Toolbox/Tool Insurance

[fowlwishes]

Does anyone here have insurance specifically targeting their tools at work?

I found out today that the company I work with does not carry insurance on my tool box or its contents. They only insure tools and equipment listed as their possession. I have been thinking about getting an insurance policy to cover my tools. We are in an area that gets multiple hurricanes per year. The building is also rather old, so there is no telling what will happen to it in the long run.

My biggest concern right now is making sure I get a replacement value policy instead of a face value type policy. for a replacement value I will have to make a total inventory list. Lord knows I do not look forward to doing that in my tool box!

 

[joedodge]

im in the same boat interested to hear more bout this

 

[Farmrod]

I've got insurance on all my stuff and trust me it's a hassle anytime you buy a tool you have to call your agent and add it to the list luckily I have a guy that's easy to deal with... My guy did mine as a renters policy since I don't own the property in which the tools stay. As stated make sure you get a full replacement policy or they will depreciate the **** out of you.

 

[joedodge]

so do you categorize everything for them on paper becuz that would be a nut buster all those numbers

 

[Farmrod]

Yep everything with replacement cost so if you're like me and have primarily snappy anytime they change their prices it's time for a new list.. Worst part is sockets you can't put the set number down you have to do individual part numbers

 

[joedodge]

wow man that could take forever lol. do you actually itemize everything or just the expensive stuff. and if you dont mind me asking what does a policy run you monthly/annually

 

[Farmrod]

I do everything simply because if my box gets stolen I don't want to be out for the "small" stuff I'm honestly not sure what it runs I pay it with my home and autos every 3 months but I'm going to see my guy tomorrow so I can let you know after that appointment

 

[joedodge]

very cool thankyou ill have to talk to my insurance agent about this and see what they need me to do

 

[fowlwishes]

I do everything simply because if my box gets stolen I don't want to be out for the "small" stuff I'm honestly not sure what it runs I pay it with my home and autos every 3 months but I'm going to see my guy tomorrow so I can let you know after that appointment

That would be great. Any info would be good. I contacted my agent today and he kind of danced around the subject. I will try another agent next week to get some other options. I am curious as to how much it will cost for replacement insurance for a large amount of personal tools.

My wife freaked when I told her I needed to insure my tools for $50-75k minimum.

 

[Farmrod]

Ok spoke with him today I've got 75k worth of coverage cost is roughly 1200 a year not to bad my agent did say most companies will say no way tools are the easiest way to screw an insurance company they seem to disappear then reappear a month later at a pawn shop

 

[Fordman7795]

I would have expected a tool insurance policy to be a lot less than $1200

 

[wornoutoldman]

Look here: http://www.mechanicsinsurance.com/

 

[Toolhorder]

I got a quote from State farm for about $1200-1300 a month awhile back. If I could afford it I would do it.

 

[Toolhorder]

Look here: http://www.mechanicsinsurance.com/

Something about that company just seems "scammy" to me.

 

[JASTECH]

I have mine with Farmers/Formost with morgage payments. With meters, hand tools and equipment on the road I have State Farm. Plus a million dollar umbrella policy for working on other peoples property at their house ect. With Farmers I call up agent 99 and tell him what I want covered and for how much, he calls me back l8tr to give price, I agree and it's added to morgage.

 

[Mugen AP1]

I got a quote from State farm for about $1200-1300 a month awhile back. If I could afford it I would do it.