Let's talk insurance.

[EarlyBroncoGuy]

Most of us have quite a bit invested in our shops/garages/barns/etc - how many of us have them insured? And for how much?

Since moving out to the country last year, to a new house on 6 acres and having my shop built, the possibility of losing it all due to fire or weather is always at the back of my mind. We're just a few miles away from the area where the huge Bastrop fires took out hundreds of homes just a few years ago, and there is no local fire station just down the street.

Would it make more sense to just have the shop and it's contents added to our existing homeowner's policy, or get a separate policy for it and all the tools, parts, and vehicles inside?

 

[Kingcreek]

We had a bad grass fire on a dry windy day that almost took the barn and shop before it was controlled. I reviewed my policy after that close call and found my homeowner's policy offered a lot of coverage based on the house and property value. I didn't need any additional insurance.

 

[texasfiremedic]

I've have been thinking the same thing. My circumstance is a little different. On my house I so have a replacement policy less deductible. Now for the tools, They are for the most part in my dads shop at his house. They are covered under his policy for the most part??? I asked him and He said that it was. I asked how much he covered the shop for and found out that I need my own off premise policy. You can get this type of policy no problem. My coverage is for replacement, not depreciation. This covers my equipment anywhere and all my equipment except my bulldozer. Tool and equipment insurance is actually cheep in comparison to a loss of any type. The replacement policy is a little more expensive but well worth if you have theft. It has paid off for me when my first welding trailer got stolen. Ballpark $14,000 stolen when they got it.