Personal tool insurance?

[A930Rocket]

After recently buying a used 6’ Matco toolbox for $2.5k and another $1k modifying it with more drawers, plus 40 years of tools, I have quite a bit invested. A new Matco box would be $5-6k. Tools would be another $1-2k I imagine.

Is there personal tool insurance or would homeowner/personal property cover it?

We’re with Geico and a search has not gotten me the information needed. Before I call Geico, what’s everyone doing, if anything?

It would take a couple of guys to move it and no way they could lift it. Probably weighs 500 lbs or more I’m guessing.

Of course, insurance would be nice to replace them, but it’s a sentimental thing with my tools. They’ve taught me lot and have the scars on them (and me) of toiling on cars for so long.

Thanks

The beast.

[masraum]

Most homeowners will cover stuff in your home. Certain types of items may have limits to what is covered. If there are limits, then you can often call the ins co and ask for extra insurance for certain things. Tools may be one of those things. I know that you can get extra insurance for things like Jewelry, Camera equipment, etc...

I would recommend that you photograph or take a video of you stuff too.

Good locking toolbox!

[Ayles]

I got an email a while back from Hagerty. They will insure tools, parts and collectibles.

https://www.hagerty.com/insurance/classic-car-insurance/additional-coverages/automobilia-spare-parts-tools

[Rodney Nelson]

I feel your concern I'm always worried about my tools being stolen. I have taken pictures of everything, but I have not investigated if there are any limits on my policy. I should do that.

20 years worth of tools would be a fortune to replace.

[Nostril Cheese]

Tool insurance is a thing for professional mechanics.. Not sure how it applies to a non-pro. I imagine it falls under a home policy?

[LWJ]

Yes. Your homeowners will ABSOLUTELY cover tools. The dedutible will apply. As said above, it is possible that tools are sub-limited to a certain value.

If you are dragging that monster sized box to locations outside your home, you need a different sort of policy.

If you use the tools professionally, you may need yet another sort of policy.

What you should do is have a conversation with your agent.

I actually know what I am talking about. This is how I make my living. Sleep well.

[MRM]

You probably need a rider to cover tools over a certain dollar amount, the way you need a rider for jewelry or expensive artwork. You’re probably covered up to something like $2,500 but would need a rider for full coverage. Just call your agent, find out your current limits, and add a tool rider for whatever you think your value is. It will probably cost an addition $10 per year to your homeowners insurance. They may ask you to inventory all your tools and put them on a schedule in your policy.

[LWJ]

^^^That sounds about right.

[legion]

You could get a personal articles policy just for your tools. It would be a separate policy that had it's own provisions. Whereas a homeowner's policy probably just covers up to some dollar limit (which you can increase, but only so much), a personal articles policy can be for any amount. A homeowner's policy also probably only covers theft or fire damage, whereas a personal articles policy covers almost any damage or something just being lost. They usually aren't very expensive either. I pay about $10 a month to insure a $6,000 diamond necklace my wife has, for example.

[fastfredracing]

When they robbed my buddies shop, they tried to steal all the toolboxes. They took a customer truck, and tried to load the big boxes in the bed with his lifts.
They had one in , but dropped the second one, then must have gotten spooked and ran. It probably made a hell of a racket when it fell .
It totaled the truck and both boxes , and left a huge mess of tools all over the floor. I saw the pictures .
I always used to comfort my self in that , it would take several big guys, trucks, and equipment to rob my shop and steal my tools/equipment.
Id just call your insurance company . It does not seem unreasonable, that a homeonwer would have 5-10 k worth of tools, especially an enthusiast of some sort

[GH85Carrera]

Originally Posted by MRM

You probably need a rider to cover tools over a certain dollar amount, the way you need a rider for jewelry or expensive artwork. You’re probably covered up to something like $2,500 but would need a rider for full coverage. Just call your agent, find out your current limits, and add a tool rider for whatever you think your value is. It will probably cost an addition $10 per year to your homeowners insurance. They may ask you to inventory all your tools and put them on a schedule in your policy.

This. Like camera equipment or any hobby with expensive equipment. Take a good clear photo of each drawer, and list the more expensive items. It will not cost much.

[bleucamaro]

They should be covered under your homeowners policy.

Speaking as someone who's been burgled before; getting the insurance company to pay to replace the items is aggravating, annoying and insulting. A good inventory is key, and photos help.

Even better is a walk-through video that you narrate as you go. Open each drawer and list each item. High value items should have the make, model, serial, price paid (or current value if appreciated), and where you purchased it. Show the receipts for everything you have.

When done, put a copy of that video on your PC, and on a thumb drive that you can keep somewhere else (drawer at work, family members house, safe deposit box), and put a copy on 'the cloud'

Also knowing where to get appropriate comp values is important. When I was robbed, a vintage saxophone was taken. In the initial offer from the insurance company, they wanted to give me $300. With good documentation and comps, they gave me $6000. Every item stolen needed to have comps provided in order to get market value. It took many hours and felt like getting salt poured in the wound.

[vash]

note to self" never ever photograph and post my tool storage solution..ever.


that is SICK!!

[A930Rocket]

Called Geico today and it's covered under the homeowners policy. The take away was to make sure your coverage is enough for all your interior house contents, including your tools and document the tools with pictures.

i took pictures awhile back of every drawer from above and close up to get brand, type, etc. It's saved to the cloud, but i need to save a hard copy. With all the tool threads here, i keep buying more and need to update it!

When I bought the box, there was four of us and we struggled to get it on a low trailer with a ramp. Just pushing it was difficult. No friggen way someone is going to lift it full of tools (famous last words...).

[Bill Douglas]

Nice setup Rocket!

For the sake of security I'd take the wheels off it and rest it on blocks of wood. Someone could winch it onto the back of a car type carrier.

I have lugs in the wall and a heavy chain going to things of value.

A week ago GF's renovation house got broken into and the builders big drop saw got stolen. The rest of his stuff was in a big steel bin (no wheels) and locked. This was OK.

The morons did major damage to windows and a door to get in. A few weeks ago I'd taken a rego' of a dodgy looking car that seemed to be staking the place out. Police said they were known criminals and did a raid on their place. Lots of drugs cash and stolen property, but not the makita saw stolen.

[A930Rocket]

Originally Posted by Bill Douglas

Nice setup Rocket!

For the sake of security I'd take the wheels off it and rest it on blocks of wood. Someone could winch it onto the back of a car type carrier.

I have lugs in the wall and a heavy chain going to things of value.

A week ago GF's renovation house got broken into and the builders big drop saw got stolen. The rest of his stuff was in a big steel bin (no wheels) and locked. This was OK.

The morons did major damage to windows and a door to get in. A few weeks ago I'd taken a rego' of a dodgy looking car that seemed to be staking the place out. Police said they were known criminals and did a raid on their place. Lots of drugs cash and stolen property, but not the makita saw stolen.

Not a bad idea taking the wheels off, as I can’t really move it.

I have a toolbox cover, with the Matco logo on the front. Someone came to buy a piece of furniture from my wife and her boyfriend was wowed by the box, even though it was covered. That night, I turned the cover 180*. Any tool nut will know what it is, which I why I started thinking about insurance. I’ll probably throw a moving blanket on it as well....maybe some empty boxes. Anything to hide it.

[Bill Douglas]

Good idea regarding the cover. As many precautions as practically possible.

I keep my old oil and paint stained drop sheets in the back of the wagon, to cover anything of value. The logic is any thief will think "Eew, I'd catch a disease of those."