Tool inventory sheets for insurance

[lilxtra]

Just wondering if you guys are using some kind of inventory sheet for your tools to send to insurance company or just writing it down on notebook paper along with pictures. Ryder Truck rental had some with carbon paper to make 2 copies years ago when I worked there but they were confusing as **** and never had all the stuff you had.

 

[Mark in Indiana]

IMO: I don't think the insurance company will want to mess with the details. They will just want to handle the claim, cut a check and send you on your way. Deductibles will kill you. If you have any concerns, you should invest in security accessories to prevent theft.

If your tools are at work, it would be a good idea to keep a list of what's yours. It's more of a problem of single tools walking off. I've never had a problem with a company replacing a tool that got stolen or destroyed on the job. If I lost it, too bad.

Take detailed digital photos of your tool cabinet(s) and open drawers/boxes. You will have an easier time filing a claim with evidence.

 

[ARAMP1]

I just have detailed pictures of each toolbox drawer.

 

[purplezr2]

I have an excel document with Make, Model Qty Cost w/ year and Description. I also have pictures of my box and drawers along with larger items(welder etc)

When you add up the cost it is pretty staggering. I was surprised to say the least.

 

[reader2580]

A lot of homeowner's insurance has replacement value for household items including tools. The insurance company is unlikely to reimburse you for new tools if there is no proof you owned the tools in the first place, especially if you own thousands or tens of thousands in tools like many here.

I have no system now, but I need to inventory my stuff. I am thinking an Excel spreadsheet with pictures and scans of receipts too. I am also going to look to see if there are apps or websites to help with this.

I have a used commercial riding mower that I paid about $4,000 for. A new replacement from Toro is $20,000+. I have verified with my insurer that they will replace the mower with new as long as I keep a record of serial number and pictures to prove I own it. They did offer me a really bad deal for $200 a year to have no deductible on the mower. It is highly unlikely I would have a claim in the next five years on the mower.

 

[PoorOwner]

Take pictures and/or video of what you got and try to get a lower deductible if possible. Put it on a cloud based storage.

For example $5k deductible is unlikely to be useful unless someone walk off with your snap on box full of tools or there is a fire. Even so, you are out $5k.

 

[Git]

...Ryder Truck rental had some with carbon paper to make 2 copies years ago when I worked there but they were confusing as **** and never had all the stuff you had...

Hey, it's now the 21st century - no more carbon paper!

Actually, here is a free online app from the insurance institute you can use
https://www.knowyourstuff.org/iii/login.html

 

[Tenex]

I use Google Sheets so my inventory is accessible from anywhere. The document includes the manufacturer, type of tool, # of pieces (for sets), model #, and price paid.

I also created a separate Gmail account that I send photos of my tools to so ALL of my stuff is accounted for. Whenever I buy something new I snap a few pictures with my phone, send an email, and use the Google Sheets app to update my inventory.

 

[2oolhound]

There are older threads here where some computer guru members made custom apps for this and posted them here. Try a search. It was 1 - 2 years ago.

 

[lilxtra]

Git=that was in the late 90's !!

Thanks for the ideas guys I'll check out the app & links

Keep'em coming guys!!

 

[lilredex]

Had the basement flooded from a sewer back-up, and it got a bunch of my tools, books and records. I filled out the claim and sent a bunch of pictures like those below. Nobody came to verify is was even my stuff...could have been the neighbours. They paid up in full, absolutely no chiseling.

They did come out the day after the flood happened, to take pictures and verify that a flood had taken place, but nothing in detail. They must have been overwhelmed as a large part of the city got it.

Nothing valuable was stolen except very aggressive scavengers were poaching stuff that people had set outside to dry. They got a few things of mine, but it was stuff that was headed for the curb anyway.

 

[r_olson_06]

I talked with my insurance agent this summer about the same concerns. My policy covers replacement value of the house and then 70% of that value will go towards the items inside the house. You can buy additional coverage if you choose but as said before the deductible will kill you. I look at it this way. If all my tools are paid for and there is no looming threat why pay extra for extra insurance.

