Work Shop Insurance

[Lazurus]

Ok looking around my shop last night and realized just how much monies worth of kit a caboodle I have accumulated over the years. Whilst I have general house insurance (Rented property) I think this would be woefully inadequate if the worst happened. Can anyone advise a good insurance company who would cover the complexities of a well stocked hobby workshop and anything to avoid / include.

Stuart

 

[stuartpaul]

Stuart,

I found myself in a similar position and as a hobby woodworker with some nice gear have found it almost impossible to get what I would call reasonable cover at reasonable cost (I know, reasonable to one is cheap to another and vice versa!).

The truth is you can (generally) get whatever cover you want as long as you're prepared to pay the cost. Some of the premiums are massive if you want to cover the replacement cost of everything you own. I found it strange that I could get £50+K of household contents cover for a couple of hundred quid a year year but £10K of workshop cover was over £500.

I (like many I suspect) have taken a gamble and just gone with the company that gives me the best outbuildings cover (£5K). I'm 'self insuring' for the rest!

 

[Droogs]

You may find what you are looking for amongst this lot about halfway down the page is specialist garage and shed insurance

https://www.homeprotect.co.uk/contents-insurance

 

[Mark A]

I think we have outbuildings cover of something like £10,000 or £20,000 through our home insurance.

Not sure who with so I'll take a look at the policy and report back.

 

[user22161]

Have just checked my Nationwide Buildings & Contents policy. Contents sum insured (this is their standard sum)£100,000.

Under Glossary, HOME - The building of your main domestic home occupied by you, at the address shown in your schedule, together with its domestic garages and domestic outbuildings.

CONTENTS - Household goods and personal possessions.

Contents exclusions include vehicle/caravan/trailer parts and spares and any property used for business. No mention of tools for hobby use anywhere.

 

[Homers double]

It’s worth everybody looking into there insurance regarding tools, I had a lot of gear stolen a few years back, and the insurance wouldn’t pay out on hand tools or cosumables or any power tools over 5 years old and you will need to prove purchase of tools.
Most of my gear that was stolen was over 5 years old, I had all the receipts for everything and argued really hard that as I was the only person to use any of it and it was all in as new condition.
In the end I appointed a Loss adjuster who got me more money from the insurance, but out of £3500 claimed for I only got £1400 back.
I’m now with the NFU and have a separate policy for my tools, it’s a old for new policy on the power tools but still only covers a small amount for hand tools.
It’s a bit OTT but every new tool I buy now, I take a photo of it and a close up of the receipt and store them in a folder on the computer

 

[Lazurus]

I can see this is going to be a big problem, I, like many others have collected my tools and equipment over many years and don't have receipts, my lathe alone would be £8K to replace with the chucks etc., add on all the other tools machinery and equipment it is a wake up call as to the cost of replacing. Really don't know the way forward.......

 

[Sawdust=manglitter]

Hi Stuart. We live on a smallholding with a my workshop in a detatched double garage and detatched stables, tack room & barn, so we wanted to get it ALL covered. We went with M&S who cover up to £100k contents insurance which includes contents of any outbuildings. They weren't actually too bad either, for their more premium cover for both buildings and contents insurance its around £30/month. Hope that helps

 

[Sawdust=manglitter]

Just double checked now, when we first took out the insurance it was around £30 (an introductory offer if i recall), but it is currently £39/month (our second year of insurance with them)

 

[stuartpaul]

I should thank you for making me go and check what cover I actually have!

Fairly bog standard Direct Line policy. In the event of theft contents limit is £5K which is the maximum they do (we deliberately increased from £2.5K). In the event of fire then the overall contents cover for the property kicks in which is currently £50K.

All thieves please note, - steal what you want then torch the place!