I had the same question recently. I just purchased my skid steer using a personal loan through the credit union so it wasn't collateralized with the skid steer. But I still wanted to get insurance on it because I realize how easy these things are to steal. So I called my insurance company and they told me that as long as it's used for personal use it will be covered under my homeowners policy. However, if it is for business use I would have to get a separate policy.