Tool Inventory Documentation - Insurance Purposes

[boiler7904]

This is a little out of the ordinary for this section but it's relevant. I'm in the process of buying my first house and getting homeowner's insurance. After doing a little research on the web, it looks like I need to make sure that my tools insured for full replacement value (about $5,500 right now). In order to do that, my agent is going to need a listing of what I've got and what it's worth. That's where my question lies. How do you guys (and girls) document / inventory your stuff? How often do you update the list for your insurance agent? I'd appreciate any examples you can show me. Thanks.

 

[jmc_garage]

This is a little out of the ordinary for this section but it's relevant. I'm in the process of buying my first house and getting homeowner's insurance. After doing a little research on the web, it looks like I need to make sure that my tools insured for full replacement value (about $5,500 right now). In order to do that, my agent is going to need a listing of what I've got and what it's worth. That's where my question lies. How do you guys (and girls) document / inventory your stuff? How often do you update the list for your insurance agent? I'd appreciate any examples you can show me. Thanks.

Boiler, I don't know what company you have but I'm surprised you need a separate waiver. Unless you run a company with the tools, they should be covered under the 'contents' section of your home owners. I am a woodworking nut and had to replace over $15k worth of tools when I had a pipe burst during a freeze. It was all covered under my regular policy. I only had to provide inventory and cost numbers to submit the damage claim.

Hope this helps.
Jeff

 

[bigdogrider99]

This is a good idea regardless, It will help you keep up with the stuff you have and determine what you still need. I have started to put an inventory together in MS Access. It allows you to build the database the way you want it and you can also download a template to get you started. If you play with it long enough you can probably set it up to track your warrenty information also. I haven't got there yet though

 

[wythors]

Generally, contents of the home are covered under a blanket up to a set limit. In my case, it's $100,000. If you want to insure something for a specific amount, you have to provide proof of value. We have such riders for my wife's jewelry and some art. As far as documentation for other general stuff, our agent recommends using a video camera and simply go around the house opening drawers and closets and shooting them. Then keep the disc or tape in a secure place.

 

[OldOneEye]

I remember one of the suggestions was to video tape the contents of your house as well as take pictures. Think scrapbooking but with pictures of you stuff as well as descriptions and model numbers. A sears, snap on, etc. catalog should take care of it if you have some high quality pictures as well showing what they are. I would take the type of pictures you might take for ebay (tools on a white background), print them out at put them in a safety deposit box. Get your other valuables while you are at it.

My guess is that their are other things in your house that are more valuable that might be harder to prove the value of.

Juan

This is a little out of the ordinary for this section but it's relevant. I'm in the process of buying my first house and getting homeowner's insurance. After doing a little research on the web, it looks like I need to make sure that my tools insured for full replacement value (about $5,500 right now). In order to do that, my agent is going to need a listing of what I've got and what it's worth. That's where my question lies. How do you guys (and girls) document / inventory your stuff? How often do you update the list for your insurance agent? I'd appreciate any examples you can show me. Thanks.

 

[MAINIAC]

I may be **** but I keep my original sales slips and reciepts in a special folder in my safe. Most insurances will only cover original costs not full replacements unless specified in the contract(ever really try and read one of those?) I have found that asking my actual covering company what they need and honor is the best way. Just my $.02

 

[justinmc]

My insurance company/agent (state farm) asked when we wrote our HOI policy if we had any particular items that might exceed normal coverage. Such as high end audio equipment, collectibles, etc. I have a few $$ in expensive audio equipment as well as 2500+ cd's and bunch of albums, etc. The cost of replacing such would be just absolutely insane. They basically didn't need a total, exact inventory of everything like that but they wanted an approximate retail dollar figure so they could make sure we were under the amount covered in our policy.. or if we'd have to up the coverages in certain areas to cover our stuff. I also have the same issue with my tools. I basically keep a "picture" inventory... basically I pull out each drawer and take photos every year or so just so I can keep track when I add new stuff and for insurance stuff.

 

[malibu101]

12 years ago when we bought our house I had to place a value and get additional coverage for some things. That I remember the "normal" policy set limits on what it would pay for certain items. I specifically remember tools and camera equipment had limits. If you wanted to cover tools or cameras for more than those it cost a few dollars more in additional riders. I did not have to provide them a list at that or any time but was advised to keep an inventory of part numbers and if possible original purchase prices.
As was said before, be sure to ask your agent exactly what you care about and make sure it's covered as policies vary even within the same company.
The following was said to me at one time and I have no way to prove or deny it as I'm kinda scared to ask my agent about it-welding eqipment at your residence will up your rates. Anyone know?

