Accounting for your tools (Insurance)

[Blacknwhitepit]

Two years ago I made a digital movie of all my tools, uploaded it onto Yahoo for storage in case the house burned down, or my computer was stolen.

My wife has been on me to do a complete tool inventory (written) for insurance purposes. I don't think I have it in me to spend two days accounting for all my tools. I think the digital way of doing it is better, but not as thorough.

If my insurance company would do it the same way they are dealing with my roof being half blown off, then I will be really pissed. They are completely slow rolling and lowballing me.

Has anyone ever filed insurance for stolen tools?

-BWP

 

[Deafautotech]

Two years ago I made a digital movie of all my tools, uploaded it onto Yahoo for storage in case the house burned down, or my computer was stolen.

My wife has been on me to do a complete tool inventory (written) for insurance purposes. I don't think I have it in me to spend two days accounting for all my tools. I think the digital way of doing it is better, but not as thorough.

If my insurance company would do it the same way they are dealing with my roof being half blown off, then I will be really pissed. They are completely slow rolling and lowballing me.

Has anyone ever filed insurance for stolen tools?

-BWP

My dad work for insurance as safety and food inspector (Chubb and Son).. he always advise me to have insurance on my tools with toolboxes... many technicians own big box with lot of tools but they cant afford to have tools insurance...

I dont know if i should do or not but i have lot and lot of money in tools... which would be higher money to pay for insurance...

I already make pictures of my tools and toolboxes but i still have to update every month because i am still buy either used or new tools....

 

[eschoendorff]

My dad work for insurance as safety and food inspector (Chubb and Son).. he always advise me to have insurance on my tools with toolboxes... many technicians own big box with lot of tools but they cant afford to have tools insurance...

I dont know if i should do or not but i have lot and lot of money in tools... which would be higher money to pay for insurance...

I already make pictures of my tools and toolboxes but i still have to update every month because i am still buy either used or new tools....

That reminds me... I need to do just that ....

 

[Deafautotech]

That reminds me... I need to do just that ....

i am glad to make a remind anybody to do picture the tools that just bought it...

 

[Danglerb]

Getting money out of an insurance company may take more than just some digital pictures of the tools. They really like to see receipts showing when and how much you paid for the tools.

 

[Lyaec350]

Depends on your relationship w/ the insurance company (as does any process involving offers/counter offers), but if you have properly documented name brand tool purchases with pictures and information (model number, etc) you should be able to get replacement value for those tools. It is not so much a matter of how much you paid. If you crashed the 2 year old BMW you bought from a family member for $100 (they gave it to you, basically), would you expect the insurance company to cut you a check for $100? No, they'd give you replacement (market) value.

 

[Junkman]

If you have Snap On tools, they really don't depreciate, since they are a free lifetime guarantee. When I last asked about insuring my tools, the premiums were so high that it wasn't worth it. If you get a quote on the insurance and feel like I do, that the cost to benefit isn't worth it to you, then put that amount of money away each year and self insure. Had I been paying premiums for the past 40 years on my tools, I would have more than paid the total cost of replacement in premiums. Some things you are best to insure, and others you are better off "self insuring". Pick your poison wisely...

 

[Lyaec350]

If you have your junk in your garage wouldn't homeowners insurance cover it anyway? Why a special insurance policy?

 

[Jason_D]

If you have your junk in your garage wouldn't homeowners insurance cover it anyway?

That depends on how the policy is written.

 

[oxycodone]

That depends on how the policy is written.

Yep. Especially if you have thousands of dollars worth of tools - there's caps on such stuff, and to insure properly you'd need a rider on your policy.

 

[rsanter]

a friend that had alot of tools was broken into and the toolbox and other stuff was stolen. the adjuster lady actually challanged what he was saying he had for tools and made a statement to the effect that most people do not have that many...and in short was accusing him of overstating what he had.
he produced pictures, she shut up, he had a check days later

thats why you do it
my insurance guy told me "the burden of proof is on you". I asked what that meant and he said it means take lots of good pictures

bob

 

[Danglerb]

The purpose of every word in an insurance contract is to limit what they have to pay out. Homeowner policies will typically have caps on various types items covered, and require a rider for additional coverage. In practice most people never know what their real coverage is until they try and collect.

