Workshop Insurance

[TKB]

Hi All. Has anyone any experience or advice regarding building and/or contents insurance for DIY home workshops? I have a 12 x 28ft wooden workshop with £15k+ of tools and machinery, which general building insurance policies seem happy to exclude. Are there any home insurers or specific ’workshop’ policies out there that anyone can recommend? Many thanks

 

[Blackswanwood]

I don’t think it’s the case that sheds are commonly excluded - some insurers may but it’s more that a limit is applied.

This may help …

https://www.comparethemarket.com/home-insurance/content/shed/

Most of the “mainstream” insurers are looking for standard risks as assessing individual circumstances and amending policy terms adds complexity and cost. It’s really a case of looking at what their cover and limits are individually.

Insurers that are more likely to look at bespoke needs would include the likes of NFU and Hiscox.

 

[TKB]

I don’t think it’s the case that sheds are commonly excluded - some insurers may but it’s more that a limit is applied.

This may help …

https://www.comparethemarket.com/home-insurance/content/shed/

Most of the “mainstream” insurers are looking for standard risks as assessing individual circumstances and amending policy terms adds complexity and cost. It’s really a case of looking at what their cover and limits are individually.

Insurers that are more likely to look at bespoke needs would include the likes of NFU and Hiscox.

Many thanks, appreciate your thoughts and leads.

 

[pulleyt]

I need to double check my insurance which is coming up for renewal but I went through Saga insurance and they had no limit on contents in outbuildings.
I hope that's still the case

 

[Puggers]

I'm with @Blackswanwood on this in as much as the contents of a workshop/outbuilding within the boundaries of the main property are often automatically covered to an overall limit. Those policies classed as 'Gold', 'Ultimate Cover' or similar will usually carry higher limits, but are pricier as they'll have wider benefits to the homeowner too.

Depending on which part of North Yorks you're in, there maybe some heightened expectations as to security they expect or expressly ask you to apply (and possibly make it condition should you need to claim) but it's worth also checking whether there are any items you have in there which exceed a single article limit under the policy, which will vary by insurer. In those circumstances they may ask you to specifically insure it i.e. pay a separately calculated premium for the item in question, similarly to insuring a high valued piece of jewellery, etc.

It's also worth considering whether the policy provides cover on a new-for-old basis in which case, check your assessed value of the accumulated tools as if so they'll need to assess the risk based on the replacement costs and it's easy to inadvertently under-estimate. Increased values will potentially impact the premium but be straight about it as it could work against you otherwise if you need to claim.

 

[Spectric]

and they had no limit on contents in outbuildings.

But check the small print as sometimes they do have a limit on an individual item unless you explicity mention it. So a shed full of items each worth £50 could be covered but if you had a £2000 machine it might not.

 

[TKB]

Thanks all for your thoughts and advice, really appreciated. I’ve now ruled out quite a few ‘possibles’ and am down to a couple of insurers that I need to double-check

 

[Spectric]

You are looking at resolving something once it has occured, make sure you have good preventative measures in place such as workshop security and chemically marked tools as that area can pay better dividends rather than spending more money on expensive insurance. Also you might get discounts on insurance if you have good security in place to reduce the potential for theft.

 

[TKB]

That bit I hope I’ve taken care of. The workshop doors are secured with quality locks and movement alarms, which immediately alert my mobile if the doors are rattled, let alone opened. I also have CCTV (with a UPS backup) both externally to the building and internally within the workshop. Nothing any of us own is ‘totally secure’ , hence looking for the right insurance cover as a belt and braces.

 

[Sideways]

I found NFU ridiculously expensive.

I've just explained my needs and asked insurers to price me up for X amount of personal possessions cover with individual item limit of whatever.

This wouldn't work for a commercial shop but for a hobbyist, it can be viable.

Make the big list of your kit (and home contents) and value it both new and potential 2nd hand value if you haven't already.