Insuring tools

[Conway]

Has anyone ever insured their tools? Who did you use? What where your rates? Any info is appreciated if you've done this before.

 

[toplessHO]

Home owners coverage
just document with photos and videos and what ever receipts you have.
Ask to have added amount put onto policy.

 

[Thumper68]

Home owners will only cover to a certain point, when you cross that threshold you need to have another policy or a rider on your current policy.

I have a rider on my homeowners for the extra 100k.

 

[southalabama]

Rider on top of your homeowners.

Same goes if you have a valuable collection of guns, coins, art or whatever.

Most policies severely limit contents.

 

[Mohawk Dave]

Rider on top of your homeowners.

Same goes if you have a valuable collection of guns, coins, art or whatever.

Most policies severely limit contents.

For these items you need what is called an "endorsement". Super cheap btw...

 

[Conway]

What if they're being stored at a business?

 

[bbain]

Or the trunk of your car? Can you add them to your auto policy?

 

[APEowner]

The tools I have at work are covered by my employers insurance policy while the ones at home are on a rider. I don't remember the exact cost but it's something under $50/year for 30k of coverage.

 

[ZRX61]

Inland Marine Insurance.

 

[Outlawmws]

Home owners will only cover to a certain point, when you cross that threshold you need to have another policy or a rider on your current policy.

I have a rider on my homeowners for the extra 100k.

Depends on the insurance co./policy. I didn't need riders for anything, and it was full coverage for replacement value...

 

[1982fxr]

what if you live in a rental home? part of renter's coverage or is it a separate thing?

 

[Sal Bandini]

Be careful if you use tools for your job. My father was a carpenter. Many years ago his garage was broken into and tools stolen. Insurance compnay refused to reimburse, saying since they were tools of his trade they were not covered under homeowner's insurance, nevermind the fact that his company provided tools at the jobsite and those were his personal tools used at home.

I had to write letter stating that my tools werre stolen as well and that sockets, wrenches, ratchets, etc. are not considered carpentry tools so should not be considered his work tools.

 

[firebox40dash5]

What if they're being stored at a business?

I'd like to know as well. I started doing an inventory of my stuff at work, and stopped around $20k (at retail) in tools and my box, and I've still got a few sets and many individual items to add.

My boss said his coverage covers anything that isn't "small tools" which they define as being under $1k per piece. IOW, everything I own.

what if you live in a rental home? part of renter's coverage or is it a separate thing?

Probably, with a strong "but"... like thumper 68 said above, there's usually a limit on $ value of categories. For example, I had a couple guns stolen years back, and had a $25k renter's policy. Surprise, it had a $1200 limit on guns, which covered roughly the more expensive of the 2 that got taken.

I now have a non-renter's policy on my wife's camera stuff. It covers basically any incident short of losing it on purpose, and I'm paying about $50 a year for like $6k of coverage.