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View Full Version : Insurance Issues......



Joe Mioux
01-24-2007, 9:20 PM
As I continue to collect more tools, I am becoming concerned that my home owners insurance policy may be a bit inadequate.

Do any of you pay a premium or additional insurance on your equipment?

Also, there are alot of profesional cabinet and furniture makers here. How are your insurance rates... how do you deal with insurance issues on your woodworking equipment? Is there a professional woodworking insurance co out there?

The reason I bring this up, is because last April, we had a small tornado come through town and seriously damaged one of my greenhouses. I anticipate that next week I will have the remaining insurance check payment. We rebuilt most of the damage ourselves, but there were electrical and heating issues that I could not deal with. Ins co alotted me $12000 plus, they sent a check for $7800 with another $1200 coming.

I feel very fortunate that I had that insurance coverage to cover my damaged building, unfortunately I lost out of an entire growing season.


so do you buy additional insurance for your shops?

Joe

Jim Becker
01-24-2007, 9:45 PM
Our Chubb Masterpiece policy is quite comprehensive, so I haven't felt the need to get any special coverage. If the policy wasn't so good, I'd definitely have a rider or separate contract to deal with it. (Of course, it's not an inexpensive policy, either, but for a property like ours with portions dating to the 1750s, many regular HO3 policies would be inadequate to rebuild even with so-called "replacement cost" coverage)

David Boffa
01-25-2007, 9:18 AM
Joe,

We use State Farm. I sat down with my agent while we were in the process of building my new shop. I went through the value of the building, all of the machines and supplys, including our separate building for lumber. I took both video and digital photos for him and I keep an inventory consisting of both photo and written with serial #s in our safety deposit box. I ended up taking a separate rider out on our policy to cover everything and made sure that I had full repacement cost. I also have ADT alarm for heat, theft and motion sensors. Too many people think that their home owners policy has them covered and only find out too late that there was a small amount covered or that they are covered but not at replacement value. Hope that helps.

Cliff Rohrabacher
01-25-2007, 9:23 AM
I have Chubb and have the same policy.


They are also the only insurance company whose stocks I'll buy.

Phyllis Meyer
01-26-2007, 10:31 AM
Hi Joe,

Very important to consult with your insurance company on what your home-owners will cover. Take pictures, video, and keep good records (and keep all these in a safety deposit box/safe place). My husband's Mom lost her life in a house fire, everything was destroyed. We had to prove that she had a bed, dresser, (everything)! This was 19 years ago, but it changed the way we look at insurance. Replacement cost is very important. Anyone with special tools, businesses in your homes (some insurance companies will not carry that). We have a laser, our insurance company we have had for 20 years would not carry the laser. We have a separate policy for the business from a different insurance company. There are so many things that come into play and insurance is high, but our family knows all too well just how devastating it can be! Protect yourselves, your children, your business!

Sincerely,

Ron & Phyllis