How to value our tools - had a close call.

[climb.on]

I had someone snooping around my property recently and I caught the ***** on my trail cam. Long story short, he didn't get much, but did some damage trying. Cops put the picture I got on Facebook and they had him inside of 2 days.

So I checked with my insurance agent after the ordeal to check my coverage. Apparently my policy has a cap of $2500 on tools WTF!! Could not believe it! All these years and basically no coverage on my tools. I have now added a $20,000 rider to cover them and it ain't cheap. I'm thinking I should increase it to $30,000, but will cost another $350/year.

Trying to put a value on my tools makes my freaking head spin. Have you guys checked your policies for coverage? How do you determine a value? Getting cleaned out by one of these scum bags is a scary thought...

 

[Empty Pockets]

I have full replacement value, up to 2 times the value of the house. The tools are approaching 6 figures worth of value. I keep photos and an inventory on CD. One at my home, one at my sister's home in the midwest, and one with my daughter in New England.

Check with your insurance broker

 

[General Geoff]

At some point the insurance costs more than extra security to prevent theft in the first place. Reinforce your doors, and keep your expensive tools in locking roller cabinets that are anchored or chained down in some way, if you're concerned about theft. I can't fathom spending hundreds of dollars extra every year just for the possibility of them getting stolen, on top of having to pay a deductible and probably only getting a fraction of actual replacement cost.

But I guess if a significant portion of my net worth was in tools, I'd sing a different tune (I probably only have about $5-10k in tools).

 

[PelicanPines]

I have an umbrella policy with a $250,000 "extra" value loss clause... it's above and beyond the normal policy for "item" loss... I know there are strange limits for things like furniture ... appliances ... etc ... never knew there was a tool limit calculated in.

We got that extra value clause because I went thru a house fire as a child that was not covered. YES... back in the middle 60's... you could have house insurance and NOT BE covered for fire.

 

[climb.on]

Check with your insurance broker

Damn right. Time to start shopping.

 

[climb.on]

At some point the insurance costs more than extra security to prevent theft in the first place.

I suppose, at some point it is, but the insurance costs will have to go up quite a bit more I think. There has to be a balance. I'm not putting bars on all my windows, but maybe will consider a gate on my driveway. I'm not going to go so far with security that I give up insurance, that's for sure.

 

[DGersic]

I have a hobby car (37 Chevy) with coverage by Anpac. Along with the car, the policy covers garage items, tools, and parts in the garage. All for a couple hundred a year.


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[T45]

make a rough inventory list in excel...
start small and build up to a complete list.
start by approximating value
list price, purchase price, resale value etc in a column

don't add it up right away
just go systematically thru
your sets (eg, drawer by drawer)

and then move from mechanic, to specialty
shop items....machinist and fabrication
woodworking, etc...keep everything apart to help

then add it all up with the spreadsheet.
this is helpful also, not only for insurance but will help
organize and rationalize a bit tools (duplicates, broken items)

good luck, but sounds like you lucked out and avoided an immediate issue.

 

[Git]

Yep - time to look for new insurance

The last time this came up, it was about guns, not tools. I called my insurance company (USAA) to ask if I needed a rider or a special policy and they said no - it would be covered under my house hold contents. With that being said, they did offer extra coverage, it was pretty cheap - I will have to see if I wrote down what the advantage of having it was

 

[climb.on]

I have a hobby car (37 Chevy) with coverage by Anpac. Along with the car, the policy covers garage items, tools, and parts in the garage. All for a couple hundred a year.

Thanks I will have to look into that. I had to get coverage active with my current company (American Family) but will start to look around.

 

[hamiltontrailerr]

Having been an insurance adjuster, I can't emphasize enough the value of photo or video documentation of your valuables, no matter what they are. I wrote up a fire claim one time where we went to the entire policy limit because the people were able to document all of their stuff. The loss was a huge building full of tools. Know your insurance language. Some companies offer very affordable riders covering equipment, some have very small limits on tools as mentioned above.

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[climb.on]

Lots of great advice here. Thanks so much guys.

 

[TNBurban]

Very timely thread. My HO insurance renewal is next month. I've got $15K of Festool tools, plus another close to $3K of hand tools, including my HF tool chest. Will definitely bring it up at renewal next month.

 

[Thumper68]

I have a full replacement value policy for the shop that only covers fire or theft, other wise if it's storm damage I think the tool/equipment limit is 20k. The shop itself is full replacement no matter the cause, even if I start the fire myself, on accident of course

Good advice on having a video record of all the contents, I make a new video of each piece of equipment that comes in the shop and post it to you tube where I will always have it.