 

[nissan_crawler]

If you have your junk in your garage wouldn't homeowners insurance cover it anyway? Why a special insurance policy?

Not even CLOSE. Most policies cap tools at $1-2,000. I have a $25,000 policy on my garage for tools, and a $15,000 policy on my work toolbox.

Here's what I do:
1. Take pictures of each individual drawer. If it's in cases, leave them closed for the main picture, then open them and take pictures of each case.

2. Number each picture in paint shop (1,2,3,etc.,)

3. Write a detailed list of every tool in each picture. I.E. Picture 1, Snap-On Snap Ring plier set q1346246. Snap On pliers 2462435. Put the list price with each one.

4. Burn them to 3 dvd's. One goes in your fire file, one goes to your insurance agent, and one to somebody else (mine is in my parent's fire file, also).

I do this for the entire house, actually. The insurance agent loves it. If my place burned down, it would be a matter of one day to total up the damage.

****? Yes. However, if I were to lose my work toolbox, there is no way I could cough up $15,000 at once to replace it and keep working (at least not without digging into investments/retirement) right now. That box is my income, without that toolbox, I have no income.

Here's something else I will point out, especially for this board. BEWARE OF VEHICLE COVERAGE ON HOMEOWNER POLICIES!!! Again, if it's a vehicle you're restoring, etc., and it does not have car insurance on it, your homeowner's will likely cover VERY little of it. When I had the '57 being built in the garage, I had the $20,000 policy for tools bumped out to $40,000 and the '57 included on it.

 

[Kevin54]

If you have your junk in your garage wouldn't homeowners insurance cover it anyway? Why a special insurance policy?

Someone had better read their insurance policy You standard insurance policy really does not carry everything that is IN YOUR HOUSE. You have to get a special rider policy to cover collectibles. On a standard homeowners policy, outbuildings are covered only to a certain point...let's say $5000 with $3000 for contents. So if you have a decent shed with all of your garden tools in it and a newer John Deere Garden tractor for instance, you are only going to get $8000 even though the tractor is only a year old and cost you $10g's. My wife collect Longaberger. So if the house burnt down...****, all gone up in ashes, prove that there were any even in the house type of deal. Special rider policy with pictures submitted to the insurance agent covers them. Say for instance that you have a '63 Corvette Split Window and you decide to rebuild the engine over the winter and which some people would do, is drop your full coverage on it because it is going to be off the road for 6 months, (and people do this all the time, why pay for something sitting)the garage catches on fire for some unknown reason, your homeowners policy will cover the loss and possible replacement of the structure, but if you do not have an insurance policy on the car itself, you are out the money of what the car is worth. Tools are a collectible. If you have any major money at all invested they had better have an additional rider policy on them. Like Nissan stated, picture, pictures, pictures, then receipts, and copies of pictures and copies of the receipts and give a set to the insurance company. they will put it in their files. And for the money, if you don't want to burn pics to a CD, pick up a jump drive and load everything to that. Plain, cheap, and simple to do, and actually easier than burning a CD. Just don't go to all the work of taking pics, getting a price list together, and then keeping it in the top drawer of the desk for future use. The house goes, it goes also. It is really something everyone should do every year if a lot of changes takes place, or at least every other year if you are the average type of person, but one weekend should be set aside to update your insurance policy and riders. And everyone should read through their policy and talk to their agent to understand FULLY what is and what IS NOT covered. If an agent does not want to take the time to go over your changes, then it is time to look for another agent. Everyone hates to pay out more money, especially on insurance and taxes, but if something happens it's good to know that it would be replaced.
My nephews have a business and we were talking one day about the amount of tools that he has collected over the years. When you are talking three very large roll-a-rounds jam packed full of specialty automotive and deisel mechanic tools, transmission tools, semi tools, heavy equipment tools, then start figuring the 90% is Snap-On and every specialty tool hanging on the wall, in cabinets, etc, etc, etc, he was surprised himself as to what it would cost to replace everything. What starts out at $50,000 soon turned to around $500,000 and that is probably a conservative figure at that. $50,000 would probably cover the tool boxes.
Also, instead of talking to your agent on the phone and discussing what you need covered, have him/her come to your home and discuss it in person and let them see what you want insured and to make any recommendations as to what to adjust. Most carry digital cameras with them for this reason.
One last thing as to pics and insurance....most people do not have a clue as to what they have or had until it is gone and time has passed. Almost everyone has way more than they realize but just take things for granted. How many times have you opened a drawer and thought to yourself, "Wow, I forgot I even had one of those" or "I have been looking for that for months"

