How to insure all my tools

[veener88]

Well I am running into a problem. I work for for snap-on tools (not as a dealer but in a custom area) Well over my years of working there I have a lot of tools. The $10K that we get with home owners insurace for other items does not come close to coving what I have.

What I am trying to figure out is how do I get insurance for my tools with out being under a bussiness. Most places we go to when they look at my automotive tool list price and my fathers tools that he bought for when he was a carpender they do not know what to do.

I am just wondering has anyone else run into this issue and how do I get them covered. In the last about year and a half my total when up and my home owners does not want to cover the cost.

[79Silv4x4]

Can you not purchase a second policy or increase the limits on your homeowners? When I was renting I had a $50k renters policy to cover my tools, photo equipment, computers & electronics.

[cdowns]

i've always had allstate homeowners policy they've never had any problems covering my tools and toy collections or antiques// i've always submitted a list and photos for any unusual or expensive additions to my house contents// a 10k limit for contents seems like a rockbottom coverage in these days

[veener88]

That is the weird thing. They are telling us that tools to not fall under it because of the value.

[Longhorn Man]

I've never had home owners, nor renters insurance, however, i agree that sounds like a pretty patheticly low number to me. I know how quick the value of the toold goes up when you buy more an more, and i wouldn't insure it for less than full replacement value, I'm sure you have 80 to 100K in tools alone.

[veener88]

Right now I am only at about 50K but I am only 28. And that is 50K in the 5 years I have worked there and that is only one tool box so far. When my car is paid off in a little over a year that is when my total is going to get a bit higher still.

When the car is paid my father and I want to build a new shop instead of the barn we are in now. When that goes in so will a paint booth and all the paint equipment it will need.
The other thing is that when we lay the floor we are getting everthing setup to just bolt in a lift. Yea in a few years is is going to grow into that 80-100K. Kind if weird to think when I finaly have my shop done and truck and cars my shop tools will be worth more then 3 of my restoration prodects together.

[Longhorn Man]

most of the guys where I work, there tools are there single most expensive investment.
And I am including the hoe owners there too

[71swb4x4]

Have you looked at getting insurance from another company? If one will only give you $10,000 in coverage, see what others will give you.

I help purchase insurance for our business, and sometimes we have a company tell us they won't go any higher on something, so we go elsewhere to insure it. Every insurance comapny has their specialty, apparently the company you currently have doesn't specialize in covering personal property.

[fastwillie 696969]

ask snap on who do they insure thur

[Longhorn Man]

the snap on dealer has buisness insurance. You DON'T want to know what they have to pay.

[wugunguy]

Can't you buy a 'rider' policy to cover anything above what is not covered in a regular home-owners policy?

I've specificly heard of firearms 'rider' policies but don't see any reason you couldn't get one for tools.

example-a home owners policy covers $5000 of guns, but you have $10,000 worth, so you could buy a 'rider' to cover the difference.

Yea, it's more $ every month, but it'd be better than loosing everything.

[cableguy0]

not quite insurance but definately helpful. keep the box locked at all times and get lojack installed in the box. at least that way if the box is taken it can quickly be found.

[Shane]

wugunguy is right on ... any decent insurance agent can sell you a "rider" to cover damn near anything above and beyond what the base policy doesn't cover

[LUV2XCLR8]

Asked a similar question just the other day to my agent, he told me to take
detailed pictures, prove value, and he would right me an Adder to my HO

[PanelDeland]

I have always had stated value on my HO insurance(for contents).I used to carry $30,000.00 contents but upped it to $50,000.00 a couple years ago.If you itemize your home contents you would be surprised how quickly it adds up.I have never had a problem getting it set at what i deemed replacement would be.I would look at a "Major"carrier for coverage,they should be about the same price and should cover you.My HO policy covered the tools in my work truck when it was parked in my drive over a long weekend when I was out of town.

[Kevin45]

Can't you buy a 'rider' policy to cover anything above what is not covered in a regular home-owners policy?

Exactly. My wife has quite a few Longaberger and quite a few Longaberger Collectors Baskets. I called the insurance company up, they sent the agent out and added a "rider" for $40,000 to cover what she has. It raised our premium somewhat but not a great deal. i wouldn't see whay you couldn't have the Snap-on guy take a look, figure up a replacement cost, and then give that to the insurance company along with photos for getting a price. If you have a decent amount of tools, $10k will not come close to covering things.

I have always had stated value on my HO insurance(for contents).I used to carry $30,000.00 contents but upped it to $50,000.00 a couple years ago.If you itemize your home contents you would be surprised how quickly it adds up.

That is something that everyone really needs to do every few years. If you really get to looking, even $50k might not be enough. Almost everyone has items that they take for granted, but in a fire / theft situation, one would rapidly find out what is not covered. I look around and just in the computer room alone, you figure the new desk, new chair, television, poker machine, and two gas pumps, and other small odds and ends and there is probably $6k right there. So you take a garage and house contents...$50k could get ate up real fast. ANd it is a good idea to take digital photos of everything, have it put on disc, and give a copy to your insurance person for safekeeping. I don't think there are very many people who can list everything they have if all of a sudden you can't look around to see it.

Kevin

[79Silv4x4]

Originally Posted by Kevin45

it is a good idea to take digital photos of everything, have it put on disc, and give a copy to your insurance person for safekeeping. I don't think there are very many people who can list everything they have if all of a sudden you can't look around to see it.

Kevin

I have done this and also have an Excel spreadsheet listing most of my contents along with purchase price and serial number of each of my prize posessions (if applicable).

[earl87gta]

When my house burnt down I couldn’t get USAA to pay for all my tools they said I had an excessive amount. And that I had specialty tools ever day people don’t have. They didn’t replace any of my electronics tools because I used them for my job even though I bought my own tools. They said my employer had to pay for them I could not convince them they were tools I bought not my employer and that the only way they were going to be replace was if I replaced them.

[bad6772]

Originally Posted by Shane

wugunguy is right on ... any decent insurance agent can sell you a "rider" to cover damn near anything above and beyond what the base policy doesn't cover

just seen this, you both are correct. i am with a great insurance company, i am allways in thier hand lol. anyway when we baught this house. my insurance company came out because i told her i had some added questions ,that could not be asked on the phone or in an office, so she gladly stopped by, i showed her misc things that could not be listed as normal house hold items, 27 guitars,dad guns i inherited, lots of dads tools from the 40s and so on and some antique things that the( normal household) may not own or even have a desire to. SHE did all the foot work for me, SHE took photos of everything and items that did not have serial numbers ,she made them up and i engraved them. As she was telling me its the insurance companys responceabilty to do this, which i agree. She was at our house for the better part of 4 hours taking detailed photos and making shure everything was accounted for, although we did fix dinner for her, there was no added charge for doing this, this is just apart of her job. and an insurance company that wont do this, isnt following protocall. i added 80,000 to my IN HOME CONTENTS .And another 35,000 to both garages combined<minus vehicles>. it only cost be another 250 bucks or so a year and is an added security if any disaster would happen, also the same insurance company offers a storage policy on the wifes 49 and PROJECT here we go again, the storage policy is basically the same coverage as full coverage, although it does not include anything on a public highway or street..so if it catches on fire outside the garage it will be coevered.... i would ask your agent every question, you can they work for you. and in my experiance, are eager to help you get protection......now ive never filled a claim to see really how well im taken care of, but i have everything in writing so i feel pretty good about it.......hope this may help.................tony