My shop is located behind my house. For as long as I can remember, my dad, as well as I have insured this building as a seperate structure under my home owners policy.
However, shopping for a cheaper rate, auto, home owners, umbrella, GL, an insurance company wants to wrap my shop up under my general liability policy.
Currently my shop is insured for $100k replacement value. Replacement of the equipment? Ya it's a gamble
However the insurance company that I spoke with we shall call it bobs insurance.. Says the building, should be under a comercial policy of its own. I don't think so, as the only business that really takes place here is parking my work truck here and a few ladders and some material storage. The rest of my crap has NOTHING to do with my business...
Anyways, my home owners as it is now with my shop, my house is insured for 240k replacement cost. With a 100k rider for my shop. The cost is $600 per year.
However, bobs insurance, pegging my shop as comercial with the same coverage, is $1500 a year.
Bobs insurance agent says my shop is not properly insured... Wtf does that mean?!
My customers never step foot in here. Infact, I'm pretty paranoid as to who I let in here... Not cause of insurance, but this is MY SPACE stay the hell out!
How do you insure your shop? Is it tucked in under your home owners? Or is it a separate policy?