[modeleng] Re: Workshop insurance
- From: "Charles & Dorothy Brumbelow" <cbrumbelow@xxxxxxxxxxx>
- To: <modeleng@xxxxxxxxxxxxx>
- Date: Thu, 10 Aug 2006 06:53:14 -0500
In the states, though, a problem with homeowners after a disaster is that
unscheduled furnishings are limited in coverage to a percentage of the house
coverage. That level is fine for an isolated loss such as Jesse mentioned
but it runs out quickly if the house and surroundings are burned out or
blown or washed away. Valuation of collectibles (Lionel or Hornby trains,
for example) is a problem, but that pales compared to valuation of a
self-built item such as a locomotive. Most carriers of homeowners insurance
will provide extra coverage for an extra fee of specifically scheduled
items.
The first step toward collecting on insurance after a loss is identifying
and valuing what was lost. Once again, probably fairly easy with an
isolated loss such as Jesse suffered. How many, though, have an inventory
of their goodies with costs and/or estimated replacement values? Or even
videos or pictures showing the things with identifiable details?
Of course, with an inventory showing values, one wouldn't want that top
secret document to get into the wrong hands...
Charles
> My shop (well one of them) is in the basement and covered by homeowners
> insurance, but even if my tools were stored off premises, they are still
> covered. I know this because I had some stored at the sawmill when it
> burned in 1970. I got a new Atlas lathe out of that one, but I preferred
> the old one as it was sturdier (10 inch instead of 12") I don't know what
> the situation would be concerning the tools and machinery (Newbie
> locomotive
> included) that is in the back shop, but think it would be covered also.
>
> REDNECK Tennesseean
>
>
> I was reading elsewhere about the problems with insurance for the workshop
> and all the tools and equipment therein.
> I know that my insurance company wont cover it, and apparently neither
> will
> some others.
>
> What does everyone do about insuring their workshops and contents?
>
> Alan Stepney
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