Insurer for shed contents whilst house is tenanted

Discussion in 'Property Management' started by Gu42, 21st Mar, 2022.

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  1. Gu42

    Gu42 Active Member

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    Were planning on renting on our house out and locking our contents up in one of our sheds, which is separate to the house.

    Our current insurer will not cover the contents of this shed, does anybody know of an insurer that will?

    The shed contains car parts, personal tools and furniture.
     
  2. Paul@PAS

    Paul@PAS Tax, Accounting + SMSF + All things Property Tax Business Plus Member

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    A shed may be a poor storage location. They suffer from heat, humidity, vermin, spiders, roaches and bugs, mice, water leaks etc. I doubt you will get cover. Even getting cover in self storage is very conditional. Usually must have certain features only found in higher end centres with gates, camera, alarms and the like. They have vermin control etc. I would consider self storage.
     
  3. Scott No Mates

    Scott No Mates Well-Known Member

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    ...but it's free :confused:
     
  4. Gu42

    Gu42 Active Member

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    The problem is I have a few cars and alot of parts and tools, I would need to hire a small factory to store them. If that is the only option its almost not worth leasing out the house
     
  5. Westminster

    Westminster Tigress at Tiger Developments Business Member

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    It's an expensive past time. The best people for tools/parts is generally Shannons.
     
  6. Paul@PAS

    Paul@PAS Tax, Accounting + SMSF + All things Property Tax Business Plus Member

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    Insurers also wont cover property unless you live there. Home and its contents....Not contents at someone elses home. If the tenants were to access and take property its not burglary-theft and may be subjective about proof and not insurable. Insurers have a duty of disclosure to all policies and if you dont tell them things they should know they wont pay a claim anyway. No insurer would cover a unattended shed on leased property without disclosure and acceptance.

    You may find its not as insured as you would like already. Each may be considered a collection. Collection of parts, tools etc. Each collection may be uninsured unless its specifically covered. More than XX of a item can be a collection.

    Are car parts contents ?
     
  7. Angel

    Angel Well-Known Member

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    Can I crash this party!

    We will be moving out of our PPOR to travel and need to store a huge workshop amount of tools and parts and classic vehicles (one completely dismantled) as well as our precious furniture and household belongings. I have been looking onto the quality storage sheds which cost a fortune, but they are also only two klms down the road. We considered buying a shipping container to store our preciouses (on a relative's acreage block) but these days containers are the New Black in consumer goods. The first quote I got was $20-$28k for one 20 foot container. I suspect the storage prices at the local industrial estate will have to be considered just another cost incurred in our travel budget. Balance this out by renting out our PPOR while we are away and the rent will bring in about 50% of the cost of the adventure.

    And no, car parts are not contents. Many things we take for granted are uninsurable.