 

[customperformance]

My agent told me to get more converage than what falls under the HOI policy I may have to take out a business policy and pay that separate from the house. I have lots of tools and equipment, I ran a business for awhile and although I dont right now I may down the road and if not i still have all the equipment to use for my own projects and for other friends etc. My agent told me unless I am running a business fulltime and can justify the extra cost for a business policy to cover all my equipment that most people like me take what they can get under the HOI if they ever need to make a claim due to theft or damage and eat the rest of the costs of replacement.

 

[Ign]

I keep a simple Excel spreadsheet of most things w a serial #, like chop saws, better air tools, band saws, drill press etc. I've heard owner's manuals can prove that you actually owned a certain tool if you need to file a claim, that would probably depend upon how relaxed your insurance company is (some might demand serial #'s)

Every policy is different, some will just group tools, even if in a detached building, with "contents," others exempt them for whatever reason.

I also engraved my initials into virtually all my tools, incl hand tools. It's not gonna help anyone find me, and it's not gonna prevent theft, but it might help pawn shops to identify my stuff if it's ever stolen, and thru that it could - maybe- eventually lead back to the perps. Not likely, but it makes me a feel a little better.

 

[Ign]

I'm kinda scared to ask my agent about it-welding eqipment at your residence will up your rates. Anyone know?

I've heard this before and it seems to be an urban legend. If that ups your rates then so should matches, lighters, grills/BBQ's, the little green propane bottles, pilot lights, etc etc...............and ya better make sure you don't have any naturally occuring flint in your front yard that you might someday scrape w something and cause a spark.

Call your agent pretending to be a prospective customer and ask.

 

[OldOneEye]

If you can put your drivers license number and your state, you should be good. The police have access to those records (some other numbers/SSN they do not). You need to prove its yours if its stolen. You can't just show up and say "that one is mine", which is why police auctions do so well, since there is so much stuff that is unclaimed and the owner doesn't have records to get it.

Either way, its a great idea. BTW, what engraver did you use? I bought the HF one and it sucked.

Juan

I keep a simple Excel spreadsheet of most things w a serial #, like chop saws, better air tools, band saws, drill press etc. I've heard owner's manuals can prove that you actually owned a certain tool if you need to file a claim, that would probably depend upon how relaxed your insurance company is (some might demand serial #'s)

Every policy is different, some will just group tools, even if in a detached building, with "contents," others exempt them for whatever reason.

I also engraved my initials into virtually all my tools, incl hand tools. It's not gonna help anyone find me, and it's not gonna prevent theft, but it might help pawn shops to identify my stuff if it's ever stolen, and thru that it could - maybe- eventually lead back to the perps. Not likely, but it makes me a feel a little better.

 

[boiler7904]

I talked to my agent at State Farm this afternoon about the policy. I don't need a seperate rider on the policy since they are not used for business purposes. He told me that since the policy is going to be written for full replacement value of the structure and contents, any item that I can prove ownership of will be covered to full replacement value. He suggested a few options for documentation listed here.

1. Videotape entire house and garage and point out items in open drawers / cabinets, etc.
2. Photograph items and attach a description to each item (with serial numbers if applicable).
3. Keep a file of receipts.
4. Keep any documentation that comes with the item. Owner manuals and original packaging such as boxes are accepted documentation.

#1 is out since I don't have access to a video camera. #3 is out since most of the receipts have been long thrown away. That means a combination of #2 and #4.

I got to thinking about a couple of downfalls in using receipts. A lot of my tools have been bought at substantial discounts. Example: Two sets of router bits list for $125 a piece. I paid less than $20 for each. It was one of those deals that don't come along very often. Obviously, I don't want to be covered for purchase price in this case. The other downfall is gifts. Between my parents and fiance, I gotten several hundred, maybe a thousand dollars of stuff as gifts that still needs to be insured even though I didn't pay for it.

I think I'll make a microsoft word file with a list of items, including values, serial numbers, and digital photos of each. I'll post a sample of whatever I come up with later this week or weekend.

My whole thought is that something like a fire, theft, or some other disaster happens, any information that I can give to the insurance company to speed up a claim payout is to my advantage.

 

[Charles (in GA)]

#1 is out since I don't have access to a video camera. #3 is out since most of the receipts have been long thrown away. That means a combination of #2 and #4.

Apparently you have a computer, digital cameras are very reasonable priced, I'll bet you have a CD burner on the computer, start taking pics and burning them on CD, two copies, one in the house, one in the shop (if separated from the house) At least you will have a memory jogger to look at.

Charles

 

[Der Bugmeister]

I wouldn't worry about the purchase price issue. If you're insured for replacement value, that is what you get - a replacement at today's prices.

 

[W-Cummins]

I wouldn't worry about the purchase price issue. If you're insured for replacement value, that is what you get - a replacement at today's prices.

