workshop and tools insurance

[Argus]

.

Is £5000 enough?


.

 

[sometimewoodworker]

did you get anything in writing?


I don't trust insurance companies :twisted:

I have the policy and Like Richard S I asked lots of questions also I am highly unlikely to lose everything as the workshop house and garages are all detached from each other .
so yes I am satisfied I am covered

Don't forget that you have to insure for the full value of all items covered.

if you insure for 30,000 (house or workshop) and the total of your goods are in-fact valued at 60,000 (house and workshop) the insurance will only pay out 50% of any claim If they find out that you are underinsured.

So for a 1,000 loss (if it is covered) you will get a maximum of 500

 

[johnf]

Don't forget that you have to insure for the full value of all items covered.

if you insure for 30,000 (house or workshop) and the total of your goods are in-fact valued at 60,000 (house and workshop) the insurance will only pay out 50% of any claim If they find out that you are underinsured.

So for a 1,000 loss (if it is covered) you will get a maximum of 500

yes I understand the princple thats why I increased the contents value by a further £15000 this year

the bigest problem is in knowing exactly what tools are in the workshop and the value of them .
I keep meaning to do a inventory of everything including photos

 

[studders]

I keep meaning to do a inventory of everything including photos

I once saw someone do that, can't recall where or how, but rather than take shots of individual items they used some sort of high definition (I think) thing to take photos of the whole room. They could 'zoom in' to see individual items.

 

[laird]

That's where I was pleasantly surprised by M&S (thankyou all). The Premier level is unlimited, "so you are never under-insured". The only reason for an inventory is to help you remember just what you have, but that should only apply to collectors
It seems it could be open to abuse but they must have found not.

 

[devonwoody]

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

 

[Woodmagnet]

Not if you don't tell them. :wink:

 

[laird]

Not if you don't make a profit.