 

[Elroy]

Also, instead of talking to your agent on the phone and discussing what you need covered, have him/her come to your home and discuss it in person and let them see what you want insured

And take a picture of the Agent standing in front of your tool box. And use a film camera so they can't say the photo was touched up.

 

[Mike83]

I recently talked to my insurance agent about this since I am insuring my fiance's rings (f-ing expensive to do that, btw). The limit on tools for me is $7,000 for theft, but unlimited if the tools are destroyed in a fire. She also recommended video taping the tools and keeping a copy at another residence (parent's). I will prob take pics and label each tool with the value, like nissan_crawler did. I don't have $7,000 worth, but still enough that it would be pricey to replace them.

 

[engnerdan]

I recently talked to my insurance agent about this since I am insuring my fiance's rings (f-ing expensive to do that, btw). The limit on tools for me is $7,000 for theft, but unlimited if the tools are destroyed in a fire. She also recommended video taping the tools and keeping a copy at another residence (parent's). I will prob take pics and label each tool with the value, like nissan_crawler did. I don't have $7,000 worth, but still enough that it would be pricey to replace them.

How much did you spend on her ring? My wifes $3000 engagement ring was like $26 a year.

This thread has me wondering about my coverage, I have asked many times how much I am covered to for my tools and I can't remember now. I do know I have full replacement cost insurance and my garage and its contents are covered to something like $18,000. But as I aquire more tools I am starting to think that is not enough. I think I will give the actual insurance company (not agent) a call and see what they say.

BTW - I photograph my tools drawer by drawer monthly. I also have a spreadsheet of the power tools/air tools with serial numbers and aprox values.

-Dan

 

[Mr. Welsh]

The CW on insurance that I've always heard is not to insure anything unless it would put you in a real financial bind if you lost it. Obviously it depends on your financial situation, but insuring a $3000 ring would probably not meet that standard. Insuring a $30k tool collection would likely meet that standard.

 

[Mr. Welsh]

For you OCD types (I'm talking to you, nissan_crawler), do you keep a copy of the receipt for everything you buy?

 

[Mike83]

How much did you spend on her ring? My wifes $3000 engagement ring was like $26 a year.

I spoil her. The insurance on the engagement and wedding rings is like $165 a year, but that is based on the appraised value, not what I paid. I actually got a good deal - at Sam's Club of all places!

 

[ba614]

I've had my tools stolen 3 times. As my experiences went, you would be better off to put the money you would spend for insurance in a savings account to replace your tools after they have been stolen.

 

[nissan_crawler]

For you OCD types (I'm talking to you, nissan_crawler), do you keep a copy of the receipt for everything you buy?

Small items, no. Large items, yes. For every appliance, tv, computer, chainsaw, table saw, power tool, impact, welder, drill press, plasma cutter, etc., I staple a copy to the manual, and keep the originals in the fire file.

I've had my tools stolen 3 times. As my experiences went, you would be better off to put the money you would spend for insurance in a savings account to replace your tools after they have been stolen.

Then you don't have much tools. It would take a long time for $60,000 of tools ($20,000 3x) to not be worth an insurance payment.

 

[Mike83]

I've had my tools stolen 3 times. As my experiences went, you would be better off to put the money you would spend for insurance in a savings account to replace your tools after they have been stolen.

Tools stolen 3x? Either they're not locked up or you live/work in a baaaad neighborhood.

 

[Stuey]

You cannot compare an engagement ring to tools. The diamond on a ring can get lost or damaged, and is usually a much higher target for thieves.

I've got a floater policy on the wife's ring, everything else *should* be covered by the rental policy.

