Since I’ve been actively adding to my shop lately, cost has become an issue and has set me to thinking…
Just how much money do we have tied up in our tool collections? I think many of you would be surprised at the total.
One of our own had a fire in his shop recently and luckily it didn’t do too much damage to the tools, although the shop is in need of major repairs.
Now to my point: if (heaven forbid) you had a fire that destroyed your shop, how many of your tools could you list for the insurance adjuster? How would you prove you actually had them? How about if someone broken in and stole some of them?
MAKE A LIST! Take inventory if all your tools and make sure it is complete and up to date.
TAKE PICTURES of EVERYTHING. It’s a good idea to shine up the tools before photographing them. Keep the inventory and pictures AWAY from home! A safety deposit box is the best place, but copies left with a couple of friends will work too, but leave more than one set with different folks, just in case.
Lastly, talk with your insurance broker or agent to be sure your tools are covered. Many policies have a clause limiting how much they will pay for the loss of hobby equipment, often only a few hundred dollars. A rider may be needed to fully protect your investment. Fortunately, they’re usually not that expensive,
Imagine loosing many of your beloved “shop buddies” because the insurance company disallowed your claim…Scary though, eh?
Give this some serious thought. It may save you thousands of dollars and a lot of headaches.
P.S. Don’t forget the wood and hardware in that list. I know it’s difficult to keep that list current, but a list of changes since the last “master list” can be kept in your wallet (or purse).
-- The nicer the nice, the higher the price!