People usually avoid purchasing insurance For Lawn Mower. Unfortunately, this is not an intelligent decision. Mishaps and unwarranted occurring are not under one’s control, and this is why it is wise to stay protected just in case your lawn mower does not enjoy a good fate.
The benefits of insuring your lawn mower are many. But you need to be clear on how to purchase the insurance and what should the insurance policy cover.
This guide curates it all for you. So let us begin.
Can you Insure Your Lawn Mower?
Yes, you can. Not just the mower, but you can also get its various gears and parts insured. Browse through the general property insurance policies, which usually cover all kinds of outdoor power tools like your lawn mower.
Benefits of Insuring Your Lawn Mower
To buy a lawn mower insurance policy, you first need to be convinced that you need one.
- If you do not have lawn mower insurance, then your mower is exposed to the risk of getting damaged or stolen. Fixing or replacing it yourself means a whole lot of money spent from your pocket.
- Lawn mowers are expensive, and it may not be feasible to purchase a new one as soon as something goes wrong with your mower.
- Without public liability insurance, if you hurt someone with your lawn mower, then this could be a peril. The repair, medical and legal bills could run to millions, enough to bankrupt an ordinary man.
- Lawn mower is expensive, and if you decide to buy it on credit, then the lender may insist that you purchase a cover for the mower.
- Repairs are inevitable. Your mower works hard, and at some point, it may need fixing. Similar to motor insurance, you will have to bear the expenses for costly repair if your mower is not insured.
- Some home insurance policies cover the personal lawn mower. However, if you decide to lend it to your friendly neighbor or use the mower elsewhere and if some accident happened, you are doomed without a mower insurance policy.
- But what if you own a new and flashy high-value mower? · As per the “Other Structure’s Protection” under your homeowner’s policy, your detached garage and the mower kept in it are covered. The cover may not be sufficient to pay towards the mower expenses. If your garage goes up in flames, you get roughly a ten percent cover, which is peanuts, compared to the mower’s replacement cost.
The above points make one thing clear. An insurance policy for your lawn mower is inevitable.
Types of Lawn Mower Insurance Cover
If you wish to insure your lawn mower, then you need general property insurance that will cover the cost of damage. Here is an outline of the kind of insurance that you will need.
The Open Peril policy covers all the risks that a homeowner could face. It is one of the best policies for your lawn mower, which is the reason why it is expensive. Make sure to read the policy well before you purchase it to understand any limitations.
The Named Perils policy covers 16 kinds of risks in total that are commonly faced by homeowners. The policy is cheaper compared to the Open Peril policy.
Public Liability insurance protects you in case of a financial loss or in case someone gets hurt with your mower. It covers property damage and third-party injury.
It is better to be safe than sorry, which holds true for lawn mowers as well. Purchasing an insurance policy for your lawn mower is thus beneficial in the long run.
Why is My Standard Homeowners’ Policy not Sufficient?
Your homeowners’ insurance policy covers many riding and pushes mower brands against flood, fire, and theft. This is assuring, but the problem arises in case of an accident.
A mishap caused because of a mower leads to expensive healthcare insurance deductibles to treat injuries. The homeowners’ policy only covers limited third-party accidents. So if a passer-by gets injured with your mower, then you are entitled to liability insurance only up to the policy limit.
Homeowners’ insurance does not cover medical bills, and this is a concern. Liability insurance does not have a high coverage under the homeowners’ plan, and a medical emergency caused by a lawnmower injury may break your bank.
Always check with your agent if the homeowners’ policy covers the damage. Lawn mower accidents, in most cases, fall under a questionable area.
Additional Coverage is Also a Great Idea.
Your homeowners’ insurance covers riding lawn mowers. You are eligible for a claim if your shed or your garage gets damaged with the mower stored in it. If your mower is stolen from your garage, then again, your insurance policy will cover it. An electrical shock in the shed that lit your mower lets you claim for the damages.
You are, however, liable to pay for the deductible. You are entitled to replacement and reimbursement costs that exceed the deductible till your coverage limit for the outbuilding, which is usually 10% of the home value. This is the amount for the entire claim and not just for your mower.
Purchasing additional coverage is thus a great idea. If your lawn mower is of a higher value than the outbuilding, then it pays to buy extra coverage.
You can buy a rider for your homeowner insurance to increase the limit of your building and its contents. Else you can increase coverage on your mower.
How to Buy Insurance for Your Lawn Mower?
When shopping for a lawn mower insurance policy, here is what you need to consider.
- Research and purchase the right policy that meets your demands and requirements.
- The idea should focus on general liability if your lawn mower causes personal injury or damages a third-party property.
- Buy from a trusted insurance agent who can offer expertise.
- Compare the quotes and understand the policy coverage of various insurance policies before you finalize one. Check the claim settlement time and ratio.
- Always prioritize the quality of coverage over cost. Never fall for policies that offer low premiums but a high deductible. If you lose essential or expensive gear, then a high deductible means shelling out more money from your pocket.
- Read the insurance policy before you sign and get all the terms and conditions clarified by the agent. Being clear on the details lets you manage risks and be better planned for emergencies.
To Sum it Up
It is not compulsory to buy insurance for your lawn mower. You will never drive the mower on the public highway, and most household insurance policies cover your mower against flood, fire, and theft. These nasty surprises are thus taken care of. If you own a high-value mower, then you may take an add-on policy, but again, it is optional.
But the thing that we are concerned about here is injury and accidental claims. But accidents are not entirely avoidable, and the medical and legal bills attached to them are astronomical. There are ways to mitigate the risk by being careful or instructing kids not to come in the course of a mower.
Without a good mower insurance policy, your expenses could skyrocket, making it wise to pay a decent premium towards the lawn mower insurance policy and live in peace.
You may also read, tips for lawn mowing to get a perfect yard.