 

[Mr. Welsh]

You cannot compare an engagement ring to tools. The diamond on a ring can get lost or damaged, and is usually a much higher target for thieves.

I've got a floater policy on the wife's ring, everything else *should* be covered by the rental policy.

The CW sets a standard for what should and should not be insured. If you can afford to replace any item without much difficulty, then it should not be insured. Ring, tool, house...you name it. It is also a helpful standard for deciding what your deductibles should be on things like car insurance.

The risk differential is for the insurance company to figure out, and I assure you it's reflected in their price. CW still applies.

 

[jniolon]

I've got pics and video of all my stuff in a detached garage... but as I read this thread I can think of lots of new things since it was updated.... note to self : get off your *** and do it again.

I'm also building a '53 f-100 street truck... that's in the garage with all the above stuff... It's a bare frame now but there is over 15K in parts and pieces waiting to be added during the build. I talked to my agent and increased the coverage on 'contents' of the garage by 15K... it was already at 10K to cover tools/stuff all this over and above the cost of replacement on the garage. Agent has a copy of the pictures/video and has seen the contents personally. But who knows, if/when there is a claim, he might be dead and that 1.5 font fine print might have changed to include "coverage will only include damage/loss due to biblical catastrophy (i.e. flood which covers all the known world, arrmegedon, or the second coming... which must be certified by some biblical figure and notarized by Moses personally".

later,
John

 

[eschoendorff]

I But who knows, if/when there is a claim, he might be dead and that 1.5 font fine print might have changed to include "coverage will only include damage/loss due to biblical catastrophy (i.e. flood which covers all the known world, arrmegedon, or the second coming... which must be certified by some biblical figure and notarized by Moses personally".

later,
John

 

[ba614]

Small items, no. Large items, yes. For every appliance, tv, computer, chainsaw, table saw, power tool, impact, welder, drill press, plasma cutter, etc., I staple a copy to the manual, and keep the originals in the fire file.



Then you don't have much tools. It would take a long time for $60,000 of tools ($20,000 3x) to not be worth an insurance payment.

well you are right I don't have much ... but the insurance ripped me off every time .... it's bad to get your tools stolen and then have the insurance rip you off to

 

[ba614]

Tools stolen 3x? Either they're not locked up or you live/work in a baaaad neighborhood.

this thiefs happened over 30 + years ... I used to live in Memphis, Tennessee ... it wasn't the neighborhood it was the town! ... ripped off in 3 different neighborhoods .... had my house broke in, cars and trucks stolen ... lived there 44 years .... been gone 11 and I don't ever want to have to live there again

 

[Uncle Buck]

this thiefs happened over 30 + years ... I used to live in Memphis, Tennessee ... it wasn't the neighborhood it was the town! ... ripped off in 3 different neighborhoods .... had my house broke in, cars and trucks stolen ... lived there 44 years .... been gone 11 and I don't ever want to have to live there again

Are you sure that was not Topeka KS.? Sure sounds like it!

(The city markets itself as "The Crotch of Humanity" I believe!)

 

[eschoendorff]

Are you sure that was not Topeka KS.? Sure sounds like it!

(The city markets itself as "The Crotch of Humanity" I believe!)

No.. I think you're confused. "The Crotch of Humanity" is Flint, MI.

 

[krusty the clown]

Are you sure that was not Topeka KS.? Sure sounds like it!

(The city markets itself as "The Crotch of Humanity" I believe!)

so when the world gets an enima that's where they stick the tube??????

 

[oldgoat]

This is a newer version of what I have used to document what I have in the house and the garage. You can have pictures of each item and I also keep copies of the receipts. I make copies on two USB flash drives. One I keep at home and one in the safe deposit box. When I update I do the one at home and take it to the bank and exchange it for the old one and then update it. Be prepared for a lot of work though because you'd be surprised at how much stuff you can have in the garage and the home.

The software for mine was free and I believe that it still is:

http://www.iii.org/media/publications/brochures/homeinventory/

 

[Uncle Buck]

so when the world gets an enima that's where they stick the tube??????

You got it, for the most part thieves, Feeble minded idiots (yup, the city council) and crack heads have a field day in Topeka, cause crime is high and the city Blows!