Guy's just wanted to let you know keep your garage locked and your tool inventory up to date (pictures and tool list). My garage was broken into in nov.($30,000 worth of tools) I just setteled with my ins. co. It was a major pain they made me feel like I stole my own tools. Thankfully I had some pics to show them but it still stunk. I also got a alarm installed for the house and the garage and I have put other measures in for safty. Just be safe, have a great day.

 

Agree - myagent told me to document and photo everything. He said I did not need a special rider to cover the tools but I had best be able to prove I had as much as I did because it was so far over what was in a "normal" house. I did have to make sure the "contents" section of my insurance was high enough to cover all the stuff we had if it was a total loss. The tools and hardware required a bump up in that level.

 

Mine covered up to 120 grand. But it was still a long 5 mo. without one stinking tool.

 

I have a policy on my shop and its contents seperate from the house so if I ever have a loss I hope I'm covered

 

I had to get a rider for tools at home and in my truck as to the cost of everything I use working on industrial equipment and the big ugly green machines (generators).

 

Gbrett - You can't "hope" you're covered. If you don't know for sure get your agents butt over to your house and run through every senario for a loss you can think of and be sure you are covered and what documentation you need to prove you had the stuff.

Eric C brings up a good point. If you are using your tools for your work your home owners policy may not cover a loss. You have to ask specific questions of your agent. You may not want to hear his answer but you can believe those questions will be addressed if you have a loss. The answers at that time may not please you.

Always remember, an insurance company makes money by taking in your $$$ and not paying out any $$$ unless they absolutely have to. If they can find a way to not pay they will grab it. Also remember if you have a loss you will not be dealing with your friendly agent but with a hard a**ed adjuster. Adjusters are not rated on how well you like them but on how little they can get away with paying. Ask any body shop about that if you don't believe it.

BTW I have this opinion without having had a bad experience with insurance. I figure I'm the only one watching out for me.

 

midlf, I agree with you 1000%. My ins. co. Tried to say that I was running a business out of my garage, why would you need all these tools? They also contacted all my neighbors and freinds and family trying to prove I'm using the tools for business, you must have your items itemizied, photoed and have your agent help you, even if you have to drag him out to your house. I'm just trying to help out others due to my bad experience.

 

kgwld1 - thanks for the posting. It reminded me I've got get in gear and redo my inventory, photos and documentation now that I'm in my new place. Digital camera will help with that as I can tell right away if the pic turned out like I wanted it to.

Also a copy of the photos and doc needs to be kept off site. I send it to my agent for my file.

A lot of the info I had in my earlier posting was obtained from my agent. He was not as blunt or opinionated as I am but using suggestions and stories he was able to get the point accross, just not in a way that could be attributed to him.

My agent is a friend I first met in our corvette club. He insured a lot of the members. I think I runined one of our xmas parties for him when I mentioned what could happen to his loss ratio in just one night.

 

I am an insurance broker, and agent.

A couple of points.

1. Make it a habit to photo your garage equipment, and tools at least once a year.
*suggestion: Do it at xmas time when you've got the camera out
2. Take a copy of the negatives and send them to your brothers, sisters, in-laws house.
If your house burns, you will still have the photos.
3. Have your agent provide you with "replacement cost coverage" also, have the agent explain exactly the "terms" of the replacement coverage.
4. Professional mechanics or people who have tools for their profession, are generally not eligible for this under their homeowners.
5. Never lie to your agent, they are your window into your coverage.
6. Your insurance company is legally required pay whatever they are supposed to pay under the terms of your policy.
7. Your insurance company is NOT going to write you a check just because you tell them you just lost $25,000 worth of tools. You are going to have to at least show some sort of proof that you had them. Photo's work real well, especially photo's over the years that prove it was not a setup shot just for insurance purposes. Remember, if your next door neighbor is a computer freak, he might tell you in one breath that he has $25,000.00 in computer equipment in his house, but!!!, if you ask him, he will have to admit, that though he paid that much for it, the replacement cost for it, is much less in todays market. (more on this at another session)
8. The point was made about the combined limit. Be sure that you brace for a total loss. If the contents coverage is not enough to replace your wifes closet, dishes, silver AND your tools, guess who loses big time??
9.Your Homewners insurance will "not" cover the loss of your vehicle in, on, around, or about your house for a physical damage loss. If your garage burns down around your car, unless the car has its own policy, it will not be covered by your homeowners coverage. Your vehicle is probably "excluded" from your homeowners coverage.

There are several other points which should be made, but I do not want to end up with a 2 screen post.

Feel free to ask questions. I tried to post this in such a way as to be certain you get your bases covered.

Feel free to print this and take it to your agent. Ask the hard questions.
The above are generalities, but likely applicable in most every state, and with most companies


Last but not least, If you do not trust your insurance person CHANGE AGENTS!!!!

There are no "deals" in insurance, make sure you are getting the same coverage from the "cheapest bidder".



Regards,

Dick

 

uba40, thanks for posting. I'd just like to get the word out to people so they know how to cover there but.

Kevin

 

kgwld1 and uba40 ...... Thanks for the detail ..... I'm just finishing my new garage, and never really thought that much about the 'contents' coverage. This building is strictly to house my street rods, and the coverage on them is separate and complete, but I suppose an insurance company might question the compressor, welder and the lift etc. as being above what is 'normally' found in a residential garage without photo proof.

Thanks for the input !

 

Wow. That stinks!!! Sorry to hear that. To combat theft and/or fire issues I've got every power and hand tool listed with their Serial Numbers. If they don't have a serial number then I scribed serial numbers on them. 98% of my tools are Craftsman so I definately don't want to loose out on replacements if I ever have to file a claim. This thread is a good warning to all to be prepared.

By the way, what city and state are you in? Have you checked your local pawn shops and local Ebay sellers to see if any of your tools have surfaced?

 

Detroit area, yes no luck on the pawn shops I couldn't prove they were mine anyway not marked.

 

Another tip is to purchase an Engraver and carve your initals into several hard to see spots on the tools so that way if it is stolen, you will be able to prove it's yours. When you photograh you tools, also take a picture of the engraving on the tool so if the engraving is removed you could prove that it was removed. Most theives remove and replace S/ns on tools when stolen, atleast expensive ones.

 

Hi Guys,


Just a quickie follow up note.

I will be happy to attempt to guide any of you through insurance questions on either homeowners contents or vehicle coverages.

1. Please do not disclose your compaany.

2. Understand that all answers are not necessarilly company specific.

ie. ABC Insurance Co. coverage may have a 400% limit for replacement coverage.
XYZ Insurance Co. may have a 20% add over coverage limits stated. These are two distinctly different types of limitations.

3. Probably most important. All states and companies have different rules and laws.

As stated before, your agent/broker is your frontline person, if you do not trust that person, or their knowledge base, CHANGE agents.

Your lifelong possessions and savings are far too important to leave to "I think"

Regards,

uba40
p.s. I do not live in Utah, and this is not meant to be, nor is it, a solicitation.