Insurance for CNC in home shop. (searched and found a lot of outdated information) - Page 2
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  1. #21
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    I have a shop on my personal residence property. Nationwide works for me.

  2. #22
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    I was in the same boat as you are currently in when buying my first VMC, I eventually said screw it and paid cash. Eliminated 2 out of 3 things I hate (Interest, Insurance companies, and lawyers)

    Would be easier to take out a loan against the house or something else.

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  4. #23
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    Quote Originally Posted by drcoelho View Post
    See if you can get your homeowners insurance to cover it. Just add a rider to the policy to bump up the value of personal property.
    Only if its for personal use. Most will void the policy if its a business. Just so you know even a home owner policy for $500,000 may NOT cover your tools. Tools (like jewelry and firearms) often have a cap on value in standard policies. My old Grange policy covered like a maximum of $1000 for tools. My travel tool box is worth that. Now I have $50,000 in coverage for tools.

  5. #24
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    A lot of policies have a "motor fusion" clause ,and covers any electric motor on the insured premises......Id go for a stand alone policy for fire and storm damage ,and pay a separate premium......I think theft would be very unlikely on a machine over two tons.

  6. #25
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    Just bumping this up because I was all set to go with the bank's insurance, but I had several lines in the water, well, I waited for the last quote to come in and all wound up being a higher than the bank's policy, and so I decided to go with the bank's policy. Well, since it had been 32 days since I had gotten the first quote they had to requote and now it's 50% higher, so now I am back to searching...

  7. #26
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    Quote Originally Posted by CarbideBob View Post
    The OP needs insurance to get the loan and not other concerns.
    Bob
    I've never needed to provide insurance before the iron was on my floor?


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