Sent from my XT1030 using Tapatalk

 

[Richard Cranium]

I really need to at least make a list of my stuff. Don't think I will go for the extra insurance.

 

[Kensgarage]

How about:
"If you want to SELL me a policy on my tools bring your *** over here, inventory and value it, and tell me where to sign and how much is the first payment ?"
Ever seen how much money those guys make ?
Don't forget to have the manu's sites bookmarked to show the guy the lifetime warranty and MSRP

 

[wildbill23c]

Photos are your best option, along with a detailed list.

 

[kunkernator]

I have pictures of most, if not all my stuff. The issue I had, is my firearms. Apparently, my firearms are not covered fully under my policy, so I had to up the coverage substantially. This took me a year to find out that they werent covered under the 'blanket' belongings coverage.

My policy reads something to the effect of; $20,000 max belonging coverage, but there is a max coverage on different categories, such as $10,000 for tools, $1,000 for clothing, $5,000 for firearms, etc. and the combined cannot exceed $20,000.

I do only have a $200 deductible thou.

 

[Sam'sAutoParts]

I just take pictures of my drawers every month or so, but I need to figure out a inventory system. mostly if my brother loses something I can make him replace it.

 

[lilxtra]

I should have said these are in my performance shop & I have insurance covering them but if something bad should happen,i.e. a fire. My agent said an inventory list would be very helpful.

 

[K-Dog]

Photos and videos is about it for me.
It would take an amazing amount of time to write all that down by hand.

 

[reader2580]

I talked with my insurance agent this summer about the same concerns. My policy covers replacement value of the house and then 70% of that value will go towards the items inside the house. You can buy additional coverage if you choose but as said before the deductible will kill you. I look at it this way. If all my tools are paid for and there is no looming threat why pay extra for extra insurance.

Contents coverage usually seems high to me. I think my house is insured for $270k replacement value with over $200,000 in content coverage. I have nine rooms in my house excluding bathrooms and closets. That means each room would have to have around $10,000 in contents and then $30,000 to $40,000 for the garage.

I wonder if kitchen appliances and washer/dryer fall under the house coverage or the contents coverage?

I'll have to check into my coverage for tools, clothing, and the like. I probably don't have over $10,000 in tools, but I would have over $1,000 in clothing with shoes included and my clothing is pretty bare bones.

 

[Empty Pockets]

Just wondering if you guys are using some kind of inventory sheet for your tools to send to insurance company or just writing it down on notebook paper along with pictures. Ryder Truck rental had some with carbon paper to make 2 copies years ago when I worked there but they were confusing as **** and never had all the stuff you had.

I was cleaning out some stuff form my dad's estate, showed my grandson a box of carbon paper. He asked what it was for

 

[r_olson_06]

Contents coverage usually seems high to me. I think my house is insured for $270k replacement value with over $200,000 in content coverage. I have nine rooms in my house excluding bathrooms and closets. That means each room would have to have around $10,000 in contents and then $30,000 to $40,000 for the garage.

I wonder if kitchen appliances and washer/dryer fall under the house coverage or the contents coverage?

They told me that you do not have to prove the items nor value. They would just pay the 70% which seemed really high to me. I wonder if you had vehicles in the garage if they would fall separate or fall into that 70%. I think I will double check the details.

Sent from my XT1030 using Tapatalk

 

[Empty Pockets]

All kidding aside, I am still building an Open Office spread sheet. It includes manufacturer, brief description, model number, serial number (when available), quantity owned and current replacement value. The replacement value of the tools is staggering.

After every major update, I put the data base and pictures on 3 flash drives one goes to my sister in the midwest, one to a daughter in New England, and one goes to work with me.

My insurance broker had me increase the coverage for the contents of my home to 100% of the home's value. I still have only a $500 deductible.

 

[rsanter]

Insurance companies want proof. The listing sheet will help,you after the tools are gone and you are trying to figure out part numbers

I have digital pictures of each drawer and an excell sheet for each drawer

Bob

 

[1cargarage]

I have an excel document with Make, Model Qty Cost w/ year and Description. I also have pictures of my box and drawers along with larger items(welder etc)

When you add up the cost it is pretty staggering. I was surprised to say the least.

