Shed Insurance

[Twister]

just wondered if u insured your shed \ contents
after lightning \ rain today I had the What If moment
I then spent the day adding up its cost to build and its contents
I stopped at a horrendous replacement cost of nearly £12k without going into bolts nuts screws etc

this would ruin me if lost

just after your thoughts and do u dare to do the sums?

Steve

 

[rayf6604]

My workshop is in the garage and I don't have any one item that exeeds the single item value limit so it 'should' be all covered. Sheds I think would be looked at differently by the insurance companies and if you wanted to cover it under your house insurance you'd need to talk to them and have the mother of all security fitted to appease them. A shed is inherently easier to break into than a brick built building

 

[Twister]

My workshop is in the garage and I don't have any one item that exeeds the single item value limit so it 'should' be all covered. Sheds I think would be looked at differently by the insurance companies and if you wanted to cover it under your house insurance you'd need to talk to them and have the mother of all security fitted to appease them. A shed is inherently easier to break into than a brick built building

I don't even know what the single value item is
but I dare u to add them all up
even down to a single drawer of brass screws that may cost u £100 to replace
a pocket hole jig
the odd 40 - 50 hand planes
the thicknesser the sanders ...the list just goes on
the festool stuff another 4k
bandsaw mitre saw lathe drill press turning tools 20 x "how much"
chuck
proedge x2
grinder
router bits
timber blanks

shall I stop there?

Steve

 

[rayf6604]

I know it soon adds up. A single item limit if you haven't seen it before is the limit an insurance company imposes on one single item and usually applies to jewellery where a diamond ring might be worth a couple of grand. Usually you can change the single item limit if you have a really valuable item. Maybe you should contact your insurer and make sure you're covered.

 

[Lons]

I started cataloguing my tools and machinery though I haven't got any further with it and the value so far is nothing short of scary. My motive is that if anything happens to me, I don't want the family to be ripped off by some chancer offering next to nothing to clear it. I've seen that happen to a couple of friends in the last few years and it's infuriating to see these guys effectively robbing vulnerable widows.

 

[Penpal]

Sounds like two situations is yours a commercial declared business are you a hobby person with a home workshop? Insurance is a choice situation can you afford not to be insured, most of us become shed heavy by stealth. I have full insurance.I have to be careful though insurance companies choose to try and over insure you and reade the fine print.

Peter.

 

[Lons]

I know it soon adds up. A single item limit if you haven't seen it before is the limit an insurance company imposes on one single item and usually applies to jewellery where a diamond ring might be worth a couple of grand. Usually you can change the single item limit if you have a really valuable item. Maybe you should contact your insurer and make sure you're covered.

Added together the contents still can't add up to more than the total sum assured or they won't pay out, or at best pay just a percentage. I had to list the garden tractor as a single item even though it's securely locked away and not easily removed from the back garden without moving tonnes of other stuff first.

 

[Twister]

I would hate the thought that my better half \ kids got ripped off because I never said its real worth
a lot of time and effort but I at least thought...take some pics and stick some prices alongside

Steve

 

[Doug]

If you use your tools as a business then it's easy to insure them with someone like A-plan & the premium is off set again your taxable income so it's daft not to insure them. It would be very very unlikely from my experience if any business tools were covered under your home contents insurance

If your tools are just used for your hobby then they should be covered by you home contents insurance, but it's always wise to check what the cover is.

My own tools are covered where ever they are, on site, in the van, in the workshop etc, my biggest concern is fire, a fire could wipe out all my tools in one go & even though it costs more to insure them than it does to insure my house & contents I still think it's a price worth paying.

 

[Twister]

as a hobbyist I think that we all forget how much we spend
how much did all the wood finishes cost
the sandpaper
the pen kits
the blanks


I think I scared myself...hence this thread
I have tasked SWMBO to re-asses our insurance policy

Steve

 

[Buckeye]

I would hate the thought that my better half \ kids got ripped off because I never said its real worth
a lot of time and effort but I at least thought...take some pics and stick some prices alongside

Steve

There are two prices involved, one that you could sell the equipment for, which usually decreases each year and the other price it would cost to replace the equipment if was stolen or burnt to a crisp, that price usually increases each year.

Peter

 

[Grump]

When you have been burgled twice you understand the value of insurance.
The assessor came round and went through every drawer and all 3 sheds giving us a replacement cost on every single item.
Just your sock drawer is a weeks wages, you can insure your shed and contents and don't undervalue anything.
Even my collection of junk is insured, our policy is handled online and changes whenever we buy or sell anything of relevance.
Keep it updated you never know what may happen or when, that's why it's there and they will try anything not to pay out.

 

[wm460]

My shed is covered with the household insurance.

 

[rayf6604]

Added together the contents still can't add up to more than the total sum assured or they won't pay out, or at best pay just a percentage. I had to list the garden tractor as a single item even though it's securely locked away and not easily removed from the back garden without moving tonnes of other stuff first.

Yes I know that. I should've mentioned it but it's what I meant by Steve checking he was covered

 

[Lons]

The problem with putting a value on individual tools or machines is that you have to come clean to the missus about what you've spent

My hoard of goodies is uninsurable, it will take me 12 months to sort it out and sell the surplus. I've got 2 cement mixers, scaffold, towers, a whacker about 20 shovels and a little collection of old theodolites, the value of which has just surprised me. It was easier working than being retired, I had more spare time then.

 

[Penpal]

A for example for us where I worked gave me ship load of carpet flooring tiles in excellent nick I covered my workshop with them my workshop floor equivalent of 30 metres by 4 metres. One in a hundred yr storm my driveway was lower than the road 4 inches deep water through the workshop insurance paid for new top quality floor tiles I elected to fully carpet the house I was paid cash no strings by insurance. Since the storm water reticulation a higher driveway entrance huge sums of money by govt problem solved. Photographs documentation rapid fix.Thousand of dollars total many new tools.

Peter.

 

[Neil Lawton]

Apparently I'm covered under the house insurance.
This is mainly down to Ali telling them "He F'ing lives in there"!

 

[Jim]

I can't kid the War Office, she buys me them ..

But as stated it is a good idea to make sure that your tools and machines are all covered ..

 

[bellringer]

I think the content of my workshop is coved and the single item limt is set about £50000 from what I can remember


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[lignaterrae]

Be aware also that most/some household insurers set an inner limit - a specified lower level of cover - on goods in 'outbuildings'. If what you have in the shed exceeds that limit insurers will usually increase it at additional premium but you need to read your policy wording and have the discussion with them.
Keep in mind too the requirement for 'Minimum Security' that can equally apply to outbuildings. This usually means doors being fitted with approved mortice deadlocks or padlocks and opening windows fitted with key-operated window locks.
Do your research before the burglary, not after!