There is a problem with that too. I have tons of $$$ US built tools that are no longer made ( either they were too $$$ to make them here, or they have replaced them with cheap imports {lots of powermatic stuff, wilton, etc}, or the companys out of business , ie. Bridgeport, Diarco, etc...

William.....

 

[DIGGER_DAVE]

Boiler, I don't know what company you have but I'm surprised you need a separate waiver. Unless you run a company with the tools, they should be covered under the 'contents' section of your home owners. I am a woodworking nut and had to replace over $15k worth of tools when I had a pipe burst during a freeze. It was all covered under my regular policy. I only had to provide inventory and cost numbers to submit the damage claim.

Hope this helps.
Jeff

This subject hits home with me. I don't know if it's because I'm in Canada or just picked the wrong insurance company.

My HOIP (Home Owners Insurance Policy) clearly states that "Unattached Garage CONTENTS, are ONLY covered to a maximum of $1,500.00." It is assumed that any vehicles parked/stored IN the garage are covered by THEIR OWN insurance policies.

A side NOTE: A car project in your garage ISN'T USUALLY covered by your HOIP.
But coverage for a "project in progress" is available to cover it.
When I had the appraisal done on my "A" for coverage; (in progress) the appraiser returned the paper work to me with the comment .. "The sum of the parts is often worth MORE than the whole!"

Now, back to the $1,500.00 maximum for contents. To insure my tools, (a LARGE collection) I had to provide (in advance) proof of ownership, (photographs) make, model, (serial number if available) and approximate age. (this unfortunatly allows for depreciation) Surprisingly though; hand tools don't depreciate nearly as fast as power tools.

The extra RIDER costs about $250.00 a year; but it does cover replacement for theft and fire. (with the depreciation calculated; better than nothing!!)

The information (photos, etc.) is now "burned" on a couple of DVD's. One copy in the hands of the insurance agent, another in a safety deposit box and the other at home for updating when the need arises. If there is additions; then a new set is "burned" and exchanged for the others. (using RE-writeable DVD's allows for having only 6 disks; they are just "swapped" and the old disks re-used)

 

[Ign]

Either way, its a great idea. BTW, what engraver did you use? I bought the HF one and it sucked.

Juan

It's a CP I believe, Chicago Pneumatic (not be confused with Harbor Freights' Central Pneumatic or Chicago Electric). It was around $41 online a couple years ago. Works really well IME. I think I got it from this very place:

http://www.jackxchange.com/products/CP-710.cfm

I had to get a separate mini regulator as it only likes 70psi IIRC. I just keep the regulator inline attached to the hose (pic'd) for that tool

Oh, and driver's lic number is too much for me to want to do, would take too long. My initials are essentially in my handwriting, it looks just as if I were to do it w a ballpoint, so I'd think I could prove they were mine.

 

[OldOneEye]

I would check with the local PD and see what they say.

Juan

Oh, and driver's lic number is too much for me to want to do, would take too long. My initials are essentially in my handwriting, it looks just as if I were to do it w a ballpoint, so I'd think I could prove they were mine.

 

[Paradise Ridge]

If you are looking for some free software, try this: http://www.knowyourstuff.org/

You can add pics, S/N, purchase date, price, a pic of the receipt, etc then save it to a disc. The initial inventory takes a while, but adding tools and equipment is a piece of cake.

I had my wife and kids inventory the house, then all I had to do was the input part. I keep the disc in our safe deposit box and update it about once a month.

My nickels worth,

Scott

 

[JohnNoregon]

This is a little out of the ordinary for this section but it's relevant. I'm in the process of buying my first house and getting homeowner's insurance. After doing a little research on the web, it looks like I need to make sure that my tools insured for full replacement value (about $5,500 right now). In order to do that, my agent is going to need a listing of what I've got and what it's worth. That's where my question lies. How do you guys (and girls) document / inventory your stuff? How often do you update the list for your insurance agent? I'd appreciate any examples you can show me. Thanks.

boiler here is a address to a FREE site that might do for you. My guy said that this would work for his co,havent had to use it yet http://www.iii.org/ see if this will be of any help. JohnNoregon

 

[PAToyota]

I know that my copy of Quicken has a home inventory setup. I've never gotten around to playing with it. Might have to check it out and report back.

 

[Iron-Iceberg]

Just an FYI that might work for some of the guys also. A good friend of mine had his tool boxes with years of tools stolen from his work. The thiefs used a fork lift at the job to load up a box truck and haul off a bunch of stuff. When the cops came they couldnt give a darn about his lost tools untill they found out he had two loaded hand guns in the bottom box. After that bit of news they just about fell over them selves to find out what happened to his boxes.
Short story is they found the box truck the next day and he was the first one they called to come and ID and get his guns (and his tools)
Now my box is loaded too, so to speak.