Royjohn is absolutely correct. Your renters policy won’t cover expensive jewelry making equipment. They fall into a “special collection” category with a cap on total replacement value. Also, renters insurance is less expensive than homeowners insurance because you are only insuring contents, not the structure. If you start looking into a rider policy or even a business policy, be wary of those bundle everything and save plans. They are usually a bit less expensive because either the deductible amount is very high or the deductible is a percentage of the replacement value. I have earthquake insurance, so any claim filed against the policy, for any reason, carries a 10% deductible. Also, a claim on one part of the policy affects the premium for all attached policies/riders. A car accident can increase your entire policy premium across all policy lines. Before you start, take a hard inventory of your materials and equipment, calculate the depreciated value on used equipment and tools, and assign a replacement value on each one, this is the same process used to file homeowner claims. This will give you a hard dollar amount that you need to have coverage for as well as the replacement cost in the event of a loss. Also, ask about having flammable gasses (torches) on the premises. A policy may be voided if a loss is caused by an ignition source(s) they were not informed about. If the structure itself is damaged you may be held responsible for the entire bill. Ask a lot of questions. If you missed a question, or didn’t understand something, go back and ask for clarification, then take those same questions and numbers to the next company. It’s a lot of work, but it will save you from being over or under insured. If you keep those lists, they will be invaluable if something ever does happen.
Good Luck! Alaska Silver