Protecting Mobile Equipment
Mowers have come a long way in recent years. The mowers we use to maintain our lawns no longer cost several hundred dollars; they can cost several thousand dollars and more. With that much value on the line, homeowners need to know how to protect their equipment. If your agent provides you a Homeowner (HO-3) coverage form, you are in good shape. Mowers, tractors or even quad-ATVs that are used “solely to service an insured’s residence” are covered under the Personal Property part of the policy. The mower in this picture was purchased for $7,000 fourteen years ago but the homeowner who suffered the fire damage will recover approximately $12,000 because the Homeowner (HO-3) is a replacement cost policy. If you have high value equipment used to maintain your property, it may be a good idea to review your coverage.