My agent also comes out once a year to video the whole place, he has been doing that for 3 or 4 years.

 

[General Geoff]

Video record of equipment is a fantastic idea. Bonus points if you have security camera footage of the shop/garage area where your tools are stored in the event they get stolen.

 

[deberly12]

This a good point that I never thought about right now I am probably under that 2500 mark but in the future who knows.

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[R5P7Duster]

Thanks for posting this. I def have at least 35k worth it tools. I do have security in my shop with motion sensors, but if I'd ever forget and we were gone for a weekend they'd def be able to clean me out and my drag car. I will be calling my agent this week.

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[MikeF2316]

I mentioned my tools as the only thing I had that was "abnormal" when I changed insurance companies in the spring. The agent just said no problem, I'll put you with a company that has no tool maximum in their fine print. Now I just have to make sure it doesn't change from year to year.

 

[VintageOkieDriver]

We have a side road that goes to three other properties. We are rural and get too many lookie lews our security system is horse fence, a Great Pyrenees, and her sister who is 1/2 lab & 1/2 Pyr. We have never had anyone try to scale the fence or get through the locked gate that I know of.

 

[VintageOkieDriver]

I should have added I would rather buy dog food than pay an insurance company!

 

[-Brent-]

Climb.on, what insurance company did you go with? I'd like to up the policy on mine.

 

[JohnDeere1]

This is something I was thinking about as I live in a subdivision now with many homes close I have a very large tool collection and would hate to have to start over. My problem is our home has been bought through my wife's families trust and is insured just not by us but through the trust which handles hundreds of homes I know it's nut, i just wondor if it covers my tools or what as its not even in my name. I keep my box locked at all times and my garage door shut and my power tools in doors to the most part battery powered anyways. I have not made a video or taken pictures of my tools collection I will do now and share the pics or video with you guys I guess as no one has ever seen my collection not even my wife lol.

 

[brownbagg]

I use a gang box for the tools i dont use every day. mainly to keep my friends out of them.

 

[climb.on]

Climb.on, what insurance company did you go with? I'd like to up the policy on mine.

I am currently with American Family. I doubt I will be for long since they have such a high premium to cover tools. Sounds like there are much better options out there. For now I'm covered until I have time to really shop. I think I'll start with an independent agent who has many companies to choose from based on my specific situation and needs.

 

[Ohmthis]

There are threads about this, I have either started one or added to one. In December 2015 my last house had a fire. The damage wasn't flame related, but soot and smoke damage. One thing about wet soot is that it is very corrosive. My MIL sells insurance and we thought we were covered, but the contents quickly added up. When all was said and done I learned some things.
1. Video everything you have. Go through every closet, drawer, box, cabinet. There were things we didn't even know we had. Know what it is, how much it cost new, and where you bought it. Sometimes that is impossible, but have something.
2. Check your policy every year. We actually went over on our contents. We had to either eat what was left or go without. Make sure you video list can be replaced.
3. Know who you are dealing with after the incident. We had a company start the process, but I had to "fire" them for lack of detail, and things were going missing and they were they only ones there.
Hope this helps with things.

 

[Gittgo]

I'll tell you right f'n now get an alarm outfit to come out and do an infrared deal with monitoring and recording at THEIR place.I use the overpriced Nest service but its a fantastic outfit. Then. Get a real fire extinguisher company to come out and set you up with several in strategically positioned areas. Those guys know what the fire inspectors like to see.Then get yourself a professional grade first aid kit mounted near a sink or bathroom.The extinguisher guy or local rescue squad guys can give you a hand with that.
Now you can call the insurance theifs to come and start taking bids.
All the above will make an astounding difference in pricing.
The dawg as mentioned earlier is a liability in the eyes of the insurance thief.If you have one put him in the house where he'll be un-noticed. Some poor hungry meth head might get torn up by a good dog(or preferably killed by a GREAT dog) and not be able to get to the welfare office to get his"disability" check.Only in Amerikkka can a meth addiction be considered a "disability".
Duarte-Sheriff Joe 2020.

 

[Squddle]

I went in to have a talk with my agent about coverage because there are so many clauses and things, it's really hard to understand. I found out that I'm covered up to 20k for tools ONLY if they aren't for commercial use. Also found out that If this big tree falls on my house in a storm, I'm covered. BUT if it or part of it falls on my house when there is either me, or an arborist cutting it down, it is NOT covered. I'm having it removed this year sometime, so I need to make sure he, (the tree guy) is fully insured. Never knew this.