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post #21 of 29 Old 04-25-2013, 11:01 PM
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While your not required in some cases to have insurance. I think you went off tract a little because he stated he wanted or needed it. Insurance is more than just to protect bank or owner from fire or theft. It is to protect the owner from other people suing for injury or even liability from law suits that exceed your other insurance such as car insurance or lack of.

Shelling out cash for a building and all the tools would be a big investment in my opinion not to protect.
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post #22 of 29 Old 04-26-2013, 09:40 AM Thread Starter
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Richard - you are correct. I know there is NO requirement for any kind of insurance. I'm just trying to protect my investment and protect myself against any potential liability. Going without on any kind of real estate or vehicle is just foolish - weather it's required or not.
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post #23 of 29 Old 04-26-2013, 11:22 AM
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I personally would like to know if you get this worked out. I believe whoever said your problem may be because it's commercial property is probably right.

As I stated your home owners policy is probably your best bet because they have your home already and may be willing to consider that us woodworkers need a shop for our hobbies. Even if its an entirely different building in a commercial location that the price was not only right but to good to pass up. They just don't get it. Maybe a sworn affidavit that you are not using it as a business could help.

I'm guessing that your utilities will probably be more also since its a commercial area.

My suggestion on the insurance is try to stick with the same company for one. they usually discount for multiple policies. I use USAA and have moved my car insurance and home owners over to them. Got a credit card through them as well for discount on insurance and low interest. I use the credit card to auto pay the insurance because the Credit Card has cash back. Homeowners is one thing but 5 vehicles with full coverage is a healthy chuck of change and the cash back ads up quickly. I then pay the card balance every month when I collect the largest part from my two youngest kids.

Last edited by rrbrown; 04-26-2013 at 11:24 AM.
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post #24 of 29 Old 04-26-2013, 12:46 PM Thread Starter
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ironically, the company that insures my home is the same one that dropped me! I don't know if they are aware I also have a homeowners policy. My agent did find another company willing to underwrite a policy but won't give me a quote until 5/1 (90 days before my existing policy ends). I'll let you know what happens - thanks for the interest!
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post #25 of 29 Old 04-26-2013, 05:36 PM
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Originally Posted by rrbrown

Well that may be true in some states but in others it is incorrect. In Louisiana for instance it's the law that you have insurance on any registered vehicle. You can't leave the lot until you prove it.
In most states you can post bond in lieu of insurance. Most people are not aware of this. I worked for a large electric utility. They do not carry insurance on their vehicles. They are self insured. Most companies with large fleets are self insured.
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post #26 of 29 Old 04-26-2013, 07:41 PM
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I'm aware of that but aren't we still just fudging with the laws trying to justify how he can not have insurance? Large companies and plants are self insured here but it requires a substantial amount of capital to be put aside for only that purpose. He already stated he wanted it to protect his investment. If he had that kind of capital I think he wouldn't have been so upset about them dropping him or getting high quotes.

It almost sounds like kids trying to justify there side of a story to there parents. Its a personal shop for his hobby, nothing gave way to believe that he could or even wanted to be self insured.
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post #27 of 29 Old 04-26-2013, 09:28 PM
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Have you considered getting the land rezoned as residential? I believe it's a fairly easy process. Isn't it just a zoning hearing? Should be easy going from commercial to residential. I don't know of anyone who has gone that direction though. All I know of is places going from residential to commercial. I can't imagine anyone objecting to going residential.
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post #28 of 29 Old 04-27-2013, 12:39 PM
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This is an odd situation. It may have something to do with the fact that you are zoned commercial. I would think you would be able to get a private policy and like most non-commercial policies, there would be the exclusion that commercial application of the property would not be covered. I am just guessing, I am not an insurance savvy person.
I like the OP, would want my investment covered. I have had non-commercial policies when I ran my hobby shop from a bay in a rented mini-storage building. I think it was Progressive at the time.

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post #29 of 29 Old 05-29-2013, 03:02 PM Thread Starter
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Thanks to everyone for your input. My agent did end up finding a company willing to underwrite a policy - unfortunately it cost 2x the previous policy but now at least its taken care of.

turns out insurance companies don't like unusual situations. They know how to deal with residential policies, all kinds of commercial polices but commercial property owned by an individual with no commercial intent really throws them for a loop - they just don't know how to rate the risk.
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