Estimating value of tool collection

[Debriefer]

I am about to move, which means updating my insurance policy. I think I have overestimated on the value of my "assets" (just tools and a couple computers), and I'd like to be more precise.

Given that I have been accumulating tools for the last 12 years or so (since I was 16), and receipts are long gone, are there any ideas on how I can predict the replacement cost of everything I've got?

 

[blackz26]

I think over estimating is there correct method. We have them contents of our garage insured for $18,000. We figured that leaves $4000 give or take left over to put everything back as it is. Because you never know with inflation and all. Was insured for 10k and upon a quick assessment we found our selves 4k short of a total loss replacement. the extra 8k only s costs us $8 extra/6 months.

 

[Outlawmws]

Without an inventory and preferably pics to support, you would play hell getting n insurance co, to cover anyway...

I agree estimate high.

 

[oldldh]

Keep an up to date inventory, backed up with photos...

With umpteen gigabite chips and computers everywhere, there's no reason not to...

And over estimate your replacement costs by at least 25%...

 

[ianguilly]

I have every single tool, down to the last socket documented. Also have pictures and whatever receipts I can turn up. I update it every month.

 

[kythri]

Verify with your insurance company, but a lot of times, it's actual replacement value - so they're not typically just going to cut you a check for the value of the policy, and you really don't need to worry how much YOU paid for stuff, just what it costs to replace.

A photo or video (or both) inventory, along with a reasonably itemized listing of your inventory will be needed to take advantage of stuff, and, yeah, value your policy with an eye on replacement cost.

If you insuring a bunch of Snap-on bought for 25% of retail on eBay, your policy should likely be sized for 125% of retail to account for actual replacement costs and inflation.