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Thread: Insuring shed and tools?
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1st February 2019, 04:25 PM #1Intermediate Member
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Insuring shed and tools?
Hi All,
I recently bought a block of land with an existing shed on it. I want to set it up for woodworking, but currently can't get insurance for it or its contents.
The problem is that I don't tick the boxes for a "regular" policy, e.g.:
- I am not resident at the property (we intend to build a house there in the future), so it doesn't come under "home and contents" insurance.
- The block is in a township, so I don't qualify for "hobby farm" insurance.
- I am only a hobbyist, so can't get commercial workshop insurance.
Have any of you deal with a specialist insurer who might cover my "niche" situation without costing the earth? The shed and my tools aren't worth much, but I would prefer insurance for peace of mind.
Thanks in advance,
Michael
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1st February 2019 04:25 PM # ADSGoogle Adsense Advertisement
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1st February 2019, 05:13 PM #2
Rather than contacting an insurance company, contact an insurance broker.
There will be an insurer who will cover this, a broker is far more likely to know who to go talk to than most of us
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1st February 2019, 05:36 PM #3GOLD MEMBER
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Yep talk to a broker, perhaps one that does a bit of rural/ farm insurance
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2nd February 2019, 09:51 AM #4
Try the Victorian Woodworkers Association
regards from Alberta, Canada
ian
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2nd February 2019, 11:25 AM #5Intermediate Member
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Thanks for your suggestion. I should have mentioned that I have spoken to a number of brokers. The one that specialised in workshop/farm insurance was initially positive that he could help, but after trying for week had to admit defeat (. He said he could try Lloyds of London, but that the premium would be $2000+ per year! So I told him not to bother.
I posted here on the off chance that someone in a similar situation to me has been successful finding insurance. Still crossing my fingers ).
Cheers,
Michael
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2nd February 2019, 11:25 AM #6Intermediate Member
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4th February 2019, 03:42 PM #7
Good Morning Michael
I hope that you spoke to genuine brokers. A bit of googling on parentage might be revealing.
A lot of insurance brokers have been taken over by major insurance companies and continue to masquerade as independent brokers while happily referring all business to associated companies within their group.
It's a bit like the "independent" financial advisory arms of the major banks ..... as revealed by the royal commission.
Fair Winds
Graeme
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4th February 2019, 07:10 PM #8
Graeme has a good point.
If you get stuck looking for a genuinely independent broker, I have one we use in Perth (don't fret that they're not local, we're doing business with them for 15+ years from NSW).
Drop me a PM if you wish contact details.
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6th February 2019, 04:43 PM #9Intermediate Member
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