Month: February 2025

The level of coverage your home insurance policy provides for your home workshop depends on several factors, including whether you use your workshop for profit or hobby purposes and the value of your tools and equipment. Your answers to these key questions determine the coverage you will likely have and the steps to fully insure them. If you need home insurance that suits your needs, contact the Infinity Insurance Group, serving Post Falls, ID.

Hobby or For-Profit Workshop

Home insurance covers personal assets and activities. It does not cover business assets and activities, so if you use a home workshop for business purposes, your home insurance will not cover your workshop assets other than a standard $2,500 in total business assets commonly found in home insurance policies. If you use your tools for business purposes and treat them as business expenses, you should use commercial insurance to protect those assets. If your workshop is used for hobby purposes only, the value of those assets becomes the next consideration.

Home Workshop Value

Home insurance policies include various limits on the amount they cover for various losses. Like the $2,500 limit on business assets, your policy limits the amount it will pay for certain valuables, such as artwork, collectibles, and jewelry. Policies often set similar limits for tools, tool boxes, benches, and cabinets, with some set at $7,500. If you have a valuable workshop, discuss your situation with your agent. You will likely need to inventory the assets, determine their value, and buy a rider that extends your home insurance coverage.

Get The Infinity Insurance Group Difference

The Infinity Insurance Group team, serving Post Falls, ID, will structure an insurance plan that suits your needs. Call (208) 773-7531 to call our office today for an appointment.