Does anybody inventory tools for insurance?

[Paticus]

Recently, I had a car broken into with my truck keys in it (stupid)- well they stole my truck as well. Also my upstairs neighbor had a water leak and ruined my kitchen. Anyways, While I'm dealing with insurance for these 2 things- i realized that having paperwork, proof or purchase etc would have made my life a lot easier. I'm wondering if I should catalog all my tools in case my garage gets broken into. Does anybody do this?

Needless to say its been a S&*TTY month.

 

[Toxicscrew]

I had to make up a list for business insurance. Put a spreadsheet together with brand, model, serial number and cost to replace new. It's good to have around in case of theft, tornado, hurricane, etc.

 

[kd3pc]

I have a file of receipts for the big stuff...tool boxes, oxy/acet bottles, power tools, etc.

Then I spent n hour so with my digital camera, with time date set and took a picture of every box, every drawer open, every angle of the garage, lawn equipment, etc.

Since I can't type worth a ****, I asked my wife to spend another hour or two with me, her keyboarding descriptions and SN and brand name into a spread sheet while I described each tool for her.

We then did the house contents the same way. We put a jump drive in the safe deposit box with a hard copy of the spread sheet.

Luckily I have only needed it once, and when I showed my agent the documentation, there has never been a question about what I actually have.

Better to be prepared, and since I too have those same humbling experiences, I can only add that they usually come in threes....so be careful

 

[shirk]

Back in 2009 I lost everything in a fire. The building that my girlfriend and I lived in burnt down, all four floor gone. Walked out the door with just the clothes on my back and my wallet.

The most time consuming and frustrating thing to deal with post fire was creating the list of everything we owned for insurance.

I highly recommend that people take a rainy day and pick away at creating the list of things you own. Pictures are not sufficient, you need to spreadsheet everything as that is what the insurance company will want.

We now have a very detailed list of everything we've bought since 2009. Our is on Google Docs and we have several safe back-up copies.

If you ever need it you'll be very very thankful you have it and will take a huge stress out what can be a very stressful situation.

 

[Hpozzuoli]

I do a video every year and keep it on my YouTube account as private. I do the house and everything in it that way too. Not as detailed, but you can see it all. Best part is you can access it from any computer in case yours is in operable for some reason.

 

[Fishplate]

Then I spent n hour so with my digital camera,

^^^^^^ This.

If nothing else, take your camera once a year and take pictures of ~everything~. Then burn them to a disc, and store that somewhere else. If your disc burns up along with the house, you will cry...

Making lists is optional. A lot of the details depend on what kind of insurance you have. Mine will replace everything - I buy it, I get reimbursed for the purchase, as long as I can document that I already had one. A picture should be sufficient.

 

[SALIV8]

unfortunately, yup.

i have made a spreadsheet of all my tools with prices and then photographed everything. takes a lot of time but i think it is well worth it if they disappear.

 

[Fueler]

Digital photos and video these days.
I track all of it in this program > Everything I own

 

[Strouty]

I have been procrastinating for years.

 

[yeldogt]

Take pictures of everything ---- including the inside of the house itself .... and anything unusual.

It is unbelievable how it all adds up.

 

[Mike Miller]

Because I was a mechanic my policy excludes tools and the only thing with wheels on it they will cover is a lawn mower.

 

[yost69]

Yep. Mine are on a spreadsheet with the date purchased, item description, item number, amount paid and who it was purchased from.

I have a copy on my computer and on google drive.

It's also good for taxes at the end of the year. I know how much to write off. The ****** part is that I had to take out a separate policy for my tools because the employer policy won't cover them.

 

[James E]

Video is better than stills. It's way faster and you can generate a still of anything on the video whenever you want.

 

[mikec35]

Just talked to my insurance company today. She said photos, videos and receipts with purchase dates and amounts for the higher dollar stuff.

 

[rsanter]

Years ago I had an insurance guy tell me ' the burden of proof is on you'
I asked him what that meant and he said ' it means take lots of pictures of what you have.

