Bluekingfisher
Established Member
I got a letter from my Insurance broker the other day informing me that current building and contents insurance provider will be no longer providing cover for home insurance.
Not a big deal one would think but as I had my workshop in the incurtilage garage the insurers extended the cover for the house contents (up to £50K) to cover my tools.
My issue is that my work shop is now in a stand-alone building in the garden. The standard cover on the policies I have since checked out only provide cover up to £2K for outbuildings.
I would conservatively estimate replacement of all machinery, tools and misc items etc at around £20K (on a new for old basis)
One would hope that a total loss would never be experienced (such as fire or possibly flood) therefore a claim may, if unfortunately ever submitted would be for damage to a machine or from a break-in where tools were stolen. My machinery is pretty large so unless they came in a lorry with a jib any theft would probably only include theft of hand or power tools, which, from my experience doesn't usually reach that amount. however This said I would like to have cover nearer the total value of the tools. When I asked for cover up to the value the premium almost doubled (approx £700)
So, was wondering if any of the forum members have encountered this problem and how have they gone about protecting the value of their tools or do you just accept that the standard cover is usually enough then cross all fingers and toes?
By the way I am a hobbyist only.
Thanks all.
David
Not a big deal one would think but as I had my workshop in the incurtilage garage the insurers extended the cover for the house contents (up to £50K) to cover my tools.
My issue is that my work shop is now in a stand-alone building in the garden. The standard cover on the policies I have since checked out only provide cover up to £2K for outbuildings.
I would conservatively estimate replacement of all machinery, tools and misc items etc at around £20K (on a new for old basis)
One would hope that a total loss would never be experienced (such as fire or possibly flood) therefore a claim may, if unfortunately ever submitted would be for damage to a machine or from a break-in where tools were stolen. My machinery is pretty large so unless they came in a lorry with a jib any theft would probably only include theft of hand or power tools, which, from my experience doesn't usually reach that amount. however This said I would like to have cover nearer the total value of the tools. When I asked for cover up to the value the premium almost doubled (approx £700)
So, was wondering if any of the forum members have encountered this problem and how have they gone about protecting the value of their tools or do you just accept that the standard cover is usually enough then cross all fingers and toes?
By the way I am a hobbyist only.
Thanks all.
David
