Garage Renters Insurance?

[fav6052]

Hi Everyone,

Long time lurker and finally have signed up! Happy to be here.

Recently, my parents decided to downsize homes. This means I've lost my free garage!

I just signed a lease on a 2 car garage where I can store my car, work on it, and store parts etc. I got it for a great price in a nice spot in town.

However, I have no idea how to insure my belongings (tools, parts, etc). I thought it would be as simple as getting renters insurance, but the few agents I spoke to today acted as if I had two heads.

I'm not sure why I can't just get renters insurance even if I don't live there? I'm still a tenant of a building and I'm not conducting business there. It all makes sense to me.

Does anyone here have experience renting a private garage and getting insurance for it? Does this fall under renters, storage, or another type?

Any and all help is GREATLY appreciated.

I'll be doing a thread on the garage and how I clean it up so it's a nice place for me to finish building my car.

 

[Zeke]

That's a tough one. You ought not leave much stuff there that is small and valuable. A storage unit place won't let you work on your car but it would be ideal for having insurance. But like your brokers I have never heard of renter's insurance for just a garage on someone else's property.

Talk to the landlord about putting a rider on his policy?

 

[fav6052]

Yeah. I can keep most things locked up.

I guess I'll keep trying. A friend of mine with a garage just like it uses progressive renters insurance. He's just never had to file a claim.

 

[Zeke]

Yeah. I can keep most things locked up.

I guess I'll keep trying. A friend of mine with a garage just like it uses progressive renters insurance. He's just never had to file a claim.

So what are you saying with that statement? And if Progressive sells this insurance, isn't your question answered?

 

[Marc Benjamin]

I think, they're gonna try to cover you under some kind of Inland Marine type policy. If the stuff in there is less than 10k in an event of a total loss, then it might not even be worth it if they stick you with a $100/month policy.

This stuff varies per state, companies, agents... so shop around.

 

[rice rocket]

Easiest is to call local agents and explain. They'll come up with a product for you if their underwriters allow it, no agent's gonna turn down money.

And each company probably has a different take on the subject, so be prepared for more than one right answer.

 

[fav6052]

I'm sorry I should've been more specific. He's just using standard renters insurance that he got from them online. He's not even certain that it covers him in this scenario.

I will be calling them in the morning to see what the options are.

For now I'm seeking out advice from other people who might actually have experience with this type of situation.

 

[rice rocket]

I'm sorry I should've been more specific. He's just using standard renters insurance that he got from them online. He's not even certain that it covers him in this scenario.

So why even fork up money for it?

When it comes time to file a claim, he's might find out he's been ******* money away for no reason. Remember insurance companies are professional weasels, they're trained to wiggle their way out of liability. Be up front w/ your agent, don't assume anything is covered unless he/she says it is and make sure it's reflected in your policy documents.

 

[fav6052]

Simply put, because he's an idiot and no one told him it doesn't work that way.

Rice rocket, I totally agree. Hopefully someone on here rents a garage like this and can chime in. Otherwise I'll keep calling.

 

[sublimate]

I tried to get insurance like that when I rented a garage - never was able to get anything that made sense.
In the end i got wiped out by a flood (who knew 7.5hp compressors float?) which wouldn't have been covered by renter's insurance anyways.

 

[hoho98925]

Shop it around. Someone will write a policy and take your money. I had homeowners on a large log home I had. It burned down. The shop building didn't. My insurance co was dicking me around and canceled my policy on this place due to change of circumstances. Most insurers wouldn't touch the shop, many told me it was uninsurable. My hard money guy put me in touch with a independent agent, who promptly wrote me a policy from "Llyods of London" it was expensive, but I had just lost my home in a fire and didn't want to be without coverage. I kept that policy for a year, then switched to one of the big insurance companies no problem. My situation was different as I was the owner, but I am sure with some legwork you can get it done.

 

[fav6052]

This really stinks. My biggest concern is theft. I guess I'll just do everything I can to deter that.

 

[rr1963]

If you live with your parents and they have homeowners insurance, you may have coverage under there policy. Only for parts not attached to the vehicle and tools. You need to check with their agent.

 

[fav6052]

rr1963, I actually just got off the phone with a State Farm agent who said the same thing. Waiting for my parents Liberty Mutual agent to call me back to see if they have that same clause.

The woman at State Farm also talked to her underwriter and said she could write me a renters insurance policy under my parents address that would include a similar clause covering my belongings in a storage unit or outside of the home.

Looks like progress is being made! Thanks for the suggestions thus far, guys.

 

[yeldogt]

This type of coverage can be obtained under a normal homeowners policy -- some have it as part of the standard policy.

As with all insurance -- ask what is covered and how much. Cars are not normally covered .. likewise anything used in a business. Always check individual limits. You may have 10k of insurance but it will only only pay $500 for a given class of item and then only so much for each item in a class .. this trips people up

 

[bfarroo]

I've run in to the same issues with my shed that is my personal shop on my own property. The insurance company will not insure the contents of my shop because there is not a dwelling on the property. If there was a dwelling on the property they would insure the dwelling and cover the shop contents under the dwellings policy no problem. My shed is 5 miles from my house and I go there at least once a week but they still will not cover it. If it was a cottage that I went to once a year that was 5 hours from my house they would have no problem insuring it. For some reason your normal insurance companies don't want to insure a building that isn't a house or on the same property as a dwelling. It's probably the same thing your running into although you may have better luck because you are renting. If not your best bet is going to be finding a specialty company or have to register it as a business of some sort and pay out the nose.