Insurance - off topic

[stevebuk]

i know this is off topic and there is a forum for this question but, i only have things in common with you guys and i value your opinions.
A company rang me today about my renewal for my house insurance cover, i also mentioned about all my tools in my cabin outside and was quoted a price of £56 for over £50,000 worth of cover for the house and cabin combined, bearing in mind i just put £1500 worth of lathe in there.
Does any of you out there only use their house contents ins, or do you have seperate cover for your workshops??

 

[BMac]

Hi Steve,

My house contents insurance covers my workshop as well but I had to send a list of valuable tools (like the lathe). It's the same deal as informing the insurance company of any valuable jewellery or art items. There was no extra charge for the expensive tools.

I think the insurance companies want high price items identified so that we can't claim for Vicmarcs and such when our bargain-bucket-special lathe gets burnt or stolen.

Brendan

 

[cornucopia]

hi steve
i've got my workshop insured with these guys my house insurer was unwilling to cover anything over £50 in value!!!

there straight forward to deal with and they know what a woodturner is and does.

 

[mark sanger]

I mirror what George says and use the same company. They are specifically set up to insure craft businesses. Very good company.

 

[wizer]

So I take it from this

http://www.craftinsurance.co.uk/cost-ind.htm

that you have to take out the indemnity policy first at £70 a year and then add £32 for each £1k of kit ? i.e I'd have to pay £132 to cover just my lathe ? It's not bad but seems expensive when you compare it to household insurance.

I'm talking about individual hobbiests here with no business use at all.

 

[stevebuk]

i got to agree Tom, if i were a business then maybe that would make sense, but as i'm not i think it could be a tad expensive when my tools are covered by £56 anyway.
I will only know how good the deal is should i have to make a claim sometime in the future.

 

[duncanh]

I have this site bookmarked but I can't remember where I got it from.
It looks as though you'd need to take out the CraftInsure package for £119.

I haven't tried them so can't vouch.

 

[Doug B]

I`m with Tesco insurance, the guy on the end of the phone assured me that my contents were insured where ever they were, that included the garage & items of any value up to the limit of the amount insured.

So basically i could put all my possessions in the garage & they would be covered!!! :shock:

As with all insurance the proof is in the pudding, hopefully i`ll never have to claim. If i do, i hope they kept a recording of the conversation (as they say they do) as i asked him about 10 times if my lathe was covered :lol: :lol: :lol: Think he was glad when i accepted the price & concluded the deal. :roll: :lol:

 

[cornucopia]

it all comes down to what you are comftable with- i have spent too long working and saving my money to be able to buy my tools to run the risk of not being properley insured- for me my insurance is peace of mind and i dont begrudge paying it.

 

[gandy]

i know insurance is peace of mind but those buggers will do anything to get out of paying out.

 

[carbo]

i had a thread on this a few months back... when some nice chap suggested marks and spencer premium cover which covers my detached double garage and unlimited contents with an individual limit of £5000 PER ITEM .........so i bowed to the forum and arranged it over the phone subject to fine details in writing and all for a lot less than £50 per month ...hope this helps P.S loads of other perks as well

 

[frugal]

we are with Hiscox. The contents insurance covers everything we own whether it is in the house, workshop, garden, trailer, even out at a reenactment event with us. They seem to have a very good reputation and their customer service has been impecable so far (not yet had to claim).

 

[devonwoody]

What happens if you occasionally sell and item you have made, does this effect your premium or do you invalidate your insurance cover?

 

[stevebuk]

What happens if you occasionally sell and item you have made, does this effect your premium or do you invalidate your insurance cover?

dont quote me on this but, i cant see that making any difference to them as its the machine they are covering not what you make and do with the stuff made from it.
i'm not sure, but when i renew my insurance in about a weeks time, i'll find out then.

 

[wizer]

John I'm pretty certain that if the insurance company get the slightest wind of you acting like a business in any way, you'll not get paid out. You need to read your policy document.

 

[jpt]

As Tom says you need to check the policy and if you do sell anything, even one piece just purelly for costs, you need to ask them and get there answer in writing.

I used to have my workshop included with the houshold contents but when I started selling things I checked the policy and asked my insurers, Norwich Union. If you sell anything it is classed as a buisness and therefore you need a buisness insurance to cover it.

My workshop is now insured with craft insure.

john