Insurance of shop and tools.

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BigWhip

BigWhip

New to Mopar land
Joined
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East Tennessee
How is the best way to ensure that you have the correct Insurance on the tools and the shop that you have? How about the Mopar parts you have stashed to sell at a later date?
Photo everything? List everything? Cost value? Replacement value? Equipment that you made yourself?
Have your insurance person came stay in the shop for a week?

Thanks
Michael:???:
 
BigWhip said:
How is the best way to ensure that you have the correct Insurance on the tools and the shop that you have? How about the Mopar parts you have stashed to sell at a later date?
Photo everything? List everything? Cost value? Replacement value? Equipment that you made yourself?


Thanks
Michael:???:
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I would think all of those. I do the same thing with household items and firearms.

It's very time consuming, but it's only going to benefit you in the end.
 
BigWhip said:
How is the best way to ensure that you have the correct Insurance on the tools and the shop that you have? How about the Mopar parts you have stashed to sell at a later date? Photo everything? List everything? Cost value? Replacement value? Equipment that you made yourself? Have your insurance person came stay in the shop for a week? Thanks Michael:???:
Click to expand...


Pictures.pictures and pictures
 
Only recommendation on top of all of that would be to first ask how your insurance company wants it. Then file whatever media an hard copies in a fire safe away from the shop. When my buddy's shop burned down my insurance company failed to pay me because the receipts for parts were in the shop. I had machine shop receipts and photos. Went back to Jegs for invoices. When presented with that they still said no since it was not from my car, not it my shop, and meant for sale. Branded commercial, not homeowners. Claim denied.
 
A easy way to document things is to make a video of each room or area. Guns should get a separate picture. For your tool box just shoot the video and open door as you go. As said above, check with your agent. You may want to consider a rider on your home owners for large $ items.
 
Fire, theft, flood, invalidism, accidental damage, misuse, act of God...

If your shop is on your house property, it should be protected under your Home Owner's insurance. Check with your insurance broker, find out under what conditions it is, or is not protected, and if there are any limits on the protection of the contents. of it.

For example, MANY home owner's insurance policies will not cover the collect car cost of our cars, but only it's value as a "used car". You're $15,000 Dart might only be worth $750.00 to the insurance company if they do not have a record of it and you do not have Collector Car Coverage. Some home owner's policies will not cover a classic or collector car, at all!

Have a discussion with your insurance agent. Find out what is covered, what you are covered against, how much you are covered for, and what, if anything, needs to be done to be sure ALL of the contents are covered for their replacement value AT LEAST.

This isn't meant to sound condescending, I'm just trying to point out the fact that there are a mountain of variables in insurance policies, at different levels of coverage, and even by company, and region. It costs nothing to find out about YOUR situation.
 
I have a separate rider on my homeowners to cover all Eileen's collectibles, and a few of my things it's not that expensive. Talk to your agent. As for car parts I have Hagerty automatic coverage on extra, spare parts included in my insurance package up to one thousand dollars.
 
I asked my Insurance guy this same question. His response was pictures. Lots of them. Open your tool box and take pictures of each drawer. He then said to stand in the center of the garage and start taking pics of all the walls. Until you make a full circle. Then go in your house and do the same thing.

Of course this may vary by insurance companies, so its always best to ask when in doubt.
 
My agent said pictures will suffice for tools. Parts...not covered by home owners. Neither are cars in any way. I'm sure a certain someone is going to drop by and say how wrong I am...to this I will ask them if they would like my agents number?
 
inkjunkie said:
My agent said pictures will suffice for tools. Parts...not covered by home owners. Neither are cars in any way. I'm sure a certain someone is going to drop by and say how wrong I am...to this I will ask them if they would like my agents number?
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Your policy may not be the same as everybody else's. Most agents will customize the policy based on your needs.

As far as coverage for things like tools and equipment, I have an " inland marine" policy which works for me. AFAK, never had to use it!
 
inkjunkie said:
My agent said pictures will suffice for tools. Parts...not covered by home owners. Neither are cars in any way. I'm sure a certain someone is going to drop by and say how wrong I am...to this I will ask them if they would like my agents number?
Click to expand...

Message from "Certain Someone":
Perhaps you missed this portion of my post. I'll re*post it for your convenience.

Frankie said:
For example, MANY home owner's insurance policies will not cover the collect car cost of our cars, but only it's value as a "used car". You're $15,000 Dart might only be worth $750.00 to the insurance company if they do not have a record of it and you do not have Collector Car Coverage.
Some home owner's policies will not cover a classic or collector car, at all!
Click to expand...

Interestingly enough, many home owner's policies will cover RV's though.

Love ya. Mean it.
 
They're all different I would imagine. I have to pay extra for some items covered (firearms specifically). My garage is detached and it is covered for 10% of what the house is, including contents. SO, if I want the contents completely covered, it's extra.
 
Bad Sport said:
They're all different I would imagine. I have to pay extra for some items covered (firearms specifically). My garage is detached and it is covered for 10% of what the house is, including contents. SO, if I want the contents completely covered, it's extra.
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Precisely.
 
Homeowners will only cover a small amount of basic tools. You will need a rider for any amount beyond a carry box. I was told by my agent tools of trade are not covered so if you are a mechanic tools are not covered as you would have more than the average homeowner.
 
Haggerty will cover the parts with classic car insurance, tools and equipment has to go under homeowners insurance usually cheap if not already included, You just have to itemize it. I have a JD tractor, implements and all of my tools for around 100 a year. Just *** pain itemizing everything. Good for fire and theft. Not sure about homemade stuff, probably the replacement parts cost?
 
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