I'm having a serious struggle with State Farm on this. I want to ensure my tools, I keep them in an enclosed trailer and I will at times be traveling with them. They keep telling me know and that they don't insure tools and they've never even had somebody ask for insurance on tools before. Who are you all working with on this? I know they're covered on my home owners but only up to a small amount that wouldn't come close to covering what my welders cost. It's been a very frustrating process so any insight would be helpful!
How are you insuring your tools?
- Thread starter TucsonAZ
- Start date
Rusted Nut
Well-known member
If you're traveling with tools - is that a business? If so, you could get a business policy. If not a business, then they should be covered by home owners. I had all my construction tools stolen out of a locked tool box on my truck, it was covered by home owners policy.
A friend of mine thought his tools were covered by State Farm. They were in his enclosed trailer. They flat out denied any coverage. They did this even under the threat of him moving all his rental business insurance. The funny thing is his claim was less than three months insurance premiums on his other stuff. They denied it and he switched all his policies. What a stupid decision on their part.
You probably want an 'inland marine' policy. if the people you are talking to don't know that, they're either idiots or don't care about doing the right thing for their customers, take your money elsewhere. When I had tools in someone else's shop, I got a policy from the same people who sold the shop their various covers. It cost around 1% of the coverage a year (that is, $10/yr to insure $1000), paid quarterly.
Find a good independent broker. Be prepared to document what you have. Enclosed trailer sounds like you're running a business, make sure you have suitable cover for that as well.
LeeG
Well-known member
I worked with a local insurance agent. I explained what I wanted, provided a detailed list of what I was covering, and let them figure out the how. We ended up with a policy from a branch of Liberty Mutual that included my quite extensive collection of tools under a homeowner’s policy.
The itemized list of my “big ticket” items was helpful to the agent, as were photos I provided them.
Lee
The itemized list of my “big ticket” items was helpful to the agent, as were photos I provided them.
Lee
bwringer
Well-known member
You might want to poke around for an independent insurance agent who represents a wider range of companies.
Sometimes the guys with the warmest handshakes, biggest offices, and Little League sponsorships are the least competent and/or the most limited.
Sometimes the guys with the warmest handshakes, biggest offices, and Little League sponsorships are the least competent and/or the most limited.
redragoon
Well-known member
I had to add to my homeowner policy to cover tools/valuables over the normal range. $20k in stuff will not be covered at all without additional coverage.
My home policy covers a certain base amount for the detached building (shop) and contents. I add extra coverage on top.
Business insurance can cover mobile tools. If you don't have a business, and you pack a lot tools around in your vehicle, you have to add extra coverage with your automotive insurance (for vehicle contents.)
Business insurance can cover mobile tools. If you don't have a business, and you pack a lot tools around in your vehicle, you have to add extra coverage with your automotive insurance (for vehicle contents.)
2ndGearRubber
Well-known member
I did a little poking around for a 100k agreed value policy for my tools, which are stored at work.
Didn't seem like most places were able to make such a policy, or wanted absurd sums which would mean I paid the entire policy sum, 100k, in 15 years. So on a 45 year career I would pay 300k to insure 100k in tools. I decided against it.
Didn't seem like most places were able to make such a policy, or wanted absurd sums which would mean I paid the entire policy sum, 100k, in 15 years. So on a 45 year career I would pay 300k to insure 100k in tools. I decided against it.
CGarage
Well-known member
As a part time California resident, this was a major factor in favor of relocating to Florida.
Florida is one step behind CA as far as becoming uninsurable. I saw an article recently that homeowner rates in FL are expected to increase 40% this year.
It's been quite a while but I remember the insurance for mine being absurdly high. I remember thinking I would have to get cleaned out every few years just to break even. It did make me take all the tool truck tools out of the trailers.
Some of the people I know in Florida are thinking of moving further north just because the insurance prices have gone nuts.
nadogail
Well-known member
My workshop is in a rental property and covered by a policy for that property. I have been advised the coverage is better than if they were kept in my home.
RedneckWelder
Well-known member
Good luck. And you have to hope that what they sell actually covers what the agent claims it covers as well.
I allegedly have 25k coverage for my work tools as part of my homeowners according to my agent, who being that her husband is also an auto mechanic at least understood my need.
I allegedly have 25k coverage for my work tools as part of my homeowners according to my agent, who being that her husband is also an auto mechanic at least understood my need.
treehick
Active member
All this insurance talk and all I can think about is if someone broke into my chaos of storage, it'd be difficult to know what was stolen until I needed it..
Maybe I'll be able to take inventory when I finish the barn and start organizing. And than I'll reconfirm with state farm that my homeowners covers it.
I will say that my new detached $15k shed was not on my house, nor had my house been updated according to the last appraisal. I think my homeowners was covering $90k, but got that raised to $120k + $30k for auxillary buildings. I may be off, but I think I'm close.
Maybe I'll be able to take inventory when I finish the barn and start organizing. And than I'll reconfirm with state farm that my homeowners covers it.
I will say that my new detached $15k shed was not on my house, nor had my house been updated according to the last appraisal. I think my homeowners was covering $90k, but got that raised to $120k + $30k for auxillary buildings. I may be off, but I think I'm close.
RedneckWelder
Well-known member
I had to greatly increase my homeowners insurance because the initial agent that wrote it didn’t do the calculations right to insure it for what it would cost to replace it. By 2021 the insured amount wouldn’t cover the materials much less the labor.
jonesg
Well-known member
airtags are being used with good results, you're better off getting your tools back.
Unless you have a homemade trailer full of HF.
Unless you have a homemade trailer full of HF.
It's worth reviewing your coverage on a regular basis. I changed the agency I deal with (but not the actual company writing the policy) because they'd done a bunch of stuff like that, meaning we were horribly under insured (and over paying, because they'd also not properly recorded improvements (like a roof and new wiring) we'd made. That's what really pissed me off.) .
jonesg
Well-known member
yeh but if you wake up and its gone...
whereas a cheap air tag and a used ipad or iphone will show exactly where it is located.
toolenthusiast
Well-known member
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toolenthusiast
Well-known member
- Joined
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…and a cot inside the trailer, right? Wife’s bf will guard the house.