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Post by cptusa on Feb 10, 2024 17:10:37 GMT -6
How bad was the jump percentage wise? I believe the agent said it's a 6% inflation adjustment annually unless we were to determine otherwise. Currently about $714 for insurance on a 60x120x20 pole shed at a replacement cost of just over 155K. Not sure if that's good bad or otherwise, but with multiple buildings/bins/grain handling and all the equipment it adds up. Not sure I have made a claim in over 20 years of any sort so a guy starts to wonder if it would be better to just bank the money? I guess this is why insurance companies are a huge profit center... I don't think that jump is too bad. I've heard rumors or 25-30% jumps here. Don't know if that is true or not. If a guy never has a claim then yes you could just pocket the money and hope, but one big claim takes a lot of years saving premiums to cover. I've narrowly escaped two derechos with minimal infrastructure damage, they could easily have been multi million dollar hits had I not. Insurance is frustrating. Pay the premium and hope that is money that is just pissed away I guess. I think I'm around $35k premium with infrastructure, equipment, vehicles, and personal umbrella. |
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Post by SWMan on Feb 12, 2024 10:44:36 GMT -6
6% year over year increases can really add up. If someone is jumping 25% makes me wonder if they are just reacting to the recent market, which could be possible.
Oatking I haven't insured my bins that are in sheltered yards and at very low risk. Basically assess your own risk and take some yourself. Having a big shed with a bunch of combines and tractors inside collapse would be a bad deal though, hard to overlook that.
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Post by Oatking on Apr 1, 2024 16:54:33 GMT -6
 getting a railing and putting floor in tomorrow ! this summer need to figure out a winch system for the stairs! lots of fun to have a hobby shop. |
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Post by Oatking on Apr 24, 2024 13:07:42 GMT -6
We’ll still going over shed options ! Wish I could be like Ken mb and just take the plunge !
My latest estimate is for a 60 by 120 governor canvas shop.
I was disappointed the cost has gone up a lot . The quote was 202 000. Now , I think if I do build a shed the 260 000 dollar quote for a wood pole shed is a no brainer .
I guess it made the decision easy now .
I guess my question should be if a guy has 10 years left at this gig , is it a poor decision to blow a quarter million on a shed?
I am leaning to just let the few things sit outside and save that money for retirement .
This question is more for the older guys on here . If I had a son , than I would invest in the building .
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iamwill
Full Member
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Post by iamwill on Apr 24, 2024 15:25:51 GMT -6
I would build it. Costs you 26k a year plus interest over 10 years. If possible build it in a location that would work well for the next guy to get maximum value if you do eventually sell. Would you pay extra at an auction for a piece of equipment that has been shedded? If yes then subtract the premium for the equipment stored in it from the building cost and see how the numbers look. Easy for me to say as it's not my money!
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Post by kevlar on Apr 24, 2024 15:47:02 GMT -6
I’ve never heard of anyone regretting building a shed, only that they didn’t do it sooner or build it bigger.
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Post by kenmb on Apr 25, 2024 8:29:07 GMT -6
Same debate for me, is it worth it with no family planning to take over. I don't know, I may as well just retire if I really think how far to go down that path of where to spend some dollars and future plans.
Ultimately, I think having equipment shedded leads to less stress and problems when i go to use it next season. I plan to keep most of my equipment for years yet so if I can keep it out of the weather then I think it makes it easier to keep it longer. If I could afford to trade every 5 years then no, I don't think a shed makes sense.
I really dislike getting different equipment, would rather run what I know and am familiar with. So some things I do find stressful. And so having a shed and equipment protected should mean less stress in the end. Ultimately I am managing my farm to keep stress lower. So I feel better with equipment shedded. I now have a good second combine if needed so one less stress item of worrying about my only combine having a major issue at harvest. Leaving the spare combine sit in the pasture is not the best, usually it isn't an issue but I think it is more "field ready" if in a shed.
Building a shed is not necessarily smart from making best use of dollars in the short term, but for me is higher up on the "nice to have" list than a newer tractor.
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Post by hardrockacres on Apr 25, 2024 10:33:19 GMT -6
I built mine a few years back but it is a heated shop...built as big as I could afford at the time. As kevlar said now I wish I had built bigger as I do use it as a shed for some equipment. When I built I never thougth I would have a combine with duals/16' header, never have 2 4wd's, etc. I like keeping everything indoors if possible as well. My dads 1986 tractor is only outside for about 4 weeks a year, aside from the hour meter you woud think it is brand new. so once iI finish checking over equipemtn, trucks, etc., they get moved to cold storage. The bigger jobs like the combine get to stay in the heated shop year round if not in use.
Now as a HD mechanic I do losts of tinkering in the shop and once I had the shop built I had wished I had built it 10 years sooner. But when retirement comes I will still tinker but it will be on hobbies like sleds, cars etc. Not combines and tractors so it will be more than big enough then. Also spread out the cost to build vs the years of use for me, at least that is how i rationalized it in my head.
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Post by kenmb on Apr 26, 2024 8:25:00 GMT -6
One of the things that limits me from how much I use the shop in the winter is I also had it crammed full of equipment vs leaving it stuff outside for winter. So my winter stuff gets done in spring when I move some stuff out. Not a big deal, I don't do massive projects so a week in spring can accommodate such things and there is summer for other stuff. But having a cold storage shed now has me already planning some shop work this winter since I will have more work room. Tandem trucks can be in cold storage shed, may move the sprayer out of the shop for winter for the first time. I never had to do a proper sprayer winterization before so will have to learn that one now. That gets me back to my posts over the years as to whether a guy is building a shop or a machine storage shed. I suppose if you can afford a 100 x 200 ft shed and shop all in one then sure, it's nice to have tools near by to work on anything. But since I was trying to use the shop as a shed also, it was less of a shop. Hoping now my shop is more convenient to be used as a shop.
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