Slightly different "garage insurance" question...

[brokersteve]

I searched for a while and could not find anything that could help. I have a workshop garage on two acres of land. The shop was built in the 50's, 40x40x12, block, with metal roof, 2 post lift, bath and oil change pit. 2 garage doors. There is also a 30x30x8 metal storage building with 2 roll up doors. I store my camper on the property, and my gooseneck trailer, both outside the buildings. Property is in a residential neighborhood. Garage used to be part of a parcel that was with the main house, but when the owner passed, the buyer separated them, and we bought only the shop. I live about 45 minutes away. I only use this property for personal purposes. I do not operate a business from here. Does anyone know who and how I can insure the property? I don't have a mortgage, lien, etc. Most policies extend from your personal residence for shops on the same property as your home. My home is insured through my girlfriend, so I don't have a homeowner's policy. The only other option I've heard is a business policy. However, it is much more expensive. I have started a little side business I could justify running from here, But again, the commercial policy will be high. Any suggestions? Thanks in advance.

 

[bwringer]

Ask around a bit for recommendations, find an experienced insurance agent in your area and tell her exactly what you just told us.

If she says no, try someone else.

In some places, you may want to look for an agency that represents several different companies.

If you care to reveal approximately where you live on this big blue marble floating through space, there may be someone nearby who can offer a recommendation.

 

[nadogail]

Are you on the title for your home? If so your garage could possibly be considered a detached ancillary structure.

 

[pmiranda]

My understanding is that you'd have to get a commercial policy since most homeowner's policies only cover a primary residence and structures on the same parcel of land. I tried asking my homeowner's company about insuring a shop on my lot in the next county and the poor ******* the phone had never heard of anything like it.

 

[Cyberbear]

From personal experience, finding an insurance carrier that has a specialized program for your type of coverage may be difficult. Sometimes your existing carrier may work with you in order to provide coverage, mostly so they can have all your insurance business.

 

[VintageVeloce]

Move into your shop...

Sent from my MotoG3 using Tapatalk

 

[rsanter]

The problem is that insurance companies are good at writing policies for the average application, you are out of left field so to speak.
With that said, the rates will often be higher as they have a harder time defining the associated risks and some companies will not even be able to find a policy to put you in as they may have limited options.
Call around but you may very well have to do it as a small buisness.
Now if you do it as a small buisness you need to define their risks or lack there of by telling them that this is buisness storage only and no customers are allowed on site.
The other benifit of doing it under the buisness is that it becomes a tax deduction

Bob

 

[K'ledgeBldr]

You don't have to run "a business" out of the building- make the property "a business"- let's call it "investment property owned by YOU". You get insurance on said property (fire). "You", then in turn rent said property from your business- now it's a paper tax deductible "transaction".

 

[pmiranda]

Another possibility is to look into covering it as a barn under a farming policy. Got a tractor? Plant some wheat. (Not that I know jack about farming... is there some really easy to grow crop that works in your area? I know when I was growing up in N. Texas all the empty fields had winter wheat in them to keep an ag exemption until they got paved over for mall parking.) Even better if you have a neighbor with livestock or that is farming since you can let him take care of your land.
Just a half-assed idea...

 

[maxpower_hd]

I am curious as to where this property is. I would start by calling around to fairly large insurance carriers like Met Life for one example and see if they even offer insurance for this situation.

If you do need to go to a business insurance the prices vary GREATLY from one carrier to another and from agent to agent depending on what carriers they use. I went through about eight agencies for my liability insurance and the one I ended up with was about 5x less than the first one I got a price from. For the same coverage.

 

[My Old Tools]

Check with Farm insurance companies. They are used to insuring structures that don't have a home on the property. In Texas, Farm Bureau Insurance or Germania.

 

[clubairth]

Just a thought from reading your details?

I would be VERY cautious about letting ANYONE know you have a pit. Or anything to do with oil changes. Does it have a drain? Where does it drain to? Please make sure you don't have any buried tanks on the property?

You could easily be charged with massive environmental crimes and fines. Especially as this was built years ago and it would probably would not be allowed today. Remember it does not matter if you actually did any of this only the fact that you currently own the property.

I worked for a company that purchased several other companies over the years and one of those companies had purchased some property that ended up having some kind of environmental problems. They were 100% liable for the clean up and fines.

Be careful! Once something like this starts it will not stop until you are convicted or lose the property.

Do you by chance have any building permits or sign offs from the government when the structure was built? That's really your best hope. Maybe they got permission?

My brother had his *** saved in California when he dug up an old letter from the city coucil back in the 1960's allowing a small student rental on his property. The city had come and declared that is was an illegal and unapproved rental but they had to grandfather him in after he presented the letter to the city.
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