Thread: Insurance

Originally Posted by JK_Qld

I'm not sure if this is the right place so please move if it's not.

Who is everyone using for insurance on their shed?

I've been using Suncorp contents insurance for years now as they offer full coverage for my tools and machinery stored in a locked, detached shed but the premiums are getting a but painful.

I've done some shopping around and can definitely find significantly cheaper home contents insurance but they all seem to have very restrictive tools coverage, $2,000 doesn't go very far in this hobby.

I'm hoping someone can offer a suggestion, this is purely a hobby for me, I have no interest in turning it into a business, I feel like I shouldn't really need to be looking for an insurance broker in this scenario.

Cheers, Joel.

I use suncorp on everything. They were the only ones not to screw everyone on the QLD Gatten floods. They cost a bit more but they don't play games and try to frustrate you to the point you go away when you try to claim something. I've had one no fault crash and they were great and offered more than I was expecting to be awarded. A friend lent me her car while I looked for another and suncorp reimbursed me the costs, without a receipt, just a letter from her.

You can go with cheaper, but you risk a $hit fight when it comes to the time you need them to pay up. Remember, every claim an insurance company can get away with not paying is profit to them. They're highly motivated to screw you. YMMV

A lot of the time you can add to the basic policy to include tools beyond the limitation like you can with jewellery.

I can't make a recommendation about who to insure with as that is still an open question for me too.

I can make a solid recommendation about who not to insure with: CommInsure

Just don't!

I highly recommend you seek insurance through a broker. It isn’t necessarily cheaper but they ensure you get the type of cover that is right for you.
I have had two claims that my broker handled for me and in both cases she negotiated a much better payout than what the insurance company offered
The first one she negotiated up their offer by 20% and the last I got about 70% more than they valued the payout at. Apart from them talking with more senior staff within the insurance company they also know where you can push for better outcomes which I would not have known to do if I was dealing with them directly myself

Very happy with the outcome and feel I am getting value for my money. Premiums in general are getting steep and I am told it is going to get worse

I use Shannons as part of my general home and contents. As long as the tools are for hobby use there is no limit on what you can insure. I have gone so far as to register all of my expensive machines so they have a record - this is not a requirement of theirs however I feel it helps me sleep at night.

All that said, my premium has more then doubled in the last 4 years and I have not been impacted by any weather events, it is close to unsustainable.