I do the same for all my tools, and +1 for the surprise you get when you can, at any time, see down to the penny how much $$$ you have invested.

Attn OP: I would check with your insurance provider about the details of your policy. I checked specifically with my insurance (State Farm), and they told me that they would not require an inventory, pictures, or anything like that in the event of theft / disaster / fire / etc. However, I don't trust any insurance companies (they don't get that rich by giving money away), so I keep an updated inventory and photographs as a precaution.

ps. on my inventory (excel spreadsheet) I also have listed the tools I 'plan' to by in the future. It's nice not to have to look through an inch thick catalog without prices every time I want to check whether or not I have the means to expand my tool set.

Hope that helps

 

[unslow1]

I just have detailed pictures of each toolbox drawer.

Same here. I had a break in a few years ago and State Farm did require proof. I had pics.

 

[UncleJoe]

I have been with Nationwide for 20 plus years, My agent retired and a new younger guy took over. I had to call him on another matter and I asked him about all this. He was happy to come over and see what I had as he likes to mess around in his shop. He advised me to keep taking my photo inventory and that my coverage on my separate shop might be a little light considering all the tools I had. Since my auto and home are all with him I got what I feel is more than adequate coverage for just a few dollars more annually.

Every 6 months or so I stand in the door and take pictures of every angle in the shop to make sure I have a photo of everything. Then I open all drawers and doors and photograph everything. Whenever I buy something I scan the receipt so I have all that. I don't bother keeping a list if a fire hits I have all the data I need to put the list together at that time.

That is how I do it

 

[CudaChick1968]

Now over ten years ago, despite a full and highly detailed inventory and both Before and After Pictures, AIG still owes nearly $30,000 on my homeowners clam filed after Hurricane Katrina.

I'll never see it. But I keep proceeding with the long appeal process anyway because they were assholes. . The last move the defendants made in one of the class action suits attempted to shift the burden of proof onto the plaintiffs. We had to SHOW DOCUMENTARY EVIDENCE that they didn't settle the claim within thirty days. Thankfully I'm organized (and have legal experience) ... and figure I'm one of the luckier ones who got out of there with the paperwork intact. I'm sure many of the other class members have no idea where their stuff is now.

Learn from my mistakes and choose your insurer wisely too, not just the amount of coverage. What they ultimately pay will be subject to depreciation and other mysterious factors all designed to limit the payout ... and it's never enough if you suffer a total loss. There's a big difference between Actual Cash Value and Replacement Cost Coverage so read your policy's fine print.

 

[TS3g]

I use Google Sheets so my inventory is accessible from anywhere. The document includes the manufacturer, type of tool, # of pieces (for sets), model #, and price paid.

Basically the same for me. I also have the pictures in my Google Drive account, and the spreadsheet links to the pictures as well.

I just started my tool collection adventure a few years ago though, so I don't have a TON of stuff. It still took quite a while to get it all built. Now that I have though, it only takes a few minutes to add to it every time I buy a new tool.

 

[reader2580]

They told me that you do not have to prove the items nor value. They would just pay the 70% which seemed really high to me. I wonder if you had vehicles in the garage if they would fall separate or fall into that 70%. I think I will double check the details.

I highly doubt my insurance company is just going to write me a check in excess of $200,000 for contents without me proving I actually owned that much. Even with replacement value insurance you might only get replacement value if you actually replace the items. If you choose not to replace items they give you depreciated value instead.

Vehicles have to be covered under their own policy typically. I have not heard of homeowner's covering vehicles.

 

[unslow1]

I highly doubt my insurance company is just going to write me a check in excess of $200,000 for contents without me proving I actually owned that much. Even with replacement value insurance you might only get replacement value if you actually replace the items. If you choose not to replace items they give you depreciated value instead.

Vehicles have to be covered under their own policy typically. I have not heard of homeowner's covering vehicles.

State Farm told me they had a discount arranged with many of the companies. They would not pay full retail when they could get them for much less. They wanted proof and a list so they could see what they could order and at what price.