Proper equipment insurance

[1Islander]

I have a few pieces of forestry equipment that I use (Harvester, Log Loader for tractor and Mobark Chipper). My annual business insurance renewal came up (not forestry related) and I was wondering if I should insure my gear? This is only for personnal use but it's still worth something. Should I bother insuring it? Should I insure it for the price that I paid which I would never be able to replace it or do I just pick a value for the gear? Same thing goes for my business, do I insure it for what I paid, what I owe or actual rebuild cost? With the recent lumber prices and inflation I feel like it's 50 cents on the dollar.

What do you guys think? 

[Iwawoodwork]

On my Home owners I usually get full replacement cost. Now if you were depreciating the machinery out on taxes you might be comfortable with the purchase price  but in todays escalating machinery price you would be hard pressed  for a comparable replacement.
 I have older heavily used machinery and only carry an umbrella liability policy on it and will be hurting if something like last years wild fires  burned my machinery.

[PoginyHill]

Insurance is an interesting arrangement. On average the buyer will pay more in premiums than they'll ever get in claims - otherwise the arrangement does not work. You're paying a small amount to avoid potential financial ruin. So I think the answer to your question is do I have funds to replace what I've lost? What is the financial implication if I lose this asset. For paid-off vehicles, I never carry collision - only liability. For homeowners and equipment I max out the deductible or carry no loss insurance at all. But that's my situation. Everyone will have their own circumstances.

[Corley5]

Insuring a harvester without a fire suppression system may be an issue.  

[Firewoodjoe]

I insured my buncher with no fire suppression. If it's something you have to have and would be hard for you to replace or financial beneficial I'd insure. Otherwise I don't. But I have considered calling around and see if I can get a good price on all my equipment. Maybe be cheaper vs one. I don't know.