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Forum topic by squazo posted 09-22-2021 05:41 PM 906 views 0 times favorited 28 replies Add to Favorites Watch
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squazo

303 posts in 2892 days


09-22-2021 05:41 PM

I just spoke with my all state guy and he told me that he can not sell me equipment insurance. Do any of you guys have insurance on any expensive equipment. I live in south Louisiana and am mostly just worried about having my shop flooded during a hurricane.


28 replies so far

View Madmark2's profile

Madmark2

3098 posts in 1835 days


#1 posted 09-22-2021 06:42 PM

Usually a hobbyist shop is covered under your normal homeowners policy. Take pics & save receipts. If you’re a commercial shop then your business insurance should cover. If you’re illegally running a commercial shop out of a residence then the insurance can’t help you as most all policies have a “no illegal use” clause.

-- The hump with the stump and the pump!

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squazo

303 posts in 2892 days


#2 posted 09-22-2021 07:10 PM

I dont have any homeowners insurance, as the house is paid outright, and for some weird reason because it hasn’t been insured for so long the I have to have it insured through the state for two years before I can even get a quote for a policy from a company, and the state wants 5K a years, so I just didnt get home owners insurance. I figured I could get a policy to cover what to me are basically toys, just like how a person might get a dirt bike or a 4 wheeler insured.

View controlfreak's profile (online now)

controlfreak

2914 posts in 848 days


#3 posted 09-22-2021 07:53 PM

Something doesn’t sound right here. If you buy or build a house must you also insure it with the state for two years? It is as if the state is penalizing you for not having non-required insurance. I would find another source for insurance and advice on such. That said you are taking quite the rick having nothing covered. I say screw the tools and get the dwelling covered first. If you had a flood what good are new tools if you have nowhere to put them.

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pottz

20721 posts in 2231 days


#4 posted 09-22-2021 08:14 PM

no insurance wow.you do have liability i hope ? im with farmers and anything in my shop is covered under my home plan.my wife used to be a csr for a lot of the agents so were insured to the hilt.

-- working with my hands is a joy,it gives me a sense of fulfillment,somthing so many seek and so few find.-SAM MALOOF.

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squazo

303 posts in 2892 days


#5 posted 09-22-2021 08:52 PM

Control freak, you make a good point, I just took allstates statement at face value, I havent looked around to see what other companies have to say about the uninsured issue.

The reason I didn’t get any insurance is kind of two fold, A: even though its in south Louisiana its in (probably) the one spot that is at 8 ft above sea level, and B: the house is 125 years old and is outrageously over built, 12X12 cypress beams and rough cut 2X4 cypress studs at 12ish inch on center, they’re anywhere for 8 inches to like 14 inches, its actually kind of funny how ununiform they are. fastened with just the biggest nails youve ever seen, about a quarter inch diameter and 8ish inches long. plus its up 3 ft on blocks. So while its a gamble Im not too worried about it blowing down or flooding. my shop is a metal building, probably wont be damaged even if it was to be flooded, but the equipment would be.

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fivecodys

1761 posts in 2883 days


#6 posted 09-22-2021 09:53 PM

SWMBO is also my insurance agent. She said our homeowners policy covers our ‘personal property’ which includes my shop tools. She said you can have expensive items ‘scheduled’ on your policy like you would expensive jewelry or paintings but there could be additional premiums charged for that coverage. Keep in mind this is how it is out here on the left coast. I think I would call around and see what other companies there have to say about this.
Best wishes,

-- A bad day woodworking is still better than a good day working.

View Torr's profile

Torr

30 posts in 3893 days


#7 posted 09-22-2021 11:15 PM

So what about fire? You may not be worried about storm damage, but that is not the only hazard.

Also, for everyone out there, you need to know flood damage is a whole ‘nother ball of wax. Most homeowners insurance doesn’t cover flood damage so you would need a separate policy most likely through the national program. And you need to know how your policy defines a flood. Damage from a failed water heater may be treated differently than a sewer backup or from an actual external flood or “wind-driven rain”.

Not to mention if you’ve made updates to your home and not increased coverage. And actual value vs replacement cost coverage, code and ordinance to cover the added cost to rebuild to latest codes, etc

Definitely one of those areas you need to read the fine print and/or enlist a solid agent to make sure you actually have the coverage you think you have.

Just my $0.02 as having to deal with a couple homeowners insurance claims over the years.
.

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pottz

20721 posts in 2231 days


#8 posted 09-22-2021 11:39 PM

here on the west coast we also have that thing called earthquakes that are not covered by regular insurance.i have that coverage also.to not cover your home whether paid for or not is not smart.my home is fully paid off but i sure aint getting rid of mine.good luck.

-- working with my hands is a joy,it gives me a sense of fulfillment,somthing so many seek and so few find.-SAM MALOOF.

View theoldfart's profile

theoldfart

12872 posts in 3698 days


#9 posted 09-22-2021 11:55 PM

I’m in Nor Cal and while earthquakes are normally not significant here fires are. Our home is all ours, no debts. We are fully insured to replacement cost. Anything less to my mind is short sighted. I have pics of all my tools both vintage and contemporary.

-- "With every tool obtained, there is another that is needed" DonW ( Kevin )

View corelz125's profile

corelz125

3743 posts in 2223 days


#10 posted 09-22-2021 11:59 PM

Areas are flooding now that never ever flooded before here in the north east. People are learning the hard way that inaurance doesn’t cover anything when you get flooded. Just expect the unexpected. Your house might be over built but things happen. Tree can come down and take out a room. Insurance sucks but it’s neccesary.

View Lazyman's profile

Lazyman

7997 posts in 2634 days


#11 posted 09-23-2021 02:58 AM

You might try calling an independent insurance broker. They can check with several different companies and find the best price and coverage for your needs. As for the Allstate rejection there must be more to the story. I would think that an inspection would bypass their 2 year rule but I suspect that they have just put a moratorium on new policies in your area, possibly waiting for new flood maps to be completed.

-- Nathan, TX -- Hire the lazy man. He may not do as much work but that's because he will find a better way.

View controlfreak's profile (online now)

controlfreak

2914 posts in 848 days


#12 posted 09-23-2021 09:47 AM

As said above homeowners insurance doesn’t cover any type of storm related flooding so that is a second policy. Fire doesn’t care how overbuilt the house is and will take everything you have. There is someone out there who wants your insurance business, go find them.

View John Smith's profile

John Smith

3007 posts in 1410 days


#13 posted 09-23-2021 12:21 PM

when I “officially” went from hobbyist to commercial in my sign shop, I got separate coverage for the building and its contents through my homeowner’s policy. (it was on the same property as my home).
a year later, I had a lightning strike on the office end which damaged the building structure and fried EVERY electronic thing that was plugged in. so my pen plotter and computer were upgraded. it was a $15k hit.
(I also had flood damage coverage for just a few dollars extra).

-- I am a painter: that's what I do, I like to paint things. --

View JackDuren's profile

JackDuren

1722 posts in 2206 days


#14 posted 09-23-2021 12:31 PM



when I “officially” went from hobbyist to commercial in my sign shop, I got separate coverage for the building and its contents through my homeowner s policy. (it was on the same property as my home).
a year later, I had a lightning strike on the office end which damaged the building structure and fried EVERY electronic thing that was plugged in. so my pen plotter and computer were upgraded. it was a $15k hit.
(I also had flood damage coverage for just a few dollars extra).

- John Smith

Separate building?

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John Smith

3007 posts in 1410 days


#15 posted 09-23-2021 01:21 PM

yes – totally separate building with its own power source, utilities and meters.

-- I am a painter: that's what I do, I like to paint things. --

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