Every few years I will take pictures of each drawer of the toolbox and at one time I had even done an excell worksheet for each drawer. Over the years I got lazy and just took pictures every few years.
Well after nothing happening for many years.....my shop was broken into. I am fairly sure who did it but can't prove it and they are related to my wife.
It helped the claim go a bit easier but the insurance odd question why I have so many tools and then they questioned why I had such detailed pictures....I told them what the insurance guy had told me and they said...oh...
End of conversation

Bob

 

[d.mcfarland]

Doesn't homeowners only cover up to a certain amount though?

 

[MN4x4]

I keep my inventory in an Excel spreadsheet, and record:

Brand/Manufacturer
Model Number
Item Description
Mo/Year Acquired
New or Used
Serial Number
Qty
UOM (Each, Set, etc.)
Order Number
Acquisition Cost
Extended Cost
Category (Stationary Tools, Power Tools, Cordless Tools, Hand Tools, etc.)

I have tried to inventory EVERYTHING that I have. I have a single line entry for one bit if I bought it by itself, and a single line entry for a set of drill bits if they came as a set. My inventory list is over 700 items.

I also plan to do a video of my tool drawers but haven't gotten around to that yet.

 

[mikec35]

Doesn't homeowners only cover up to a certain amount though?

Homeowners has a limit on personal property. Depends on how your policy is written

 

[Richard Cranium]

I keep saying that I should, and that I should sit down with my insurance agent, but some how I never get started on the inventory.

 

[trackwelder]

I have tried, but there is to much. Its a shame but I lose focus every time I try.

 

[wrench409]

Damn right I do! The company I work for tried every which way to weasel out of covering mine after they were stolen (their policy is $20k). After I discounted every excuse they made they finally said, `we don`t have a copy of your tool inventory in your personel file`. My reply was to hand them the signed/cosigned carbon copies I did at my hire date to them and allowed them to make copies and I got my $18k settlement!

 

[MANTOOL]

Whether or not you are going to use homeowners and/or business (home based) insurance you are far better served by inventorying and having pictorial backup.

 

[jethro29]

I had to provide a detailed list along with pictures and receipts to the insurance company.and did it for both home and work.

 

[gregp]

I tell my clients to video (especially since its so easily available on the phones). Go room to room, then garage, shed, etc. Keep copy away from house. Keep in mind that if you use anything in the garage for business purposes your homeowner policy usually limits you to $2500 of coverage. Contractors can run into issues with this so make sure of coverage on the business policy. Home owner policies usually gives you 50-75% of what the building is covered on contents coverage. ($100,000 Building =$50k-$75k personal prop) Make sure you have replacement cost coverage so its replaced new with no depreciation.
You should also have a fireproof box for storage of important papers (titles to cars, marriage certificates, etc, etc). Don't keep anything of $ value in it, just the things that are pain to replace. BUT keep the box unlocked. If its locked and someone breaks in they take it with them. If its unlocked the paperwork has no value to them but it's still fireproof. I see this issue all the time.
Talk to your agent, this is what you pay for.

 

[crewchief888]

i have tool truck receipts going back to '84

i started a complete inventory around '85 or so, that has gotten updated as i bought more tools.

mine is all hand written, anything with a SN is noted.

 

[spoonsports86]

we moved in to our new home about 8 months go

we still havent taken inventory we need to

 

[Krokodil]

Is is very scary to see the total value on inventory lists.

 

[bodyguy16]

I have made a full list and have photocopied bills at home and at the hr dept.it took me a good day to inventory everything but its well worth it, I also add to the list every week I make a purchase. Our work policy states if you dont have a list and proof of purchase they pay a max of 10k. It seems not many do a full Inventory because when I handed my first copy to my Hr she was surprised and told me I was the only one of the 40 techs throughout the dealership!

Make a list you never know!

 

[crewchief888]

Is is very scary to see the total value on inventory lists.

yea it does.

if i lost everything i'd be looking at $100k or so in replacemnet cost.

 

[Scott0023]

I was told by my State Farm agent that since I only use mine for a hobby they are covered. I have adequate coverage for my contents so I expect I will be OK. A coworker who was a mechanic previously had all of his tools stolen. He had records of it all and he was paid. For homeowner's policies you need to replace the tool to get paid.

Scott