Lets talk Insurance, once

[upcedar]

don't know if this was ever posted, i use my c/w indoors mainly cus its so cold out in the wood shed. should i tell my agent about my hobbie
then the rates go up, business lic, taxes increase - OMG. its just a
hobbie

42 below chill factor today... stay warm Rick

[pkunk]

I see no reason your insurance should change. Also, it's just a hobby so why worry about licenses, etc.?

[Kenm810]

Insurance, or No Insurance – Business, or Hobby

The hand and power tools I have at Home are covered by my Home Owners Insurance
Against lose through Fire, Floor, Storm, or Theft, plus Liability In the case of someone or something being hurt or damaged by my tools On My Property.

Side Note “That’s why I’m reluctant to lend my power tools to some of my knuckleheaded neighbors. It can come back on you for letting them use your tools.”

The Insurance for your tools and machines that you use in a business covers them in the same manner, Fire, Floor, Storm, or Theft, plus Liability,
But since you always seem to have a few dumb employees or you may be working on a clients project or property.
The cost of the Insurance can cost ten to a hundred times more than your Home Owners Insurance.

A Hobby at home or a Business you have for making a living, Insurance just another cost you have to figure into your projects.
One of the up sides for having a licensed business is you can write off the cost of your Tools, and Machinery plus
most everything that goes with them as a business expense, on your taxes.
But please don't try to start a business just to save on taxes, it's a hard way to go about it.

I know this is over Simplifying it, I just hope I didn’t make the Waters Muddier.
Good Common Since is Your Best Guide

[John]

Homeowner policies I am familiar with have limits on jewelry, photography equipment, etc. You might want to check and see if there is a limit on woodworking equipment. I can't imagine a $20K shopbot (yes, there are hobbyists that have them) in a basement being covered by a homeowner policy without an additional rider.

[Kenm810]

I would think a rider for Hobby Machinery wouldn't be to cost prohibitive.
I carry Insurance Riders for all of my computers and radio equipment I have at home,
they run about $35.00 a year for $20,000.00 coverage.
I'm sure there are a few Insurance Reps. on the forum that could add a little info on the subject.

[upcedar]

good advice guy's, i'm thinking of a static bug in the rug. i kinda got it figured out what a agent would tell you if u'r cabin burn's up! wise man say's to get a rider cause i got a big place' Kurt

[TurkeyBranch]

I added a rider to my policy, was told anything over $2,000.00 needed to be listed seperate on the policy. It cost me an additional $8.95 per year. So it is all covered and then there will be no question if something ever did happen. It is really a bad time to find out "after the fact".

Ed

[Basset slave]

When our insurance agent came out to the house he was nosing around in the garage and told us that everything out there would be covered under our homeowners policy. We go through American Family if it helps any.
And yes, he did see all the hubby's woodworking "toys" out there.