance companies will offer coverage for the tractor as part of their loan. What does this policy cover? What happens when I pay off the loan? Notably, these policies usually do not insure for liability coverages, so you can’t end the insurance conversation at the dealership.
As you can tell, there are a lot of questions to consider. One affordable way to make sure you have the proper coverage and protect your purchase is to purchase an Inland Marine endorsement on your homeowners policy or a standalone Inland Marine policy. Inland Marine will usually provide very broad coverage, provides coverage off premises and some will even address the occasional use of the tractor to earn income (though not liability coverage).
If you are buying a subcompact tractor, please review your insurance policy and call your insurance agent to ask specific questions about how your policy may or may not insure your tractor. Be prepared for them to ask you questions, but please make sure you ask your own!
Venue? Check! Photographer? Check! Flowers? Check! Wedding Insurance? Ch...wait, wedding insurance?
Today's weddings have an average price tag of $28,000! Most are picture perfect, but some aren't. If you buy a $28,000 car, you insure it, right? And I hope you aren't just insuring it because New York State and your bank require it. So, why wouldn't you insure a $28,000 wedding, or a $10,000 wedding, or, yikes, a $50,000 wedding? Maybe because you didn't realize you can insure a wedding? With Travelers, you can!
What happens if you gave your venue a $3,000 deposit and they close their doors before your
wedding? Or, the caterer just doesn't show up to your dream rustic barn wedding and you are out
$5,000? Maybe you always wanted a Valentine's Day wedding, but a "weather bomb" and a massive
Nor'Easter shut down the entire state, airports and transportation. Lots of other things can happen
and they will cost you money. Whether mom and dad are paying, or you and your fiance, for most
of us, once the budget is set, that's it. Who plans on spending an extra $5,000 "just in case?"
Travelers offers their Wedding Protector Plan to give you peace of mind and, hopefully, to make
your wedding as picture perfect as possible should something get in the way. If you'd like more
information on Travelers Wedding Protector Plan, download the flyer to the right or give us a call.