As mentioned, when a new tractor is purchased the company financing usually requires it be insured at least until paid off. Most homeowners policies will cover this if you notify them. If you do not have to finance then insurance coverage is up to you.
I did not finance my tractor purchase and my homeowners ins. has limits. I also obtained an Inland Marine policy that covers much more than HO ins. Covered perils include, but are not limited to: collision, theft, vandalism, wind, hail, earthquake, fire, flood, tornado, overturn, ingestion of foreign objects and vermin infestation. Also included is glass coverage and tire damage.