Renovation Equipment Insurance

[ozsupra]

Looking for recommendations;
We frequently buy and renovate houses for IP's.
In the past the equipment used for the renovation has been insured as it usually amounts to around $10,000 - $20,000 and resides in an empty, fully secure house after hours. The option to take the equipment home each night is not viable.
The insurance in the past has been around $200 per month. This time our insurance company have advised us that the premium is $2,000 a month, despite us never making a claim. As our reno's take on average 3 months $6,000 is not acceptable.

What if any insurance do others have to cover this sort of risk and who is the insurer? And more importantly how much do they charge.

Thanks in advance,
Adrian.

 

[NBS]

I don't worry about insurance (my choice) I pack the big stuff up IE bench saw and power tools etc each day and take back home. In many cases I leave the smaller items on site.

Packing my stuff up usually only take 15 Mins so big issue. Yes it does get to be a pain but I have been doing that for 30 odd years so used to it.

I tried to get insurance and like you the cost was stupid.

Brian

 

[arms]

Looking for recommendations;
We frequently buy and renovate houses for IP's.
In the past the equipment used for the renovation has been insured as it usually amounts to around $10,000 - $20,000 and resides in an empty, fully secure house after hours. The option to take the equipment home each night is not viable.
The insurance in the past has been around $200 per month. This time our insurance company have advised us that the premium is $2,000 a month, despite us never making a claim. As our reno's take on average 3 months $6,000 is not acceptable.

What if any insurance do others have to cover this sort of risk and who is the insurer? And more importantly how much do they charge.

Thanks in advance,
Adrian.

on my renos i install a site strong box ,big enough to store the tools and big and heavy enough for noone to move it .never had any problems except for someone trying to break in one night but failed .

 

[handyandy]

as per NBS

We take all the expensive stuff home and leave the small stuff and materials on site.

Have you thought about getting a trailer that you can simply back into the garage to get tools out during the day put back at night and then tow home. At least in this way only the tools you use that day are out and easy enough to put back into the trailer at the end of the day.

Cheers

 

[goonandtell]

i take it home but leave the cheap and non fun stuff.

e.g. i will leave the compressor and hose but take the guns, take the sliding drop saw but leave the full extended arm saw bench.

Again its a pain in the **** but houses under work get broken into and I am a little attached to my gear and i expect the insurance is also crazy.

 

[ozsupra]

Thanks Guys...
Looks like a trailer is in order.
A.

 

[goonandtell]

would love to hear about an insurance provider at a decent cost if you find one.