All Farm Homeowner Policies have a listing within the wordings called “Special Limits of Insurance”. This listing of personal contents describes the maximum amount of money that you can claim on each of these items and/or category of items. An example of the special limit of insurance listing reads something like this: We insure lawn mowers, snow blowers, garden tractors or other motorized garden equipment up to $5,000 in all. So, if your total value of yard equipment based on “new value” exceeds this amount, you may want to increase the limit to the full new value for a small additional premium. It is not uncommon for new yard tractors with all the attachments to cost $20,000 to $30,000. Even if your equipment is older it will take this same amount of money to replace it with the new one.
Therefore, in order to have full coverage to replace your yard tractor with a new one you will no doubt want to increase this particular special limit of insurance.
Be sure to seek advice and purchase insurance from those who understand your business!