Insurance on your tools?

[CoogarXR]

I was talking to my insurance agent, and I asked about tool coverage on my homeowners policy. She said they have a default $3500 cap on tool theft unless you "schedule" them (I assume that means list/appraise each piece).

Do you guys have any special coverage on your tools? If so, is it on your homeowners policy, or did you get some other kind of policy?

What about an inventory list, do you keep one? I thought maybe I should do that. Or at least do an "each drawer pic" like you guys do

I don't live in a bad area or anything, but you never know...

 

[FigureItOut]

I have $15,000 tool coverage on my commercial policy, which is plenty unless I just had a total loss. It was important to me to cover actual replacement cost. The first several quotes I got just covered the value minus depreciation and such.
I need to make a photo inventory I guess. I'll ask my agent what's the best way to document stuff, my policy is brand new.

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[JoeFin]

$100K on the contents of my shop

Photo inventory on photobucket

 

[dclassical]

This is the kind of thread that pops up from time to time and makes me want to get working on my database/website and mobile app.

But then life gets in the way and work stops. So far I have a fairly good database to store all the information about my tools (purchase date, warranty, manufacturer, vender, invoice #, photos(s), user manuals, scans/photos of receipts, ...) but there is no front end for it. I hate doing front end programming work lol, so I have a basic form and everything else gets done via SQL statements. So not friendly.

But short of that keeping an Excel file (or similar) in the cloud with all the information is great. It takes time to start it, but then you just need to update it as you buy/sell tools.

This way you can just print a reported if needed, with pictures of the tools at your shop, scanned invoices, ... all the info you need.

PS: My database/website is on my LAN, so I cannot show it (The DB files are backed up every night).

 

[stevenhs]

I have $15,000 tool coverage on my commercial policy, which I'd e plenty unless I just had a total loss. It was important to me to cover actual replacement cost. The first several quotes I got just covered the value minus depreciation and such.
I need to make a photo inventory I guess. I'll ask my agent what's the best way to document stuff, my policy is brand new.

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Who do you have as your insurance?

 

[FigureItOut]

Who do you have as your insurance?

Travelers. Interesting actually because I was buying another policy from a different agent for less money, the guy noticed my travelers quote in my folder and asked me about it. I told him the price and the coverage and he strongly recommended I go with the other quote.
He lost my business, but I'll go out of my way to recommend him to others in my area after giving up a commission looking out for my best interest.

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